Magical Credit offers online loans ranging from $1,500 to $20,000 with a term of 1 to 5 years. The borrowing process is simple and swift, involving an online application, approval, and direct deposit of funds into your account. Eligibility conditions include being at least 18 years old, having an income of $2,000, and being a Permanent Resident or Canadian citizen. The repayment structure varies; for instance, a $1,500 loan with a term of 12 months incurs a fee of $896.04, leading to a total payment of $2,396.04. For Ontario and British Columbia residents, there are additional options for Magical Cash Loans from $100-$1,500.00, with a cost of borrowing of $15.00 per $100.00. For example, a $1,000.00 loan for 14 days has a cost of borrowing of $150.00, leading to a total payback of $1,150.00, which is an annual percentage rate of 391.07%.
Magical Credit review
Magical Credit is a lending service that offers a wide range of loan amounts, from $1,500 to $20,000, with terms ranging from 1 to 5 years. This flexibility allows borrowers to choose a loan that best fits their financial needs.
The standout feature of Magical Credit is its online loans, which can reach up to $100,000. These loans have terms that can span from 12 to 60 months, providing borrowers with ample time to repay their debt.
The borrowing process is straightforward. Prospective borrowers can apply online in a matter of minutes. Once approved, the funds are deposited directly into the borrower’s account, eliminating the need for physical transactions.
To qualify for a loan, applicants must be at least 18 years of age, have an income of at least $2,000, and be a Permanent Resident or Canadian citizen. These conditions ensure that borrowers have the capacity to repay their loans.
The table of repayments provides a clear breakdown of the costs associated with different loan amounts. For example, a $1,500 loan with a fee of $896.04 results in a total payment of $2,396.04 over 12 months. Similarly, a $10,000 loan with a fee of $23,594 results in a total payment of $33,594 over 60 months.
For residents of Ontario and British Columbia, Magical Credit offers Magical Cash Loans ranging from $100 to $1,500. The cost of borrowing is $15.00 per $100.00 borrowed. For instance, a $1,000 loan for 14 days would entail a borrowing cost of $150.00, resulting in a total payback of $1,150.00. This translates to an annual percentage rate of 391.07%.
In conclusion, Magical Credit provides a wide range of loan options with flexible terms, making it a viable choice for individuals in need of financial assistance.
Table of repayments
| Amount | Fee | Total payment | Term |
| $1 500 | $896.04 | $2 396.04 | 12 months |
| $2 000 | $1 129.96 | $3 129.96 | 12 months |
| $10 000 | $23 594 | $33 594 | 60 months |
Ontario and British Columbia Residents only: We offer Magical Cash Loans in the amount of $100-$1,500.00. The cost of borrowing is $15.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $150.00. The total to payback is $1,150.00 which is an annual percentage rate of 391.07%. ON License #4741412. BC License#85919.