Payday loans are a method of obtaining quick cash for life’s sticky situations. Rent could be due, mortgage repayments piling up, the kids have grown out of their school uniforms, and the dog needs an emergency operation. If time is of the essence, and traditional loans will not come through quickly enough, using this service could get you out of a fix and give you time to breathe again. Magnum Cash Advance offer what they call a short-term installment loan. This differs from the traditional payday loan by reducing the repayment size, and therefore bringing more ease to the customer in the long term. Loan extensions can make payday loans a little stressful. With smaller repayments, the customer can relax knowing their accounts are in order and their debt is being repaid.
What Is Special About Magnum Cash Advance Loans?
Finding the right company to use is of key importance, as loan providers can have sky high interest rates and many hit the customer with hidden charges. Magnum Cash Advance pride themselves on being straightforward with the customer. Taking good care to maintain a respectable credit rating is of utmost importance for your financial future as if will affect mortgage applications, overdraft requests and more. Choosing a loan that will help you to keep this good standing is therefore of utmost importance for the future of yourself and your loved ones.
The company has 23 years of experience. It has been in operation in its current form since 1999. These years of experience have culminated in a company that ensures that the customer gets a top rate service. Their dedication to offering flexibility sets them apart from their competition.
Are Payday Loans Better Than Traditional Loans?
They are different. Bank loans certainly have substantially lower interest rates, which is worth thinking about if you have time enough to go through a potentially lengthy application, but this is not a viable option for everybody. Bad credit ratings due to unfortunate situations in these tough economic times can seriously hinder an application. They can render them impossible, or may just take a lot more time to attain. Difficult interviews with bank staff may put many customers off, while a fast application via the internet, in contrast, may appeal.
Qualifying For A Magnum Cash Advance
To qualify for a short-term installment loan, you must be aged 21 or above, you must be in full time employment (and have been with your current organization for a minimum of 3 months), the pay you receive from your current employer must be electronically direct deposited, and your income must be at least $1000 dollars per month.
Who Magnum Cash Advance Loan To And How They Do It
Satisfying these requirements make you eligible for their 30% of monthly income loan. For retirees, the same percentage can be borrowed based upon monthly income also. Once the decision has been made about your eligibility, you must make a decision about how to receive the cash. Money can be transferred to you in four different ways:
- ACH Transfer that is completed overnight. No charge is involved.
- Western Union transfer that will arrive in minutes. Western Union transactions do require a fee, however they will pay this fee on the customers behalf. Only returning customers can access this method of payment.
- Wire transfer. If completed before 11am it usually arrives later the same day. Wire transfers include a fee.
- Check can be delivered by mail, though delivery may be slow so this is not the recommended option.
Magnum Cash Advance And Interest Rates
The repayment rates are calculated for the individual loan. In practice this means that the longer you take to pay back the loan, the higher the interest rates will be. It is entirely possible to take more than one subsequent pay day to repay the loan, and should it be necessary, you can apply for a Rapid Cash Extension. This is an additional loan service that the company offers. Repayment is simple, the agreed repayment will be debited directly from the account to which money was originally transferred. This saves having to add your details to the system again and neither are you required to fill out any checks or money orders.
If you know that you will struggle to fund an upcoming repayment, do not worry, just get in touch at least three days before it is due and you can negotiate a new repayment date. If it is within the three days before it is due then you will be charged an administration fee for this service. If you keep on top of your accounts then this should not be an issue for you. It encourages responsible money holding. Unfortunately, if it is the first loan that you have taken with the company then they will not allow alterations to payment dates and so you are required to be very committed to the repayment of your loan.
Their internet services have been created in order to give their valued customers maximum security and flexibility. Privacy is of course a top priority. Personal and bank details are not shared with any third parties and the website is secured so that nobody can gain access to account details. In terms of flexibility, the website gives the service users 24 hour access to their accounts so that be you a morning bird or a late night planner, you will always be able to keep track of your debts. If you require a personal discussion with a member of the team, access is available during working hours, from 9am to 6pm EST. Be aware, however, that the service will not be open on Federal Banking Holidays. You can apply for loans by phone or on the internet which is very handy.
Magnum Cash Advance is a trust worthy company with years experience in their field. They can provide quick loans and at the same time they ensure that they are comprehensible to the customer. Take out a fast loan with a flexible repayment plan for greater peace of mind; take out a Magnum Cash Advance.