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shmlt · #1 06-24-2009, 10:31 AM

does magnum cash advance qualify as a pdl and would it be expected to follow the pdl laws in mississippi? Since they give money differently than the other pdls i was wanting to make sure. They offered a repayment plan that i still dont feel is fair. I have two legal pdls that i want to take care of first and wonder if this is one of the ones i need to address first or put in the illegal group

desperatelyseekingsanity · #2 06-24-2009, 01:05 PM

I think you first need to find out if they are legal to lend in your state. Do you know what your state laws are regarding PDL's?

How much did you borrow from MCA and what have you paid so far?

hosie1 · #3 06-24-2009, 01:43 PM

I had a loan with them and when I missed a payment, I called and they were very nice. They did settle for the amount I owed.

shmlt · #4 06-25-2009, 04:10 PM

pdl laws in MS state that the loan has to be paid in full at the end of the term with no rollovers or extensions. Since they dont call themselves a pdl, i was wondering if they technically fall under pdl laws. I have 13 and plan on concentrating on the legal ones first since they can actually sue me and then the illegal ones for the amount borrowed only.
i have closed my bank account and sent the letter revoking ach, wage assignment, and to not call.
They say "smarter than a payday loan" so I wonder if there is some loophole that makes them be under installment loans or something. Also magnum lets you borrow again and increase your balance before the original loan is paid off after so many payments are made.

Shazzers · #5 06-25-2009, 04:20 PM

What does your contract state? Installment loan? Were you making payments? Was that an aggreement in the contract (payments)? Mississippi requires internet based pdl's to be licensed by your state.

Shazzers · #6 06-25-2009, 04:22 PM

Call your DFI and ask them if this company is licensed to lend in your state, also tell them this company may be listed as a pdl or small loan company. (601) 359-1031

meechell83 · #7 06-25-2009, 07:54 PM

I don't think magnum is licensed in MS

#8 06-29-2009, 08:13 PM

You need to see if they are licensed and if not ask if they have to be for online payday lending in your state. I live in Nebraska and found out that Magnum Cash Advance is not licensed here. I sent them a letter stating this and that I was filing a complaint with my state on them, bbb and and the ftc and they sent me an email less thana week later that stated my loan was paid in full and nothing further would be done. It really pays to go this route to not have to pay them since you may have paid alot already to them.