Internet's first get-out-of-debt community - 136,000 members

Posted: Tue Oct 16, 2007 10:08 am Subject: Magnum Cash Advance

has anyone dealt with Magnum Cash Advance? I need to attempt to get a payment plan with these guys. I'm pretty sure they're legal so I need to work with them as much as they will allow. Also, how about BIG and Apple? I've heard they are illegal. I may need to close my account.
I need help. I can't sleep at night.

Posted: Tue Oct 16, 2007 10:15 am Subject:

I've had a loan with Magnum. What state are you in? From what I've read, they were breaking laws all over the place and action was being taken against them.

We're here to help you any way we can, and a lot of us have been where you are now, so can understand how you feel. You can get through this.

Magnum should be agreeable to working out a payment plan with you, though I am guessing that they probably charged you an illegal interest rate for your state, depending on your state's payday lending laws.

Posted: Tue Oct 16, 2007 10:16 am Subject:

Mac, You have another thread that you started yesterday, You said in that thread that you were working with Magnum and were having an easy time with them. Please read the advice in your original thread

Posted: Tue Oct 16, 2007 10:17 am Subject:

I'm in Texas. The payment is 275 every payday for 4 payments on a loan of 680. I thought I read on another thread that in texas it was illegal to rollover a loan, but I have all of mine rolling over every payday! I don't think I can get out of this. I want to keep my credit score decent.

Posted: Tue Oct 16, 2007 10:18 am Subject:

Did you see the laws for your state that I posted for you yesterday?

Posted: Tue Oct 16, 2007 10:19 am Subject:

Yes, they will extend my payments, but also the total amount of interest. Can they do this? I'm not sure.

Posted: Tue Oct 16, 2007 10:19 am Subject:

Posted: Tue Oct 16, 2007 10:20 am Subject:

Yes, but I don't understand much of it. I know that I can be prosecuted if I don't pay.

Posted: Tue Oct 16, 2007 10:22 am Subject:

If I can only have a total of 500 in outstanding loans at one time, why was I able to get a loan from Check n Go for 600 and one from magnum for 680?

Posted: Tue Oct 16, 2007 11:12 am Subject:

I thought Check'n'Go was a storefront lender? Storefronts have a statewide consumer payday loan database and can see if you have other loans out before they lend to you.

If you are doing internet payday loans, it's a free-for-all, and you can take out multiple loans. From my experience, most internet lenders do ask you if you have any other loans out, so if you tell them no, they usually go on what you've told them.

How much have you paid to Magnum so far? They are definitely charging you an illegal rate for your state. Depending on how many payments of $275 you've made so far, you can either tell them you'll pay off the rest of the principal in payments if you haven't paid the $680 back yet, or you can tell them you've overpaid according to your state payday lending laws and advise that you're not paying anything further, or request a refund of the overpayment and tell them you're filing complaints with the BBB, Texas AG Office, etc.

Posted: Tue Oct 16, 2007 11:15 am Subject:

Illegal companies do not adhere to laws. That is why they are illegal. magnum I believe is one of the worst.

Posted: Tue Oct 16, 2007 11:18 am Subject:

I'm pretty sure someone posted in a previous thread some time ago, that Magnum was being aggressively investigated. Seems like it was by the state of West Virginia, if I remember correctly.

Posted: Tue Oct 16, 2007 1:25 pm Subject:

mac-Welcome back! I know i was involved with the discussion yesterday on your other thread and you had some concerns about your credit score that we talked about.

With regards to this issue with Magnum, what exactly are you asking? How to get a payment plan...?

Guest · Posted: Wed Oct 17, 2007 6:31 am Subject:

I am debating on closing my checking acct but I'm worried about the 2 legal pdls I have. One is Magnum Cash Advance and the other is Check n Go. I'm not sure how to handle it. I want to pay each what i owe them, but the payments are so high and with it coming directly out of my acct, I'm not sure I can close it without being prosecuted for doing so. I think the laws posted in a rpevious thred mentioned that in Texas you can be prosecuted.

Posted: Wed Oct 17, 2007 6:39 am Subject:

I dont believe that Magnum cash Is legal. Guest, are you Mac and just forgot to log in. You have threads going all over the place. did you read the sticky regarding closing your account? I did post it on one of your other threads.If Check N Go is a store front you need to go in and make some sort of arrangements to pay it off.

Posted: Wed Oct 17, 2007 12:11 pm Subject:

Can they report this to the credit agencies? I'm trying to protect my credit.

*Name:
*Email:
*Phone:
*Zip:
*Debt

	* denotes required field

Internet's first get-out-of-debt community - 136,000 members

Magnum Cash Advance

Members Area

Free Debt Counseling

Ask the community

Also See

Featured Discussions

Featured Articles

Recent Forum Discussions

Recent Blog Post