magnum cash loan

Hi pandorawi,

Check out this thread.

This is a site about Payday Loans, on the State of Wisconsin page. 'http://www.wdfi.org/ymm/brochures/financing/payday_loans.htm'

There are no limits to the interest they can charge you, nor finance/fees, etc.

chrys

Magnum is illegal. I had a loan with them. They have an address in DE but that is only a payment processing center.

They are actually located in the British Virgin Islands.

so how did you deal with them? did you default if so what happened? if you paid off did they keep on hitting your acct? thank you!

I placed a stop payment on the ACH at my bank. I then sent them a letter stating they were illegal and that I was only going to pay the principle balance on the loan. I had already made two payments and only owed another $150.

They sent an email back that basically said that I had agreed to the terms of the loan and blah blah but they were willing to accept the balance on the loan and gave me an address to send a MO.

Have not heard from them since.

will it work for me living in wisconsin with our law as you pointed out? I just want to end all of this. thank you again!

Yes. Magnum is not legal anywhere in the US. They must have a license to lend in WI and they don't have one.

You can go here and under loan companies you can find the drop down to Payday lenders and get a list of all legal/licensed companies.

You will need to send them a letter stating they are illegal and that you are only willing to pay the principle balance on the loan.

You can go here for information on dealing with illegal lenders.