Magnum Cash Advance and the BBB!
Date: Wed, 07/01/2009 - 21:13
I went ahead today and filed a complaint with the BBB in regards to Magnum Cash Advance. Perhaps I went a bit too far but I feel that they are loaning money ILLEGALLY. I don't know about anyone else..but does anyone that has had a loan from magnum remember seeing anything about what the rate of interest was for their loan?? I never saw anything. All I saw was the 4 bi-weekly payment amouints that I was suppose to make. Don't they have to disclose that info??
We'll see what the BBB discovers but what I told them was that I felt I was only responsible for the principal amount of the loan and nothing more.
the BBB will not be much help.. the company will just respond th
the BBB will not be much help.. the company will just respond that you are lying, which is not true of course but the BBB cannot really do anything anyway. did you report them to the FTC and your state's attorney general's office? i am pretty sure they are not legal anywhere..
i dont remember seeing the rates either, just the four payments
i dont remember seeing the rates either, just the four payments posted. Also I called way back when before i defaulted and closed my bank account and asked for a payment plan. They were "so helpful" and said they would break it up into 8 payments instead of the four I had. I thought i could handle that and said sure. When I logged in, they had indeed added four more payments, but seems they had added interest so they payments were not for the original amount I owed, but for over 300 more dollars too. When i called them and told them that was not what was discussed they argued that I had borrowed that money and would not go back to the original four payment plan that had been set up 2 days earlier.
Yeah..I will file a complaint with the FTC and the SD Attorney's
Yeah..I will file a complaint with the FTC and the SD Attorney's General's Office this afternoon. HOpefully they can get to the bottom of some of these practices.