Military Financial

Is this a store front payday lender on your base?

If this is an Internet lender they are also known as Magnum Funding. Were you in Nevada when you acquired this loan, was this a payday loan or an installment loan?
How much did you borrow and pay back so far?

They are an internet lender. And yes I was in Nevada when I aquired the loan. I believe that it is an installment loan, because I have access to a line of credit if needed. I have borrowed 1276.00 and owe almost 1900. I don;t know the exact amount that I have paid but I can tell you that I have paid off this loan hundred times over. I would get close to paying it off but because of being short or having an unexpected bill I would access the line of credit.

Thanks

This is very complicated. I am going to suggest something that you probably aren't going to want to hear. It has been awhile since I read about this but I am certain there was some type of new regulation which stated that certain lenders were capped on the amount of interest they could charge to Military personel. You REALLY need to speak to your Comander about this situation because I do not think that this lender is a legal lender, I could be wrong but due to the fact that this lender also goes by a different name it appears they are not licensed. The amount of interest they are chariging you can't possibly be legal, and there are lenders out there who prey on unsuspecting desperate people. Please speak to your Commander, let him/her know that you suspect you are being taken by an illegal lender and are not quite sure what to do about it. Meanwhile, please keep checking back for more replies.