Magnum Cash Advance AKA Military Financial
Date: Tue, 06/29/2010 - 06:43
I'm in the military stationed overseas but I am a VA resident. Would I go by the laws of the state of residence or the location of where I applied for the loan? Also, Military Financial states on their website that they are not a payday lender but considered a rapid line of credit which they claim is perfectly legal. What are my next steps? Are they in fact legal? Or should I just send them notice that I have paid my debt and no longer obligated?
Thank you so much in advance!
If you are paying over 36% APR, they are violating Federal Regul
If you are paying over 36% APR, they are violating Federal Regulatiions.
When you signed up for the loan, what address did you use? And,
When you signed up for the loan, what address did you use? And, FYI, Magnum Cash has nothing to do with the Military, it's a bogus name they created hoping to lure people in. Also, you might want to read the thread below regarding payday loans and Military personnel.
http://www.debtconsolidationcare.com/paydayloan/military-pdl-laws.html
If you have paid your debt, then your next move is to close your account because they will not stop debiting your account just because you have paid them off, in fact, your account will never be safe again. My advice to you is to close that account and open a new one somewhere else.
I thought so too until I saw this posted on their website: Quo
I thought so too until I saw this posted on their website:
Quote:
It is illegal to charge more than 36% for a closed end loan consumer loan that is less than 90 days for repayment. A Rapid Line of Credit is not a closed end loan. It is a revolving line of credit that allows you to access the available funds in your account at any time |
Thanks for the link Shazzers. I'm off to read. But quick quest
Thanks for the link Shazzers. I'm off to read. But quick question: are they in fact considered a payday lender since their payments are set up in installments?
Quote:Originally Posted by AnonymousThanks for the link Shazzers
Quote:
Originally Posted by Anonymous Thanks for the link Shazzers. I'm off to read. But quick question: are they in fact considered a payday lender since their payments are set up in installments? |
I know that Magnum cash is notorious for extending payday loans to people in states where they are prohibited. I need to do a little more research, then I will get back with you.
Quite honestly, just looking at the amount they say you still ow
Quite honestly, just looking at the amount they say you still owe tells me they can't possibly be following the laws, because that is loan sharking, which is against the law, but I am still researching this.
Quote:Originally Posted by AnonymousThanks for the link Shazzers
Quote:
Originally Posted by Anonymous Thanks for the link Shazzers. I'm off to read. But quick question: are they in fact considered a payday lender since their payments are set up in installments? |
No. A PDL is short-term loan paid off in one payment or renewed (rolled over) by paying the fee only.
Quote:Originally Posted by AnonymousI thought so too until I saw
Quote:
Originally Posted by Anonymous I thought so too until I saw this posted on their website: |
Does not matter, 36% APR is 36% APR.
According to the BBB, they go by these names: Magnum Funding
According to the BBB, they go by these names:
Magnum Funding
Magnum Cash Advance
Military Financial Network
Quote:Originally Posted by AnonymousThank you so much Shazzers.
Quote:
Originally Posted by Anonymous Thank you so much Shazzers. |
You're welcome. The thing is, whether it is an installment loan or a payday loan they are still above and beyond the usury laws, how can that be legal? Magnum Funding/Cash Advance is notorious for not following the payday loan laws, they are also notorious for making false threats and harassing their customers after default. Just looking at the amount they are saying you owe, is a big red flag. You might want to mention this to your commander.