Magnum Cash Advance

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.

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

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.

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

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

You will find the Payday loan laws for Texas here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

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

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?

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.

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

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.

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...?

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.

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.

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

Most don't, but with some of these scum bags, anything is possible. Magnum has not issued you a legal loan for your state, so I doubt very much if you are going to be prosecuted for closing your bank account. I thought in Texas, you could be prosecuted if you bounced a check? Stopping someone's access to your account is not the same thing.

As per one of my previous posts, you need to contact Magnum in writing via certified mail/return receipt requested, and advise that you have been made aware that the loan they extended to you is not legal in your state and that you are being charged an illegal interest rate.

You didn't post how much you've paid back on this $680 loan so far, if anything. You just mentioned that they are to be taking out 4 payments of $275 to pay off your loan. You want to be offering a payment plan to repay the $680 if that hasn't been paid off yet, and send them the payments via money order, do not continue to allow them access to your account.

As for Check'n'Go, if you borrowed from one of their storefront locations in your state, rather than online, you definitely need to go in and work out a payment arrangement.

You can sit back and continue to allow them access to your account and remain in a mess, or try to take control. I can understand you want to protect your credit, but if these pdl payments get you behind with other debts, you may have credit issues regardless.

Magnum are located in Deleware, you are in Texas. Unless Magnum is a licensed lender in Texas (which I am fairly certain they're not), and are following the payday lending laws for Texas (which they definitely are not), the loan is shady. You are going to have to take the first step by trying to work something out with them, and if they aren't agreeable, you can start filing complaints against them with the BBB, Texas Attorney General's Office, FTC, etc., so one or more of them can start looking into the matter and putting some heat on Magnum.