Magnum Cash Advance - Is it true that they scam people?

Magnum Cash advance are pretty easy to work with as long as you keep sending them money. Their finance charges, however, will continue to accumulate on a DAILY basis, so watch out. Easiest way is to pay off as soon as you can.

i have called Magnum Cash advance for payment arrangements since i cannot afford to make the payments on the loan and they told me that they will put me in collection and that i will have to pay $498 on 09/15/06,09/29/06,10/13/06,10/31/06.. i can't pay that amount, but they said that it's what i have to pay.. any advise?

How much was your loan for?
Here's some state info for ya:

Quote:

erzeke1,i think it was for $600.. what should i do about this? do i send out letters to them? sorry i'm just so new to all this stuff.. i also have some other PDL's.. AOM Internet cash, route66,paydayOK, oneclickcash,tendollarpayday.. for AOM Internet cash, i have been paying only the rollover fee for $50 and i have been doing this for quite sometime now.. should i send a letter to them that i have now been paid in full after all the payments that i sent?

thanks

Revise your state laws and know how much should be the actual charges added with the principal amount. After confirming the actual amount, send letters to the
magnum cash advance address. You will find various sample letters sent to different companies. Pick the one that suits to your situation and send it to the loan companies. You may also send an email to the magnum cash advance mailing address. You have to exercise your legal rights and claim for a refund from the companies whom you have paid excessively. This will be the right approach for you.

Figure out what you've paid, what you owe if anything, and appropriate amounts for interest in your state.
Send out letters to them all.
This will take some time and some hard work, and probably a few harrassing phone calls, but if you stick to your guns you'll be able to get them off your back.
Call you AG's office, your state Dept. of Bus. and Prof. Regulation that regulates licensing and report the crap out of them! File complaints against magnum cash advance and don't stop until you've made a nuisance of yourself.
Keep on the pdl's and demand a negotiable and satisfactory end to this! Get your accounts marked paid in full.

I did a licensing search and none of these are licensed to do business in California! Check the ripoff report. Tell them to take a flying leap off a steaming pile if they give you any crapola...

erzeke1, should i close my checking account? i have not yet defaulted, except on magnum cash advance bec. of the very high payments.. i just don't know what to do now.. it's so hard having all this PDL's.. i took out this loans bec. my dad got sick and passed away, i couldn't go to work so i took out the loan to help me pay my bills, but now it's really a pain..

Close your account if you want. But if you are asked for a reason, beware that you have to say something logical for your closing the account. There should be a valid purpose so that the lender is unable to hold your move against you. I don't know whether or not they scam people.

It's a good idea to close your account. I closed mine immediately and then called them all and told them. I tried to make alternate payment arrangements that were affordable for me. As in a payment once a month. When that didn't work, I started sending them letters regarding their "illegal" licensing issues and called my state's regulatory board as well as the AG's office.
If this isn't something you don't feel you can do, I would suggest debt consolidation and work it out that way.
We've all been there, don't worry. They won't arrest you and you won't go to jail or be sued by them!
The worst is some may put you into a collection agency, and you may be able to dig out that way by negotiating. By the way does anybody know in what states magnum cash advance is licensed to operate?

passionhunting, that is what i am afraid of.. i am so confused and stressed out now. i don't know what to do now.. i'm so scared that if i defaulted on them/ close the account that they would call my work..I don't even know whether or not they are a legal company.

erzeke1, i am leaning towards doing a debt consolidation.. i've read here that T&C is a good company.. do you know if they can work w/ me and how i can contact them?

thanks

Google T&C, you will find their website. Your consolidation company should be able to work out something for you after taking your in their program. At the same time, talk to your lenders also and let them know about your moves so that they don't create any embarrassing situation later. There is a way out and everything will work out. Keep your hopes up, don't stress.

thank you passion.. i think someone just called me from a consolidation company.. i will talk to them about it

ccastro...I pm'd you some info.

As far as closing your checking account, you migh want to do that before you inform the pdl's that you are consolidating.
They will most likely go in and start to debit full loan amounts.
They're sneaky that way!

erzeke1, got your pm.. thank you so much for taking the time to help me w/ this.. sorry for sounding stupid but, do you think they'll work w/ me even if i am in CA?

Yes, if a consolidation company will work even if the accounts are in CA. They basically work on all unsecured debts. It's not a problem if it's with the original creditor or the CA. a professional consultant will be able to cut the deal in the best way according to your interests. Remember, you are hiring them putting your money for their services.

ccastro, you're very welcome sweetie!
Nothing is stupid on this board, except for those annoying spammers!
Good luck...let us know what happens and stay on here. You'll learn a lot more as you get payday loan free!

I have worked with them. In fact i still have a loan with them.

Unless you really need the loan i would not suggest it. The interest rate is insane!

CKZ

Does anyone have the address for magnum cash advance?

This companies interest charges are among the highest in the business. I would use them as a very last resort. Only if you seriously, definitely have no choice.

This companies interest charges are among the highest in the business. I would use them as a very last resort. Only if you seriously, definitely have no choice.

I was scared to close my account too and scared the pdls would call my work. I went ahead and went into the bank and told them i lost my checkbook that someone broke into my car and they put a "hard hold" on my account not allowing anything to be paid out of it. I also went thru PDL Assistance and am now making payments to them to work out arrangements with the pdl companies. So far, no bosses have said anything to me. I force myself to answer the phone every time it rings, and if it is one of those companies I close my door and tell them my employer disapproves of collection calls at work and i'll call them back on my lunch hour to discuss the situration.

I am using magnum and my payments are reasonable,they are polite to me and they give you options on how to pay i pay 277 and i am ok with that,they help me when i needed it and still are.They have not got on my bad side and I will continue to use them as needed.

You dont have to close account just change your bank account num due to compromise, they cannot prosecute unless u filled out and signed a check. Change numbers. Worst case scenario it could be put on your credit. $600 is not enough to prosecute anybody!:d