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

Posts: 38
Credits: 1778.25
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has anybody here heard of Magnum Cash advance? are they easy to work with regarding payment arrangements?

thanks




erzeke1
Posts: 1147
Credits: 18312.4

Sub: #1 Magnum Cash advance scam
Wed, 09/06/2006 - 11:01

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.

~A journey of a thousand miles begins with a cash advance~




ccastro
Posts: 38
Credits: 1778.25

Sub: #2 magnum cash advance review
Wed, 09/06/2006 - 12:56

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?




erzeke1
Posts: 1147
Credits: 18312.4

Sub: #3 How much was your loan for? Here's some state info for ya: Q
Wed, 09/06/2006 - 13:04

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

Quote:
California State Information

Legal Status: Legal

Citation:
Cal. Fin. Code ???????? 23000 to 23106

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento, CA 95814
Phone: (866) 275-2677


~A journey of a thousand miles begins with a cash advance~




ccastro
Posts: 38
Credits: 1778.25

Sub: #4 magnum cash advance international cash advance
Wed, 09/06/2006 - 13:14

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




PassionHunting
Posts: 512
Credits: 3818.6

Sub: #5 magnum cash advance address
Wed, 09/06/2006 - 13:18

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.




erzeke1
Posts: 1147
Credits: 18312.4

Sub: #6 magnum cash advance complaints
Wed, 09/06/2006 - 13:21

Go here:
http://pollya ndsay.yesdebtfree.org/template-letter/

Use this template letter and fill it in using the info I sent you above.
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.

~A journey of a thousand miles begins with a cash advance~




erzeke1
Posts: 1147
Credits: 18312.4

Sub: #7 magnum cash advance rip off
Wed, 09/06/2006 - 13:29

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...

~A journey of a thousand miles begins with a cash advance~




ccastro
Posts: 38
Credits: 1778.25

Sub: #8 magnum cash advance reviews
Wed, 09/06/2006 - 13:34

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..




PassionHunting
Posts: 512
Credits: 3818.6

Sub: #9 is magnum cash advance a scam
Wed, 09/06/2006 - 13:37

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.




erzeke1
Posts: 1147
Credits: 18312.4

Sub: #10 what states are magnum cash advance licensed in
Wed, 09/06/2006 - 13:39

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?

~A journey of a thousand miles begins with a cash advance~




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