Looking for Magnum Cash Advance reviews? Good, this is a good place to start. This company has taken a few twists and turns over the last few years. After starting off as a company licensed and physically located in Maryland the firm moved from there to supposedly an offshore operation.
The company also switched from being a direct loan lender to a short time frame as a loan matching service. Magnum Cash Advance had a solid business model in place but it was not entirely secure. State governments, customers that filed complaints and many thousands of unofficial complaints started to sweep over the usual complaint boards all over the internet.
All along the way the company helped and serviced tens of thousands of loans, and the customers of this company were not always thrilled with their loan. Or the treatment they received by the employees of Magnum Cash Advance. A customer that fell behind on their repayments was looking at a number of added fees, not to mention annoying phone calls and a barrage of email full of threats. Snail mail collection letters were not too far behind the phone calls.
There are hundreds (and maybe thousands) of complaints about Magnum Cash Advance scattered around the web. And there are a few reviews that are positive. I would have been one of those positive reviews back in 2011 because the company does issue loans with no concern about your credit background and they distribute the funds quickly.
The company referenced their products as "smarter than a payday loan" and whether or not this is true (there is a lot of disagreement about how smart it is to get any of these short-term unsecured loans) it is true that the company made the whole process much easier than qualifying for a payday loan. In addition they were willing to lend out roughly double the amount an average payday lender would be willing to offer.
Let's look at two reviews for Magnum, the first one is positive and the second is distinctly negative.
Here is the positive review...
I took out a loan with Magnum Cash Advance. I had already taken two payday loans with other lenders (one was local and the other one was on the internet), but Magnum was the best experience out of them all. One of the other loans I took, the company decided to flood my email with hundreds of loan offers over the span of months. It is very obvious that in addition to making money from my loan they also sold my information. Magnum said they would not sell the applicants name or information, and turned out to be true. Another good sign is that I did miss one payment and it was easy to go online and reschedule a new date with no hassle. I plan on using them again.
What we have here is a rare positive review of an unsecured lender. Notice that it was before Magnum Cash Advance was a payday loan matching service (which almost certainly was issuing Native American loans) because the date of this review is from 2012, which was before the demise of the original company.
Now we have the negative review, which is below...
For some reason I took a loan with Magnum Cash, what a big mistake that became in just a few weeks. They started withdrawing the scheduled payments like we agreed, but due to some unauthorized activity in my bank account I was forced to close that checking account. I called Magnum and explained what took place and they were very nice and understanding. They said they would resume payments during the next pay period, which was perfect for me. Several days later I got a call from Magnum stating they had tried many times to reach me by phone and email and I failed to respond to them. The truth is they never tried to contact me.
They said I didn't make the payment on time, and of course I said I already made arrangements with one of their staff to put off the current payment due to my problem. And of course they had no record of this conversation and treated me like I was lying.
After a lot of wasted time and hot air I faxed the fools my phone records, showing I contacted them and that phone call lasted over 10 minutes. Then I asked them to please give the information to the Magnum manager (who was in charge of my account) as payment arrangements have clearly been established and there was no time when I was not paying. Cut to a few days later and they turned me over to some collection agency called NSB. Shame on these people. They set you up to fail even when you strike a deal with them. They do not care one bit about you or your life and they have no problem ruining your credit rating even when it is their fault. Not happy with there service at all, just wanted to let everyone know what they can expect.
There is the not quite happy former customer of Magnum Cash Advance. For my own opinion I thought the company was alright. Yes, it is true that they were smarter than a payday loan but were they really? If you have four repayment dates that stretch over eight weeks then you will be paying more money in finance fees. But I know that a lot of borrowers are like me (at least how I used to be) and they would look for the longest term loan out there. When you have no funds and you are told you can take a loan for two weeks or for eight weeks most borrowers are going to go for the longer time frame.
Magnum Cash Advance was a different kind of unsecured lender. Their loans were somewhere in between a long-term payday loan and a shortened version of an installment loan. It was not a bad company and I am sure that the prior version (the firm based out of Maryland) was far superior to the loan matching version (based somewhere in Central America, probably Belize) that came into place not long after the original lending group faded away.
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