The Magnum Cash Advance (Rapid Cash Advances)

Magnum cash advances are primarily advertised as non-payday loans. In fact the Magnum’s advertising and marketing staff claim the Magnum cash advance lending product is “Smarter Than a Payday Loan”. Their entire “claim to fame” is that they only base their loan service fees on the number of days you have their money in your pocket. Let me explain further.

So what Magnum does is charge fees based on the amount of the cash advance and the length of the loan based in 24 hour periods, and they will only lend you 30% of whatever your take home pay is. Have no question about it – the Magnum cash advance is a payday loan in “sheep’s clothing”. Payday loan companies charge their loan servicing fees a little bit differently.

What they do is charge a fee for a 14 day cash advance and when the borrower (client) comes back for a 3 or 4 day loan, they get charged the same costly fee. So yes, Magnum (magnumcashadvance.com) charges fees a little bit differently than their competition, but there is one thing to remember when you’re dealing with a Magnum representative. Ask them to produce the exact fee structure they are using.

The Magnum Cash Advance Fee Structure

The fees that Magnum Cash Advance charges is NOT documented on their web site, just like most ALL cash advance and payday loan companies. They explain how the fees they charge are based on length of the short-term loan and the amount of the advance, but they don’t show you up front on their web site the ACTUAL fee structure. When any cash advance company is not willing to be PERFECTLY up front about their fee structure – look out.

Magnum’s Loan Product Called “Rapid Cash Advance”

MCA has a featured lending product called the Rapid Cash Advance. It’s a groovy name, but let’s take this apart shall we. Their definition of this lending product is as follows;

A Rapid Cash Advance is a fast and easy way for a returning customer to obtain a loan from Magnum

Now what we have hear is a failure to communicate. They say that if you have had a cash advance with Magnum in the past (that you have not defaulted on and paid back) you can go on the web, login to your account, and apply for a loan “rapidly”. This DOES not mean you have the cash advance transferred or deposited into your checking or savings account instantly. So a Rapid Loan it is not. The day Magnum is point blank and tells you the loan will be INSTANTLY deposited into your account, will be the day they’re on to something.

Magnum Uses Credit Reporting Agencies

Magnum uses the typical credit reporting agencies to check out your past borrowing history. They use Teletrack and they use CL Verfiy to quickly “dig up the dirt” on the borrower (maybe you) before you can get approved. Fair enough though right. So if you are a cash advance skipper/collector, Magnum is not for you.

If you decide you want to do business with Magnum Cash Advance, you can see their web site here. There phone and fax number is below as well.

Phone: (866) 406-6800
Fax: (866) 406-6844