Magnum Cash Advance Review

Magnum Cash Advance ReviewsMagnum Cash Advance says that it’s smarter than a payday loan, which means that it should have some qualities that make it more borrower friendly, like better rates, or a longer time to pay. This is something that most people would be interested in, and would make it a clear alternative to payday loans. So what’s the catch?

From what we discovered there’s only a few potential hang ups for the average payday loan borrower. That’s the fact that it might be a little tougher to get approved for these loans, and you might have to make a little more than what is required at many lenders. Aside from that the numbers make sense and it’s always better to have longer to pay on a loan. By breaking up your repayment over multiple paydays they are helping you stay out of the classic payday loan trap that so many find themselves in.

The trap goes like this: you take out the max loan they’ll give you and then have to pay it all back on your next payday. A large majority of borrowers find that when they do the math they can’t make it until their following payday after paying off the loan. So they end up re-loaning for the same amount, or dropping it down slightly. This is essentially the same money the initially borrowed, since of course they still need it since it’s only been a matter of a few weeks since the financial problem that caused the need in the first place.

Our Magnum Cash Advance Review

With Magnum Cash Advance you can get loans and the payments can be varied, and broken up over time so that you don’t have to come up with the whole amount on your next payday. This feature alone will save a lot of money, potentially hundreds of dollars if you aren’t forced to pay back the loan in full and then re-loan it again at the high rates. It’s a way of getting the most out of the money that you borrow, and a way of getting caught back up rather than kicked back down again by having to pay those high fees again and again.

Different Requirements
While many payday lenders only require the borrower to be 18, Magnum requires you to be 21 if you want to take a loan from them. They also make it a requirement that your paycheck be directly deposited into your account. It would be far too easy for a borrower to simply cash their check rather than deposit it on payday. This is a popular requirement that most online lenders will have in place to protect themselves from getting passed over on payday. They also want you to take home $1000 a month which is slightly higher than many payday lenders.

Possible Limiting Factors
You may find yourself rejected for a loan from them if you are on TeleTrack or CL Verify. This is something that many payday lenders will not check, since they know many of their customers will have trouble in the past both with their credit, and with maintaining a blooper-free checking account. When combined with the higher income requirements this is might be thought of as a premium payday loan, one that not everyone will qualify for, but is still worth pursuing.

Overall Evaluation
If you can get approved for a Magnum Cash Advance loan then they are easily a better choice than a traditional payday lender or online loan. this is because they split the difference between the two, offering the convenience of an online loan, the flexibility of an installment loan, and the quickness and smaller loan amounts of a payday loan. Not having to pay the loan off all at once on your next payday is a huge advantage, and being able to reschedule a payment by paying a fee is a bonus that many people would find useful in a financial crisis.

This is the kind of reform that needs to happen if payday lenders want to be more viable in the future. It shows that there’s still money to be made without having to continually kick people when they’re down by forcing them to pay high fees and having to repay all of the money back on their payday.

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