Best Cash Advance
What is Magnum Cash Advance?
Magnum cash loans are an alternative to payday loans. They were work on the same philosophy as the payday loans, but there are some differences that make magnum cash loans more customer friendly.
Magnum cash loans are short term emergency loans available to those over the age of 18, employed with at least 3 months on the job and a net take home salary of $1,000 per month that is electronically deposited directly to a bank account. The applicant’s first loan is limited to 30% of monthly take home pay that is deposited directly into the applicant’s bank account.
Once the magnum cash loans are approved, the funds are distributed in one of several ways. Funds can be received by ACH Transfer, Western Union, Wire type of transfer and check via postal mail. An ACH Transfer is an automated clearing house transfer. The borrower establishes a bank account with ACH Transfer capabilities and the lender transfers the funds by initiating a transfer into the applicants account. An ACH Transfer usually takes between 2 and 4 days. There is no fee to utilize an ACH Transfer. An ACH Transfer account can be set up with an agent as well as a bank. Western Union money transfers are usually available within minutes of approval of magnum cash loans. There is a fee imposed for money transfers. Western Union transfers are available 24 hours a day and 7 days a week. Western Union is a preferable option when weekends and holidays are involved. Wire transfers executed prior to 11:00 AM will usually arrive the same day, but there is no guarantee that it will. A fee is charged for a wire transfer. The last option is to receive a check via postal mail. Prompt delivery is not guaranteed, unless it is sent overnight.
Fees for magnum cash loans are typically based on the amount of the loan and the length of time the loan. Contracts for magnum cash loans will clearly state the loan fees and the total amount the loan will cost if the loan is paid back over the entire length of the loan. Magnum cash loans allow for the borrower to pay the loan back early and only pay for the number of days the loan is used. For example, if the loan is taken out for 60 days, but paid back in 45 days, the borrower only pays interest on those 45 days.
Magnum cash loans are typically available for 45 to 60 days. The loans are typically set up in installment payments. Most customers find making smaller payments more loan friendly and much easier to handle than making a one lump sum payment on the payday following the execution of a payday loan. Once the applicant has take their first magnum loan and paid it back successfully, the borrower will be eligible to obtain additional funds before the current loan is paid off. The additional funds are available through magnum cash loans Rapid Cash Extension.
Magnum cash loans are payable through an electronic transfer initiated by the lender. Magnum will automatically debit your account according to the payment plan associated with the loan.