Magnum Cash Advance
ConsumerAffairs Unaccredited Brand
We've all been in or are currently in circumstances where we do things we wouldn't normally do when it comes to $. Unfortunately, I've dealt with too many payday loan places. They haven't went well. This particular company has probably been the worst. I had no idea they were not licensed for the US. Huge problem. One moment they said I owed $500, the next $800. Then they want to file against you when you don't pay. Well I don't trust you guys, sorry. Now the call center is closed, you can't even get someone to answer the phone or call back. Might be a good thing.... But I need this dismissed.
This company claims to be a loan referral service. They want you to pay them 100.00 and they will refer you to a lender. They say that they will guarantee you a loan. Only after they get your money they send you a list of lenders requiring that you apply with at least 10 and provide proof that you were denied before they will refund your money. They also tell you that you are on your own, we are not affiliated with any of these lenders and have no say over the outcome. This is a scam! How can you GUARANTEE ANYBODY A LOAN if you have no say and are not affiliated with the lenders? Beware o.k. this is a very clever scam.
I had a loan out with MCA. After making several payments and being told I would qualify for more money before even paying off the initial balance, they started contacting me. They said that there was an interruption in their ACH process and they needed to take my payments by electronic check. They did this once and then they contacted me again. They said that due to unforeseen problems, they needed me to Western Union them the money. This was all way too suspicious for me so I did some research. They are not licensed to due business in the United States from what I could find. I know for fact they are not licensed to do business in my state. So I emailed them and after threatening just once to get a lawyer and file a lawsuit, they forgave me of the rest of my loan. I think in my personal opinion that this company is not on the up and up. I also believe they have been stopped from doing business in the US.
Long time customer. Took out loan on 8/21/13. Paid-off 10/15/13. Applied for new loan months later and website stated due to "temporary" disruption in our ACH Processing no new loans for new or existing customers can be processed. Contacted them several times and was fed the same line. They will not admit they are out of business or shut-down. When you go on their website and act like you are applying for new loan you don't get the “no new loans accepted” message but when you log-in as repeat customer you do? Sounds very fishy to me.
Well I was looking to get a payday loan from them and received an alert from Credit Karma about a hard inquiry on my credit report. That was red flag enough for me so I chose not to proceed with the loan. After further review of the company, they are not allowed to do business in certain states.
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The only reason why I chose Magnum Cash Advance is because they claim they don't do credit checks. Well, I have Credit Karma that alerts me every time there is a change in my credit and guess what? They do perform credit checks and it goes on your credit as a hard inquiry (bad). I didn't accept the loan after I had seen the hard inquiry from them on my credit report. PLEASE BE CAREFUL because they do perform credit checks and it's hard to get the hard inquiry off your credit.
I took a loan with Magnum. I had taken two PD loans with other companies (1 local and 1 internet). Magnum was the best experience of them all. The other internet loan resulted in my email box flooded with other loan offers. Magnum said they didn't sell your name and it was true. Also, when I missed a payment, I went online and rescheduled with no hassle. I'll use them again.
I did a search to find a payday loan. I did find 2 legit payday loan websites. Ace Cash Advance was a good one and I got a loan that was not a ripoff. Moreover, they did not sell my info to others. I will use them again. The other one is Magnum Cash Advance. I will use them again. Neither one sold my info and I got the loan.
All the rest of the so-called payday lenders plan **. They are not lenders but matching sites. They claim to match you with a lender. However, they just keep bouncing you from one matching site to another. You never get to a lender! And your phone will even ring for a month! Also, they will fill up your email inbox with emails that tells you that your loan is approved. claim now.or just a few more g;s and claim your $1000 loan. every one is a matching site!
Some one needs to check into those loan matching sites. 95% of the so-called lenders are not lenders, but are matching websites! With them, you never get to a lender. That is why I Googled lenders only, but I still just get mostly matching websites. They trick you into filling out their loan app. then sell all your info to someone else and your phone will ring for a month with telemarketers. They need to be sued!
I called Magnum Cash Advance to file for another payday loan. MCA indicated that my account is in collection and stated to call NSB. The customer service representative initially stated that my account is paid off and then placed me on hold. She returned to the phone line and stated that I still owe $132.43. I then asked the representative to verify my contact information and the date of the loan. She verified my contact information and that the loan originated in 2008.
I then questioned why I wasn’t contacted provided that they have my contact information, in addition to the fact that it has been 2 years since the loan was made. The customer representative said, “I didn’t handle your account and it probably just "fell through the cracks." I was livid at this point and asked to speak to the supervisor. The supervisor was of no help. He claimed I still have to pay the balance regardless. I reminded him that it’s not the balance I am concerned with yet, the lack of communication on their part. I was even more heated and began cursing. He reminded me that the phone conversation is being recorded and eventually hung up on me. I pursued this case strongly and effectively. Today is day one and tomorrow is day two.
Damage to my credit, anger, anxiety and additional stress; based on how I was spoken to, I feel as if my logic was questioned and belittled. I was screamed at by the customer service representative and the supervisor hung up on me.
I had a payday advance from Magnum cash advance. They withdraw the payments from my bank account. But due to unauthorized activity in my bank account, I had to close the account. I called Magnum and explained what happened and at that point, they were very understanding and said we would resume payments next pay period. Several days later, I got a call from them, stating they have tried many times to contact me by phone and or e-mail and I failed to respond. (they never contacted me except for one time and I called them right back.)
They stated I failed to make my payments, I said I already made arrangements with one of their reps. Of course. they have no record of this phone call and spoke to me like I was lying. After many conversations, I faxed to them my phone records, showing I contacted them and that phone call lasted 10 minutes. And asked them to please give this information to the manager as payment arrangements have been made. Well, I just looked at my account online and they turned me over to a collection agency called NSB. Shame on these people. These loans should be against the law, they are set up to make you fail. And that is a real shame. They are going to have a huge negative impact on my credit for something I had no control.
I have been a customer of magnums for sometime. I usually take advances paying my account off early to save on the short term interest rate. I have had my share of problems with this company before , from early debits to my checking account to poor customer service.
I recently had requested a cash advance from magnums with a pay off two weeks from the date that the loan had been taken out.Due to a delay in a deposit posting to my checking account magnums debit was returned.
I immediately got on the phone to pay the debit just to be connected to a collection agent whom was rude and unprofessional.
Magnum want to charge me a return fee of $35.00 a late fee of 29.00 and additional interest 0f $43.00.Tony whos the collection manger would not his offer.
I am now looking at a loan that I took out for 453.00 that I could have paid off for 697.00 including fees would cost me $817.00. This is a very dishonest company and license to operate in Louisiana should be taken.
This should be against the law.
I file this complaint with great concern.
I borrowed 800 and they charged me 400. When I asked for an extension to have more time to pay the loan off they made it into a new loan and added 800 or so. I don't have the exact amounts because they have blocked me from logging on to see my history of loans. I lived in California at the time of the loans. I recently moved to Phoenix, and don't think AZ law matters since it was the State of CA where the transaction took place. Its an online no fax lender. I believe I took this loan out in Oct/Nov 2006.
Magnum Cash Advance Company Information
- Company Name:
- Magnum Cash Advance