At Magnum you can pay the loan off ay anytime and you only pay for the number of days you have the money, (Other companies trick you by giving a low ‘teaser rate’ for your first loan, and then the regular flat rate. They do not tell you that these flat rate loans force you to pay the same fees if you borrow for 2 days or 14 days, which is unfair)
The majority of payday loan borrowers need a cash advance for 45-60 days, not for 2 weeks. To avoid the early payoff penalties associated with flat rate loans, Magnum loans are scheduled smaller payments for 60 days automatically. With Magnum you can pay off early and only pay for the days you had the money.
- Your initial loan is for 30% of your monthly take home pay that is deposited into you checking or bank account.
- For retired or fixed income borrowers, up to 30% that is deposited into your checking or bank account.
There are four ways to receive your funds:
- ACH Transfer- overnight, no charge.
- Western Union- Western Union money transfers are guaranteed to arrive within minutes of your loan‚Äôs approval. There is a fee associated with this transfer. To avoid reducing the amount of your loan, Magnumcashadvance.com will finance the Western Union Fee. Western Unions are good for weekends and Holidays when ACH transfers are not available). This option is only available to a returning customer.
- Wire Transfer- Wire transfers that are executed before 11:00 AM usually arrive the same day, but are not guaranteed to arrive on the same day. There is a fee for wire transfers.
- Check via the mail- this method of delivery is available, but not recommended, as prompt delivery cannot be assured.