Advance Cash Magnum is a short-term loan service from International Cash Advance, a lending entity based on the British Virgin Islands.
Magnum provides, as their core service, short-term installment loans,
which are different from most types of traditional payday loans.
Normally, a cash advance loan is paid off in one payment, while paying a small-amount, short-term loan from Magnum happens in several installments.
This service was started by the company to provide an alternative, as many people were rolling over their one-payment payday loans, and paying high fees for doing so.
Payday installment loans are offered as variable, multiple payments for greater flexibility, where you can borrow up to 30% of your monthly pay (at the time of writing this).
Also, because of the installment plan for repayment, there are no rollover fees or similar hidden charges, and similarly to most other cash advance services, you get fast and convenient service.
There are several unique features, in addition to the installments repayment, in the company's loans.
For one, you can also pay the loan off at anytime, and only pay for the number of days you had the money.
Unlike flat rate loans from other companies, Magnum schedules the payments to happen over 60 days automatically, with no early payoff penalties.
Taken from the firm's official website, their requirements for a loan applicant include (but are not limited to) 21-years of age or older, full time employment with at least 3 months on the job, and net monthly take of at least $1000 or more.
Magnum verifies all applicants through TeleTrack & CL Verify.
If your loan application is approved, there are four ways that you can get the money: ACH Transfer (overnight), Western Union (within minutes, for returning customers only), wire transfer (for a fee), and check via mail.
You should notice that all applications, transactions, and credit decisions involving the Magnum short term loans are funded through International Cash Advance (ICA) and will be deemed by ICA to have taken place in BVI.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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