A new alternative to quick cash payday loans has now hit the internet. Magnum Cash Advance is a short-term loan provider which offers an installment payment plan.
Instead of being like typical payday loans (like 1 hour payday loans and 30 day payday loans), which require you to pay a flat fee no matter if you pay off your balance early or not, this company does not do that. If you pay the money back early, you are only charged interest for the days you actually had the money for your instant cash advance. Plus, instead of having a 14 day loan period, this company offers up to a two month period.
Magnum Cash Advance has clearer terms listed on their website than other companies of a similar type. The loan you obtain can only equal up to 30% of your monthly net income. Plus, they offer higher restrictions including the following: 21 years or older, have to be employed full time for at least three months already, your monthly net income must be $1000 or greater, and your paycheck must be deposited directly to your bank account. Credit checks are also required for getting a cash now loan – as they’ve got to hedge their risk as much as possible.
The fees are accrued on a daily basis instead of a flat rate for the entire loan period. Because of the daily accrual of interest, there is a greater incentive for borrowers to pay off their loans more quickly to save money on interest charges. Furthermore, they make it easy for borrowers to pay back their loans, since the money is directly drafted from their bank account on payday. To pay more than the required installment amount, simply call at least three days ahead to make arrangements.
Because Magnum Cash Advance has higher restrictions on their loan requirements and they require credit checks, their interest rates and fees will be slightly lower than those of traditional or online payday loans. Plus, they offer the incentive of paying a lower fee by paying off the loan balance quickly. As usual, using this type of check cash advance service should be done with care and only for an emergency. Although their interest rates are slightly lower than those of payday loans, they are still much higher than traditional personal loans or debt consolidation loans.
Before choosing any type of payday loan check cashing service you should explore all of your options and determine which check cash advance loan is best for your unique situation. Never borrow more than you can pay for and pay off higher interest loans first. Spend your money wisely and if the expense is not something that is emergent, then just wait for payday and skip the fees and interest.