Q:

How do you get a Magnum Cash Advance loan?

A:

Quick Answer

You can apply for a Magnum cash loan by visiting the company's website at MagnumCashAdvanceLoans.com and filling in an application form. Magnum then connects you with a number of lenders who evaluate whether or not to offer you credit.

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Full Answer

Magnum is not a lender, and it claims to connect applicants with a variety of lenders. The company claims to be more effectual than a payday loan lender, offering faster loans than payday loan lenders or even family and friends. It claims to offer loans to individuals with adverse credit history.

However, NerdWallet reports that Magnum's interest rates are prohibitively higher than payday loans. Additionally, the company does not make its interest loan charges clear until you receive the loan agreement form. This could mean then that their interest charges are unclear to prospective applicants, who should remain aware of high interest rates and charges before signing up for the loan.

Magnum could be operating from the British Virgin Islands, according to NerdWallet. Additionally, the Federal Trade Commission warns of high interest charges by payday loans and cash advance schemes. The FTC even provides financial consumers with alternatives through its website at Consumer.FTC.gov.

Magnum Cash Advance service could help those who have poor credit ratings, difficulty accessing credit from mainstream lenders and cash flow problems. However, consumers should view it as a short term measure, as the FTC advises.

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