A new alternative of supporting the payday loan industry has come to the Internet. Magnum Cash Advance provides short term loans with installment plans for repayment. Traditional payday loans require a flat rate fee that is due even if you pay of the balance early. Magnum Cash Advance does not do charge this flat rate fee. You can pay off the loan early and only owe interest on the days that you had the loan. Payday loans offer loans for up to 14 days, but Magnum Cash Advance offers a two month loan. You may need to check out Magnum Cash Advance review if you need more information about this type of a loan.
Payday loans can have confusing terms. Magnum Cash Advance has their terms clearly listed on their website. They will give out loans up to thirty percent of your monthly net income amount. The restrictions are also higher to obtain a loan with a minimum age of 21, full time employment, have been employed for at least three months, and have a net income of one thousand dollars or more per month. Your paycheck must be directly deposited into a checking or savings account. Magnum Cash Advance also performs credit checks before giving out loans.
The fees for a loan are based on a daily rate rather than one flat fee. Because interest does accrue daily, there is a big incentive for customers to pay back their loans faster and save costly interest fees. It is easy to pay off your loan, it is automatically deducted from your bank account on your payday. If you wish to make more than the minimum payment, call at least three days before your payment is due to make arrangements to pay more.
Interest rates through Magnum Cash Advance are lower than through most payday loans because they have stricter rules. Because they require a credit check and have tighter job requirements, the risk is lower and thus interest is lower. There is also a benefit to paying off the loan quickly to save on interest payments. However, this type of loan should only be used in an emergency. The interest rates at Magnum Cash Advance are lower than other payday loan companies, but are still higher than personal loans. Explore all options available before choosing which type of loan you want to take out. Don’t borrow more than you can afford to pay back and repay high interest rate loans first. Choose to spend your money wisely and if it is not an emergency, wait until you can afford to purchase it to avoid paying extra interest.