answersLogoWhite

0


Best Answer

A Magnum Cash Advance has many advantages over a Payday Loan. First, a Magnum Cash advance allows you to borrow up to 30% of your monthly pay. You can spread this loan over several different payments thus it provides more flexibility than your traditional Payday Loan. There are also no rollover fees or hidden charges.

User Avatar

Wiki User

12y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What makes a Magnum Cash Advance better than a Payday Loan?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Continue Learning about Finance

What is the difference between applying online for a payday advance and getting a faxless payday advance?

By getting a faxless payday advance you have a physical copy of the procedure this makes it easier to prove it in court if you needed to. Whereas an online copy is only online.


What payday loans will accept netspend as a bank?

Netspend does payday loans but they won't even accept their own bank as an account. Makes you wonder huh.


What are some of the dangers of payday loans?

Well, where to start? Problem #1: Payday loans have excessive and usurious interest rates and fees. This makes them illegal in many states. Problem #2: By design, they are built to keep you in a repetitive cycle of not being able to pay them off, often leading to the need to take out yet another payday loan, and the cycle goes on. Problem #3: Many so-called payday loan sites on the internet are mere phishing sites. They will use your information fraudulently or sell it to someone who will. There are many cases of people receiving harassing phone calls to pay on a payday loan that they never even had in the first place, just because they applied on one of those sites. BEWARE!! Problem #4: If you actually do receive a payday loan, and miss your payment, you will be harassed. Payday lenders/collectors are notorious for breaking the law when attempting to collect the debt. Many of these lenders are underground or outside of the US, therefore not afraid of the law. They will threaten you, your family, your employer, your friends, you name it. Think carefully. If you REALLY NEED a payday loan, make sure no other options are available. Make sure they are legal and licensed in your state. Deal with an established lender, although that doesn't necessarily mean that it makes it any better.


Are the instant payday loan companies advertising over the Internet legitimate?

I am not entirely sure why you would wonder if advertising on the Internet would be legitimate or not. The only real regulation that applies to payday loan advertising is to state the APR (annual percentage rate), when making ANY reference to the costs of obtaining a payday loan. Which makes no sense, as the loan is NOT an annual contract, but a (usually very short) short term contract. For example, one site offers a payday loans for a 15.00 fee per 100.00 borrowed for a 2 week period. Meaning if you need a $100 payday loan, the total cost for the loan would be $115.00 as long as you paid if off when you said you would, your next payday (avg of 2 weeks). However this technically equates to 540% APR, which makes it sound totally crazy, like it is a giant ripoff. About the same as the 39.00 fee Bank of America charged for an overdraft on an account of 2.00.


Can you be arrested for non payment of payday loan?

No. It is a common tactic amongst unscrupulous payday lenders to make threats that they cannot enforce, and in fact, it is illegal for them to make such threats. They are well known for threatening arrest and impersonating law enforcement during collections. Often, these payday lenders are not even located inside the US. Any lender should be licensed in your state. Chances are, internet payday lenders are not licensed at all, which makes their loans unenforceable. Even if a lender is legitimate, and you default, you cannot be charged with a crime for simply failing to pay. They may try to tell you that you have violated some wire-fraud or bad-check crime, but you have not. If your state allows payday lending, then they may possibly sue you in civil court for default, just like any other lender.

Related questions

What is the difference between applying online for a payday advance and getting a faxless payday advance?

By getting a faxless payday advance you have a physical copy of the procedure this makes it easier to prove it in court if you needed to. Whereas an online copy is only online.


What is the concept of no fax payday advance about?

Payday one basically allows you to apply for a no fax payday loan from the convenience of your computer. This system saves time and makes the process much less complicated.


Who makes Magnum Malt Liquor?

Magnum Malt Liquor is owned by the Miller Brewing Company


Who makes a 41 magnum rifle?

Marlin


What payday loans will accept netspend as a bank?

Netspend does payday loans but they won't even accept their own bank as an account. Makes you wonder huh.


What other brand of 300 magnum ammunnition is safe to fire in my weatherby 300 magnum?

None. the term "300 Weatherby Magnum" is not merely a brand, it IS the caliber of the cartridge (no matter who makes it) It does NOT interchange with the .300 Winchester Magnum cartridge.


Who makes advance auto parts motor oil?

Advance motor oil is made by Coastal


Who makes motor oil for advance auto parts?

Advance motor oil is made by Coastal


Understanding Payday Loan Debt Consolidation?

A payday loan debt consolidation is a loan plan by which an individual can pay off existing payday loan debts. When payday loans are taken out on a regular basis to pay of bills or other expenses, debt may add up if these payday loans are not paid back to the lending company on time. A payday loan debt consolidation company can help those who find themselves in this situation by contacting the various payday loan lenders and consolidating the existing debts into one monthly payment. The borrower makes this monthly payment to the payday loan debt consolidation company, who in turn makes the various payments to the lenders. payday loan debt consolidation plans are a secured loan, meaning that collateral is put down by the borrower. This collateral is usually in the form of a home or property. It should be noted that in the instance the borrower defaults on the payday loan debt consolidation loan, they run the risk of losing their home or property. Because these loans are secured, lower interest rates and monthly payments are generally attained.


What products do Similac Advance Organic make?

Similac Advance Organic makes products such as baby formula and vitamins for pregnant women that will help their baby to develop. Similac Advance Organic also makes products that are for babies with sensitive digestive systems.


Whats better 300 magnum vs 7MM?

Both serve a purpose but the 300 has a bit of an advantage. There is alot more factory ammo produced for the 300. YOu also have the option of heavier bullets resulting in more energy . This makes it a better choice for big game such as elk and moose.


What are some of the dangers of payday loans?

Well, where to start? Problem #1: Payday loans have excessive and usurious interest rates and fees. This makes them illegal in many states. Problem #2: By design, they are built to keep you in a repetitive cycle of not being able to pay them off, often leading to the need to take out yet another payday loan, and the cycle goes on. Problem #3: Many so-called payday loan sites on the internet are mere phishing sites. They will use your information fraudulently or sell it to someone who will. There are many cases of people receiving harassing phone calls to pay on a payday loan that they never even had in the first place, just because they applied on one of those sites. BEWARE!! Problem #4: If you actually do receive a payday loan, and miss your payment, you will be harassed. Payday lenders/collectors are notorious for breaking the law when attempting to collect the debt. Many of these lenders are underground or outside of the US, therefore not afraid of the law. They will threaten you, your family, your employer, your friends, you name it. Think carefully. If you REALLY NEED a payday loan, make sure no other options are available. Make sure they are legal and licensed in your state. Deal with an established lender, although that doesn't necessarily mean that it makes it any better.