Magnum Cash Advance – Is It Worth it?

Posted on | November 3, 2009 | 2 Comments

One of the themes of this blog is the topic of trying to get out of debt. While it is a very easy subject to talk about, the reality of the situation is that many Americans today are struggling just to make ends meet from paycheck to paycheck.

Given that during 2008 the savings rate was reported to be at a -.3% it would seem that Americans were spending everything that they had, and then some. This lack of savings becomes readily apparent when an emergency arises and you have to find money to replace tires, or a washing machine, or whatever. With no savings on hand, many folks simply turned to their credit cards to help ease the burden. This approach worked fine for a while, but in the last year we have seen the credit markets go south quickly, and they have taken many Americans with them. Credit is simply not an option for a growing segment of America’s population.

Enter the cash advance store. Payday loan outfits like My Cash Now have been around for a while, and it should come as no surprise that these types of entities are spreading across the country. The reason is simple…demand. Many Americans look at this as being the only way to meet there obligations and still put food on the table. While I admit that these businesses do perform some type of service to their community, I have to point out that it comes at a steep cost. Many times folks end up owing a significant amount of interest on the money they borrow, and they end up in a vicious cycle wherein they can never repay the $1000 cash advance they borrowed.

As I was researching this trend, I also came across another cash advance lender – Magnum Cash Advance. I will have to admit that I was intrigued by their approach to this industry. Instead of making the money payable in-full on your next paycheck, they stretch it out over 45 to 60 days. This in turn allows you to make smaller payments and I am sure they still make a healthy amount of interest. I am almost tempted to try them, simply so I can write about how the service is to deal with.

I would be interested in hearing from any of you that may have worked with this outfit. Were they fair? Did they treat you well? Let me know.

Magnum Cash Advance