Payday Loans

Magnum Cash Advance Are Doing Illegal Business In Washington

Magnum cash advance programs are very popular over Internet. As per reports, people from all states are borrowing payday loans from them. But, it is very important for you to keep in mind that this payday loan company is not licensed to issue short-term payday cash advances to consumers residing in Washington. Therefore, if you are a resident of the state of Washington, you should never borrow from them. The Department of Financial Institutions in this state has recently issued a consumer alert against this payday lender.

Licensing Requirements For Payday Loan Companies In Washington

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The legal provisions regarding licenses for payday loan lenders vary from one state to another. In Washington, cash advance companies must be registered with either the Washington Secretary of State or the Department of Revenue. Magnum cash advance have been issued license by any of these two departments.

It is very important for you to keep in mind that the payday loan laws of Washington apply to both online cash advance programs as well as the ones borrowed from a local payday loan store. In either case, it is illegal for an unregistered payday lender to issue a cash advance to you.

What If You Have Already Borrowed A Loan From Them?

If you have already borrowed a payday loan from Magnum cash advance and now you get to know that your lender is an illegal one, you should consider yourself as a victim of both identity theft as well as a victim of a loan scam. You must immediately file a complaint with the Financial Institutions Department of Washington

or the State Division of Consumer Services. You can give them a call at 360-902-8700 or fax your complaint at 360-725-7827. You can also visit the official website of the Federal Trade Commission (FTC) to file your complaint. Alternatively, you can give a phone call to the FTC at 1-877-FTC HELP (382-4357).

You are also advised to take appropriate precautions because you must have provided crucial personal and financial details about you to Magnum cash advance while signing up for the loan, such as your social security number and bank account details. The risks are greater if you have authorized them to withdraw the fund directly from your bank account. Therefore, you must also take necessary actions immediately, such as by requesting your bank to block the lender from accessing your bank account. Likewise, if you have issued a check to them, you must block the check number so that the lender should not be able to collect the check. If nothing seems to work, the safest way is to close your bank account and open another one.

Overall, whether it is Magnum cash advance or any other payday loan company you are considering borrowing money from, you are strongly recommended to verify whether they meet the licensing requirements to do business in your state.

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