Smarter Because
A short-term installment loan from Magnum Cash Advance is the alternative to bounced check / overdraft fees, or a traditional payday loan. Proving this fact: NACHA (The National Automated Clearing House Association) reported that the average dollar amount of a bounced check is $155. The average NSF fee is $28.75, which is an APR of 1,353%1. In addition to the high APR, NSF fees negatively impact credit ratings. By using a short-term installment loan from Magnum Cash Advance, you avoid excessive overdraft protection fees and avoid damage to your credit rating.
1Example assumes the average overdraft fee of $28.75 is applied to a $155 average NSF represented check, which is required by bank policy to be paid within five days. If expressed as an APR equivalent for comparison purposes only, this would be 1,353% ($28.75 x 73 five-day cycles in a year = 1,353%). Overdraft protection fees are not subject to Truth in Lending, and therefore no APR is required or presented when you bounce a check or overdraw your account.