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Just say no to refund loans.(CLOSE UP)(Brief article)
If you use a tax-prep company for your returns, refuse pitches for "refund anticipation loans." Promoted as a way to get your tax refund immediately, they are loans secured by your expected refund and can carry effective annual percentage rates of 50 to 500 percent, according to the Consumer Federation of America.
When you take such a loan, you're borrowing the refund amount before the Internal Revenue Service approves your return. If your refund turns out to be less than expected, you'll owe the difference between the amount you borrowed and the actual tax refund. Consumers are often misled about these loans and their costs.
In a mystery-shopper study conducted by the National Consumer Law Center, storefront tax-preparation businesses varied widely in terms of how much information they provided their customers on refund anticipation loans. Some left the mystery shoppers confused about ...
- Refund-anticipation loans are no bargain.
- Newspaper article from: Daily Oklahoman (Oklahoma City, OK) February 27, 2005 700+ words
...refund. High-interest "refund-anticipation loans" take advantage of Americans...instant gratification. Refund anticipation loans are short-term bank...even prohibition of the refund anticipation loans. Lynda McColl, who runs...
- REFUND ANTICIPATION LOANS RAISE RED FLAGS CONSUMER ADVOCACY GROUPS SEE THEM AS...
- Newspaper article from: The Virginian Pilot March 14, 2004 700+ words
...region. The study of refund anticipation loans, issued in January by...in 2002 for using the refund anticipation loans. Their study advocates...tax preparers who make refund anticipation loans and imposing state usury...
- Refund anticipation loans popular, very expensive.(The Dallas Morning News)
- Newspaper article from: Knight Ridder/Tribune News Service Yip, Pamela March 5, 2001 700+ words
...otherwise known as a refund anticipation loans, can be tempting. But...more than the loan." Refund anticipation loans are offered by financial...need to remember that refund anticipation loans are just that _ loans...
- Massachusetts Officials Warn Consumers against Tax-Refund Anticipation Loans.
- Newspaper article from: Knight Ridder/Tribune Business News February 5, 2004 700+ words
...consumers to avoid high-cost refund anticipation loans, saying a crackdown on...indicate 12.7 million refund anticipation loans were issued in 2002...rates. "It is clear that refund anticipation loans are a rip-off," Lindstrom...
- Low-income workers vulnerable to refund anticipation loans, advocates say.
- Newspaper article from: The Milwaukee Journal Sentinel (Milwaukee, Wisconsin) (via Knight-Ridder/Tribune Business News) February 6, 2005 700+ words
...s where so-called "refund anticipation loans" come in. Pitched by...9 million in fees on refund anticipation loans last year, up from...financial statement. "Refund anticipation loans are targeted to low...
- AICPA alert on IRS RAL program.(refund anticipation loans)
- Magazine article from: The Tax Adviser Lifson, David A. April 1, 2000 700+ words
...Indicators With Respect to Refund Anticipation Loans Some tax practitioners...offer those taxpayers a "refund anticipation loan" under which they...practices or an affiliate) refund anticipation loans (RALs) to taxpayers...
- Refund Anticipation Loans Down, Some Think for Good.(Cards)
- Magazine article from: American Banker August 3, 2009 700+ words
...Aspan Profits from tax refund anticipation loans, a controversial and...taxpayer requests for refund anticipation loans fell by more than 15...profit from the sale of refund anticipation loans and checks was cut almost...
- H&R Block Urges Clients to Understand Refund Anticipation Loans.
- Press release article from: Business Wire January 30, 2007 700+ words
...season sometimes look to refund anticipation loans as an option. Understanding...anyone thinking about a refund anticipation loan consider five key elements...disclose information about refund anticipation loans in a simple process so clients...
