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Tax Filers Should Read Fine Print before Signing Up for Refund Loan.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, February, 2000 by Steen, Margaret
Feb. 6--Receiving your tax refund in days instead of weeks sounds appealing -- especially when the nation's top two tax-preparation firms are lowering the fees they charge for this service. But read the fine print before signing up for one of these often-criticized refund anticipation loans.
The loans allow taxpayers to pocket their tax refund in just two days, instead of waiting two to three weeks for a refund after filing electronically or up to two months after mailing in their returns. The catch is that there can be fees and finance charges attached, and these can translate into huge annual percentage rates, or APRs.
For example, a taxpayer who paid $50 in finance charges and fees to receive a $1,000 refund 19 days early would be paying an APR of...
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