Business Services Industry
Tax Refund Loans Will Cost You, Consumer Group Warns.
Knight Ridder/Tribune Business News, March, 2003
By Diana McCabe, The Orange County Register, Calif. Knight Ridder/Tribune Business News
Mar. 2--Of course, you don't want to wait for Uncle Sam to send your tax refund. You want the money right now.
But if you sign up for one of those popular quick-refund loans, you'll get your money fast -- and pay a high price.
For several years, many banks and tax-preparation services have offered "refund anticipation loans," essentially an advance on your tax refund.
The short-term loans are popular with impatient taxpayers because it lets them pocket their refund in one to two business days instead of the 10 to 14 days it takes if they'd e-filed the return and had the IRS directly deposit the refund into their account.
Typically,...
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