Anticipation Refund Loans - The ugly Informative - The Truth
With tax time coming up I found this very interesting as it's something I've thought about in the past.
"The Consumer Federation of America says the effective annual percentage rate for most RALs ranges from 50 percent to nearly 500 percent. Include the application fees in that calculation – anywhere from $60 to about $135 – and those APRs are from 80 percent to nearly 1,200 percent!"
Later in the article it talks about RAL's could be considered tax fraud!
And what you're doing is paying someone else so you can use your money. Would you pay your bank an extra $30 to use what is already yours?
Read more here:
In a hurry to get your refund? Beware