Stay Away From Tax Refund Loans
Would you pay a 521-percent annual interest rate, or fees that equal that much, to borrow money that belongs to you? That's what taxpayers may do when they get a loan from their tax preparer, in anticipation of a tax refund. They start out with hopes for quick cash and end up losing more than 10 percent of their refund in fees. These fees went to preparers, such as H&R Block, who aggressively promote refund loans during the tax filing season. They offer a tax filer money based on the anticipated tax refund. A bank makes the payment through the tax preparer. The money is actually a loan, repaid by the refund.
Would you pay a 521-percent annual interest rate, or fees that equal that much, to borrow money that belongs to you? That's what taxpayers may do when they get a loan from their tax preparer, in anticipation of a tax refund. They start out with hopes for quick cash and end up losing more than 10 percent of their refund in fees. These fees went to preparers, such as H&R Block, who aggressively promote refund loans during the tax filing season. They offer a tax filer money based on the anticipated tax refund. A bank makes the payment through the tax preparer. The money is actually a loan, repaid by the refund.
posted by Milt Baker CPA | 10:07 AM
2 Comments:
A payday loan cash advance, for those who don�t know, is a sort of a payday loan cash advance that a person can get against his or her paycheck. These payday loan cash advance are simple loans which require no credit check because they are basically a payday loan cash advance which will be repaid on your next payday.
Thanks after sharing. Like always, on the well-to-do and right-minded on object!
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