A 2009 report from the National Consumer Law Center found that refund anticipation loans cost taxpayers an estimated $833 million dollars in loan fees in 2007. Taxpayers also spent an additional $68 million dollars on other fees associated with refund loans and $336 million dollars on financial products related to receiving their refunds. Tax refund anticipation loans are highly profitable for the businesses that issue them but extremely costly for consumers who take advantage of them.
How a Refund Anticipation Loan Works
A refund anticipation loan is essentially a high-interest, short-term loan that is made to consumers based on the estimated amount of their income tax return. Funds are typically either made available via separate bank account set up by the tax office or a prepaid debt card. The loan is extended to the consumer typically for a period of seven to fourteen days and must be repaid when the individual receives his or her income tax refund.
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Find out about tax refunds for tourists to Mexico, see if you're eligible to receive a tax refund, and how to go about claiming your tax refund.
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Tax Form Processing LLC FOR THE TAXPAYER SM: www.TaxFormProcessing.com: 2400 N Forsyth Road Suite 101: Orlando, FL 32807-6445: State Tax Refund Information
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