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Use of tax-time financial products, such as refund anticipation loans, in 2016. Refund anticipation loan ( RAL) is a short-term consumer loan in the United States provided by a third party against an expected tax refund for the duration it takes the tax authority to pay the refund. The loan term was usually about two to three weeks, related to ...
A refund anticipation loan (RAL) is a tax refund loan that gives you access to your refund before it is delivered by the IRS. Instead, they choose to take out tax refund anticipation loans.
Getting a tax refund advance or a refund anticipation loan through a tax preparation service might seem like a quick and easy way to get funds, but as experts warn, these types of loans come with ...
Some tax preparers offer 0% interest refund loans, but they do charge fees for preparing your taxes. Consider all costs before agreeing to a loan. Know what factors can affect the anticipated ...
Thus, in 2007, a consumer can expect to pay from $57 to $104 to $111 in order to get a RAL for a typical refund of about $2,500. The effective APR for this RAL would be 85% to 150% to 170%. The RAL loan fee is in addition to tax preparation fees averaging $150 and, in some cases, an application fee of about $40.
Refund anticipation loans are a common means to receive a tax refund early, but at the expense of high fees that can reach over 200% annual interest. [9] In the 1990s, refunds could take as long as twelve weeks to come back to the taxpayer; the average time for a refund is six weeks, [ 10 ] with refunds from electronically filed returns coming ...
A refund anticipation loan (RAL) is a tax refund loan that gives you access to your refund before it is delivered by the IRS. These types of loans are usually issued by large tax preparation ...
Refund anticipation loans. From Wikipedia, the free encyclopedia. Redirect page. Jump to navigation Jump to search. Redirect to: Refund anticipation loan;