Tax Refund Loan, Tax Return Loan, RAL
Tax Refund Loan, Tax Return Loan, Refund Anticipation Loan
A (Tax) Refund Anticipation Loan (RAL) is a high interest rate short-term loan secured by a taxpayer’s expected tax refund. Commonly, the taxpayer applies for the loan through a paid tax preparation firm. The Free Federal Tax Preparation firm receives a fee for each loan originated, but IRS rules prohibit basing this fee on the amount of the expected refund. Only the banks through which the loan is made are allowed to charge interest or finance charges.
12 million taxpayers used a RAL in 2004, according to the National Consumer Law Center With e-filing, tax refunds can be direct-deposited into the taxpayer's bank account within two weeks, rendering RALs less attractive to some.
12 million taxpayers used a RAL in 2004, according to the National Consumer Law Center With e-filing, tax refunds can be direct-deposited into the taxpayer's bank account within two weeks, rendering RALs less attractive to some.
Labels: Tax Refund Loan
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Prepare Prior Year Taxes Prior Year Income Tax Return Preparation & Electronic Filing.
Prepare Prior Year Taxes Prior Year Income Tax Return Preparation & Electronic Filing.