According to a joint report from the Consumer Federation of America and the National Consumer Law Center, 8.4 million taxpayers were sucked into a refund anticipation loan. It amounted to an average of nearly $100 per transaction. These fees are in addition to any fees for the preparation of the tax return itself.
The annual percentage rate of these RALs can range anywhere from 50% to over 500%.
Because Obama hasn't outlawed stupidity, these APRs aren't affected by any changes to the credit card industry. So when you see the clown juggling by the side of the road advertising free tax loans, make sure you understand his defintion of free.
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