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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.
Tax Preparation Company. Loan Amount. Fees and Interest. Intuit TurboTax. Up to 50% of your anticipated refund. None. H&R Block – Emerald Advance: up to $1,300
Another provider offered a refund anticipation loan from December 11, 2023, to January 14, 2024, with an almost 36% interest rate and a finance charge of 7.5%.
A refund anticipation loan is a loan against your estimated tax return. A tax preparer will calculate what the IRS owes you and loan you a portion of that amount right away.
RALs (Refund Anticipation Loans) are short term loans on the security of an expected tax refund, and RACs (Refund Anticipation Checks) are temporary accounts specifically to wait to receive tax refunds, which are then paid by a check or debit card from the bank less fees.
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 ...