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anticipatoin loans are not from the IRS, some company is loaning you the money ( like the bank does) but they are being paid back from the IRS when the payment comes. And you pay a high interest rate for this early money.
It is from many anticipation loans as close to loan sharks as you can get and be legal.
So the companies will still be there lending the money, but the catch is perhaps if they are not paid within a certain amount of time, you may owe them additional fees. *** will all depend on the terms of the loan.
For examaple if you go to the ABC company, they will be funding loans though the CBA or some loan company.
Thanks for the info. Why do you say it would be foolish to get an anticipation loan? I have done it before and had no problems. I have a friend file it and it costs me nothing!
With anticipation loan, you may be saving just about two weeks that is you get money two weeks before you will actually get from IRS, and check for yourself how much interest you are paying.
You are paying alot, if your refund should be lets say 2000.00 you may only get 1800.00 from the loan or some figures even worst, they don't give you the full amount of your total refund,
There have been large law suits against some of the national tax firms becuase of this.
Are you saying the loan costs you nothing or the filing costs you nothing?
First you are lending the government your money tax free, then you paying through the nose to get it back a few weeks earlier. Did you ever analyze how much these loans cost you? Is it really worth it to get your money a few weeks sooner? If really needed the money that bad, why are you loaning it to Uncle Sam for nothing?
I'm sorry but refund anticipation loans are DUMB, DUMB, DUMB! Just throwing your money away IMHO. The tax preparers prey on people too ignorant to understand what they are doing.
I wasn't asking to be called dumb or ignorant! I asked if anyone had heard about refunds being held back. This was my first time here on this site and my last as I see that some of the regular members are rude and think they know it all. Good luck s
No one was rude to you. At most I was being rude to the people who prey on others by rooking them from Refund Anticipation Loans. No one called you dumb or ignorant. Only the action of wasting money by utilizing such loans.
Some times the truth hurts. But what you got was excellent help. You got advice that would warn you against wasting further money. Its really hard to warn someone away from doing something dumb without calling it dumb.
I don't profess to know it all. I know of no regular here that does. But I do know what RALs are and how they prey on the very people who can least afford them. Do some research on RALs and you will find the opinions expressed about them here are not isolated. MANY respected economic advisors have spoken out against them.
You will be welcome to return, but if you don't its your loss, not ours.
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