Tax Refund Loans

Don't Bank on Republic Bancorp - Barron's

During between the months of February and April, tax refund loans earn so much popularity.Tax refund loans are loans made against the filer’s anticipated return, made out by the tax preparers, and it only costs you a percentage of the total return, a cash advance against money from the IRS. Often they’ll get you a check in a day or two, or wire the money into your bank account. However, you might want to be wary of these loans, if you’re considering them. A lot of people get them and when the IRS rejects their return, they have to pay back not only the loan itself but a mountain of interest. Almost a billion dollars was spent in America on tax refund loans, mostly in fees.