Released: February 02, 2010

‘Rapid refund’ loans prompt warning from CA attorney general

Source: Nathan Olivarez-Giles, Los Angeles Times (Free Registration)

With tax time around the corner, the California attorney general’s office is warning of the dangers of taking out high-cost tax-refund anticipation loans, sometimes presented as “rapid refunds,” that can cost consumers hundreds of dollars in fees and come with high interest rates.

The refund anticipation loans, often marketed to people who are filing electronically, “push taxpayers to borrow their own money instead of collecting their full refunds,” Atty. Gen. Jerry Brown said Monday.

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