Rapid Refund???

[jamesd1967]

What seems to be the issue with those??? I did mine in January, but didn't file until Feb. 16 2010.

[keepinitreal]

from bankruptcylawnetwork dot com:

We are a modern society…we want it now, we want it quick, we don’t like to wait. Tax preparers know this. Over the years, some tax preparation agencies have offered a refund anticipation loan (RAL) or to put a consumer’s refund on a plastic card that is similar to a debit card. The fees for preparing the tax return can be paid with that RAL or deducted from the plastic card — no money out of pocket for the unwary taxpayer. Why would this be a bad idea?

When a taxpayer gets their refund the same day through a refund anticipation loan (RAL), it is a LOAN. And that loan has a horrible interest rate. The Massuchesutts Division of Banks recently issued a press release that warned against all high interest RALs and another consumer advocate, Mark Huffman, from www.consumeraffairs.com published a video on youtube.com, warning consumers about the high interest rate on these loans. Taxpayer Beware!!! Read the fine print and wait just 14 days for your tax refund to be deposited into your own bank account.

[LSUTiger32]

If you pay a 5% fee which is the minimum I have heard of, you are paying 5% for 14 days. That's an APR of like 130%. No thanks.

[OhioFiler]

If you pay a 5% fee which is the minimum I have heard of, you are paying 5% for 14 days. That's an APR of like 130%. No thanks.

The typical consumer of this service wouldn't understand nor care about such information. $100 today is worth more to them than $125 is next week.