Advocacy groups warns Americans about refund anticipation loans

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Thursday, March 7, 2013 - 9:31am

Regulators previously cracked down on refund anticipation loans from banks, but now, consumer advocate groups say tax preparers and cash advance stores are offering a more expensive way of Americans cashing their federal returns.

The National Consumer Law Center and Consumer Federation of America reports that those type of loans typically have an interest rate of 36% or that other companies are giving customers a portion of their federal refund right away and keeping the difference. For more information on the study visit: http://www.nclc.org/issues/refund-anticipation-loans.html

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