Summary
The largest tax preparation service in the country has received the message about refund anticipation loans. Consumers dont want their high costs, and consumer advocates are hoping others in the business follow the lead.
H&R Block announced late last year that it was discontinuing its RAL program. The move came after regulators told Blocks third-party lender to stop putting money into the program. Consumer watchdogs have long decried the practice, which can rack up serious interest payments for the short-term loans.See the full content of this document
Extract
Advance Loans On Tax Refunds Frowned On
A tax preparer makes an anticipation loan based on the refund a client expects to receive. Rather than waiting for the refund, the client agrees to accep...
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