Refund Anticipation Loans Research & Analysis
Tax Refund Anticipation Loans (RALs) are short-term cash advances against a customer's anticipated income tax refund. But the loans are offered at high interest rates, ranging from about 40% to over 700% APR. Here is some of the research available on this abusive financial product.
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- The Party’s Over for Quickie Tax Loans: But Traps Remain for Unwary Taxpayers
February 29, 2012 - High-Cost Loans Among the Unbanked
February 10, 2012 - End of the Rapid Rip-off: An Epilogue for Quickie Tax Loans
February 28, 2011 - “Magic” Money a Mere Illusion: Refund Anticipation Loans & the Earned Income Tax Credit in West Virginia
August 25, 2009A report by the West Virginia Center on Budget and Policy on the impact of refund anticipation loans on working families of West Virgnia. In 2007 alone, West Virginians lost $13 million in refund antcipation loan fees.
- Borrowed Time: RAL Usage Among EITC Recipients in Native Communities
April 30, 2009This paper provides new data showing the disproportionate use of RALs among EITC recipients in Native communities with an analysis of EITC recipients in 10 states with large shares of Native Americanpopulation and lands.
