Fast Facts--Tax Refund Anticipation Loans
- 7.2 million taxpayers received RALs in the 2009 tax filing season (for tax year 2008).
- 87% of taxpayers who applied for a RAL in 2009 were low-income.
- 64% of taxpayers who applied for a RAL in 2009 were EITC recipients.
- The price for a typical RAL is $61.22 to borrow $1,500.
- The APR for a typical RAL is 149%.