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%.