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Warning Against Refund Anticipation Loans (RALs), What exactly is a refund anticipation loan?

By: Kyana Martin Tax Planning Views: 800 | Comments: 0 | Votes: 0

Kyana Martin

It is estimated that low income families spent nearly $1 billion last year for refund anticipation loans. As tax season approaches, I wanted to warn you “saving savvy” taxpayers that no matter how strapped for cash you may be, it doesn’t pay to borrow your own money. These are avoidable tax-time expenses. RALs are high cost bank loans secured by the taxpayer’s expected refund. More