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Tax Refund Loans

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August



Joined: 09 Jan 2008
August's page
Posts: 125



56 Magic Points

Subject: Tax Refund Loans
 
Posted on Fri Feb 08, 2008 3:41 am  

I was wondering what everybody's thoughts were on the tax refund loans that are out around tax season, seems everybody is getting in on the action on that puppy, they are almost like the payday loans with the rates that they charge. Some places are charging over $100 for a small loan, it goes up with the amount of the refund. The intrest rate is unbelieveable too.

I don't think they are a good idea, I think some people look at it as it is just tax money, but it is your money that could be in your pocket instead of some loan company.
Morningstar

Morningstar

Joined: 17 Apr 2007
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Posts: 576



11 Magic Points

 
Posted on Fri Feb 08, 2008 6:12 am  

Some of these loans are worse than a payday loan. They are ripoffs; with a checking account and direct deposit, we can get our refund in approximately 10 days...often less than that.
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debtstinker



Joined: 03 Nov 2007
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Posts: 272



1 Magic Points

 
Posted on Sat Feb 09, 2008 4:48 pm  

Yeah i have to agree with Morningstar...who has been on the forums for quite a while. we just did our taxes and we did get a nice little refund. figure on about 10 days if you have a checking account that you can link with your refund being deposited. this is the best and quickest way to utilize your returns. good luck, and if at all possible try and stay away from those loan places, they make out way better than you do in the end!
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1916 Magic Points

Subject: refund loan
 
Posted on Mon Feb 11, 2008 11:48 am  

Hello, again!! Wanna put my ' 2 cents' in. Yep....direct deposit was a good thing for me. I was told my refund would take about 10 days. Actually..it took ( about ) 7 days. None of these extra fees and right into my account. No messing with checks, etc. Loved it!!
Taxes
Guest






 
Posted on Mon Feb 11, 2008 1:27 pm  

One of the reasons the loans are so popular is that you can go to a place like HR Block, have your taxes prepared and get the fees taken out of your refund. This is a good option for people that are afraid of doing their own return but don't have $200 to pay for it, and it also lets the tax prep office charge more since the client doesn't consider it real money and hardly notices the price.
Just an FYI - if you e-file by Tuesday night, your direct deposit will hit the next Friday morning - all direct deposits are done by the IRS on Fridays.

If you have the means to file on your own, do so. But if you are like millions of Americans that prefer to use a service, ask enough questions and read the fine print. Once they start talking refund loans, they fall under the rules of a bank, and MUST follow Truth in Lending Disclosure laws BEFORE you agree to anything!
Fasfeed



Joined: 06 Feb 2008
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Posts: 84



3347 Magic Points

 
Posted on Tue Feb 12, 2008 2:16 am  

Every year its something new . Just another way for them to get money out of you if you dont have patience. Car lots using your last pay check stub to do your taxes and get you in a car is just as bad . they also charge to prepare.
Laura

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1327



36400 Magic Points

 
Posted on Tue Feb 12, 2008 8:23 am  

Try to do it yourself to save money. Thanks a lot guest (Taxes). It was really great piece of information.
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Laura.
diem



Joined: 20 Feb 2008
diem's page
Posts: 82



230 Magic Points

 
Posted on Wed Feb 20, 2008 8:44 pm  

Don't do it. They just simply are NOT worth it.
hummingbird



Joined: 10 Jan 2008
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Posts: 116



665 Magic Points

 
Posted on Tue Feb 26, 2008 6:01 pm  

You mean I can have my refund direct deposited in 10 days or less?What if it is a joint taxes and only one name on bank account ?Can we still do the direct deposit or does the account have to be in both our names? No one even our tax lady who does our taxes every year has told us anything about this.That would be great if we could do that we could sure use the money now but i was figuring on having to wait about 6 weeks.We file long form and efile also. We never use the tax loan places I figured they were high.
Ism

Ism

Joined: 13 Feb 2008
Ism's page
Posts: 43



2532 Magic Points

 
Posted on Tue Feb 26, 2008 10:21 pm  

If you efile and the IRS accepts your return by end of the day Tuesday, your refund will be direct deposited into your account the next Friday. they only do deposits on Fridays.
Some financial institutions do not allow a joint refund to be deposited into an individual account. Check with your bank or other financial institution to make sure your direct deposit will be accepted first.
You can also direct deposit into multiple accounts. Say $1000 of your refund into checking, $2000 in savings, etc. Up to 3 accounts - even at 3 different banks. All in the same time frame.

One of the advantages of using a chain tax place is the training they receive. I work for one during the tax season - we are all familiar with the direct deposit schedules, refund options, etc.

The tax prep places are higher than doing them yourself, or online, but cheaper than a CPA, AND if you go into a reputable one, chances are the people preparing taxes have been doing them for years. I only work 3 nights a week and I average 2 returns a night, so each season I prepare 80-90 returns a season. Imagine how many returns a full time person prepares! That's a TON of knowledge IF you need it. Most people are better off efiling for free on the internet (start at irs.gov) and getting their refund in less than 2 weeks.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1916 Magic Points

Subject: taxes
 
Posted on Tue Feb 26, 2008 10:57 pm  

I went through HR Block to do mine. Been working with them for 8 or 9 years. I think they are very professional....in my area, anyway. Good bunch of people.
hummingbird



Joined: 10 Jan 2008
hummingbird's page
Posts: 116



665 Magic Points

 
Posted on Wed Feb 27, 2008 4:11 pm  

We use the same person every year .MY whole family does also.They are not that expensice .We used to pay in SC for filing our taxes anywhere from 300 to 400.00 .But here in Ky we pay like 45.00 .thats a big savings for us. We file long form deductions and all since my hubby is self employed and we also live on a farm and deal in cattle.With all that can wqe still have our tax person e file and do the direct deposit if the bank will aloow it. I am sure they will since they know us on site. A 3 day refund or even 10 refund is better than the 5 or 6 week one we been doing.
Ism

Ism

Joined: 13 Feb 2008
Ism's page
Posts: 43



2532 Magic Points

 
Posted on Wed Feb 27, 2008 4:33 pm  

Your tax preparer can efile as long as they are set up with the IRS to efile. Your refund can be direct deposit regardless of method sued to file - you can mail in a paper form and still get your refund direct deposit, but obviously that will add a few days Wink
Check with the bank just to make sure, since the people that know you inside aren't the ones that will refuse the deposit - their computer will.
efile today, or as late as Tuesday 3/4, and you will have your refund direct deposited Friday March 14.
hummingbird



Joined: 10 Jan 2008
hummingbird's page
Posts: 116



665 Magic Points

 
Posted on Wed Feb 27, 2008 4:46 pm  

Great,Thanks .I will be sure to check with my bank .I will also talk to my tax preparer she has never told us of this possibility.I would think she would be aware of this.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883



1916 Magic Points

Subject: taxes
 
Posted on Wed Feb 27, 2008 7:21 pm  

I use to live in Kentucky. When i did taxes there, it seemed like the fee, I paid was VERY low. I dealt with HR Block, there, too.

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