If you are like most consumers, tax time couldn’t come soon enough. After the grueling expenses of the holiday season, long overdue car repairs, and much-needed summer vacations, consumers are anxious to file their taxes - especially if they expect a refund.
By now, you have probably seen and heard many commercials advertising Refund Anticipation Loans (RAL) and Refund Anticipation Checks (RAC). These ads tempt with the promise of same-day cash refunds in eye-popping amounts. If you are debating using one of these “convenient” loans, here is what you need to know.