Americans for Fairness in Lending (AFFIL) released results of an online survey today showing that nearly half of respondents had never heard of Refund Anticipation Loans (RALs). Over half think that interest rates on these loans do not exceed 36%, when the actual range is 50% — 1300%. After learning more about RALs, consumers came to view such products as predatory and as disproportionately targeted to low-income taxpayers. Respondents overwhelmingly believe that Congress should pass a law to regulate RALs.
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If only these loans did not come with high fees and all the other crap that goes with it. Poor and working people are usually stuck in a trap. Things being as they are, people are pressed with bill payments. (The wolf is literally at the door) and a lot of these financial institutions know this. People are having a hard time and have taken the RAL loans due to these reasons. We need the Feds to regulate these companies and even look into doing away with the payday loan industry that makes things worse. Many people filing taxes that were able to get RALs in the past can no longer get them, at least this yr. they are being turned down. What are people supposed to do if the bill collectors and everything else won’t wait? Please…asking Congress to do something.