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Thursday, June 02, 2005
tax refund loans
PAYDAY AND TAX REFUND LOANS
With a typical payday loan, you might write a personal check for $115 to borrow $100 for two weeks—until payday. The annual percentage rate (APR) in this example is 390 percent! Payday loans are illegal in some states.
Another high cost way to borrow money is a tax refund loan. This type of credit lets you get an advance on a tax refund. APRs as high as 774% have been reported. If you are short of cash, avoid both of these loans by asking for more time to pay a bill or seeking a traditional loan. Even a cash advance on your credit card may cost less.
- posted by Mark Pane @ 10:58 PM
