Weekly Consumer Notice---RALS
Friday, March 05, 2010
The AG's Weekly Consumer Notice regarding Refund Anticipation Loans (RALS). Full Article »
Full Article
New Mexico Attorney General Gary King's Consumer Protection Division advises
consumers to add up the potential costs when considering Refund Anticipation
Loans (RALS) this tax season.
Consumers can follow a few simple steps to protect themselves from predatory lenders offering RALS:
- Look closely at the loan disclosures.
- Know exactly what the interest rate is.
- Is the loan really needed now? Filing taxes electronically and having the refund directly deposited may only take a couple of weeks. If the consumer can wait that long, they could save the costs of paying for administrative fees and the high interest rate that may be associated with an RAL.
- The Internal Revenue Service offers free tax assistance programs for low-to-moderate income taxpayers and the elderly. The Volunteer Income Tax Assistance (VITA) program can be reached by calling 1-800-906-9887 to locate the nearest VITA site.
To check the status of a refund online, consumers can visit www.irs.gov and
click on the Where's My Refund application, or call 1-800-829-4477.
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