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Refund Anticipation Loans

February 22, 2016

Don't believe they hype. No one makes a free non-recourse loan. The new free RAL is neither free nor transparent.

January 12, 2016

They're back. But free? Nothing is free.

August 26, 2015

Have you noticed how there is suddenly a lot going on with tax refund loans?

December 19, 2014

More details on the three financial products offered by Refundo.

December 16, 2014

Refundo is one example of the new no-fee, preparer-paid tax refund loan. Is it safe? Is it a good deal for consumers? Is it even fair to frame it in relation to the RALs of the past?

February 28, 2014

The Simple Cash Option is one of the products that has emerged in the period after the end of bank-funded refund anticipation loans to speed up the delivery of refunds to consumers.

The SCO is perhaps the most novel effort to re-invent the refund anticipation loan. Liberty offered its Instant Cash Advance on dollars sourced from

November 20, 2013

Several e-mails sent by top executives at ITS Financial, the parent of troubled tax preparer Instant Tax, indicate that the company has made plans to circumvent the permanent injuction issued by the U.S. District Court for the Southern District of Ohio. 

On November 7th, the Court denied an appeal by ITS and went ahead with an order against the company and its founder, Fesum Ogbazion. A key aspect of the ruling was its dictum that ITS and its owner would be permanantly barred from operating a tax preparation business. 

November 8, 2013

The US District Court for the Southern District of Ohio has issued a permanent injuction which forbids the ITS Financial and its owner, Fesum Ogbazion from preparing tax returns.

May 5, 2011

The FDIC has charged Republic Bank for violations of multiple laws and set a civil money penalty of $2 millions for problems with their refund anticipation loan unit.

Republic Bank faces violations of the Truth-in-Lending Act, the Equal Credit Opportunity Act, the Federal Trade Commission Act, and the Gramm-Leach-Bliley Act. Additionally,

March 11, 2011

It would be a mistake to identify a potential regulatory intervention with the long-term problems that have led Jackson Hewitt to its current malaise.

Jackson Hewitt shares are trading at 55 cents a share this morning. That is off about 24