The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: On the subject of Refund Anticipation Loans||Date: 3/19/2000 1:01 AM|
|Author: Steve39C||Number: 32094 of 121316|
In reading the previous posts, I was reminded of how upset I get at a system whereby the "innocent" consumer is taken for a gawdawful amount of annualized interest when they receive a Refund Anticipation Loan. IMHO, it's usurious. I educate my new clients to this fact everytime ask for this service. I tell them I don't offer the service, and that they are way better off without it.
I don't lack for clients. However some of the new ones that must have their money fast go elsewhere. Frankly, (and I'm sorry) an impractical client is not good for business, in my mind.
Why the rant? I call on all Fools to be more passionately against this service. Shouldn't we do or say something? Can't we do something? Sure, we tax preparers would lose an income stream. So what? The electronic filing service (without RALs) has been a tremendous boost to our bottom line in and of itself.
What do you think?
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