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Author: Steve39C One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121114  
Subject: On the subject of Refund Anticipation Loans Date: 3/19/2000 1:01 AM
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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?

Sc
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Author: hghcpa Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 32107 of 121114
Subject: Re: On the subject of Refund Anticipation Loans Date: 3/19/2000 8:48 AM
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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.
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I agree 1000 percent. The RAL system makes about as much sense as the fuel which feeds the raging fire to begin with --

The EIC = welfare at its truest form.


Pete

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