{"id":3048,"date":"2008-08-13T11:07:07","date_gmt":"2008-08-13T16:07:07","guid":{"rendered":"http:\/\/magic1host.com\/blog\/2008\/08\/13\/are-rapid-refunds-worth-it\/"},"modified":"2008-08-13T11:07:07","modified_gmt":"2008-08-13T16:07:07","slug":"are-rapid-refunds-worth-it","status":"publish","type":"post","link":"https:\/\/magic1host.com\/blog\/?p=3048","title":{"rendered":"Are Rapid Refunds Worth It"},"content":{"rendered":"
by William Blake<\/div>\n

During tax season, there is much talk<\/a> of rapid refunds. Such refunds are indeed rapid, putting money in your hands almost instantly. But they come with some undesirable results as well. This article will present all the details of rapid refunds so that you can make an informed decision.<\/p>\n

Based off of what commercials, rapid refunds are a great way to get your tax refund in cash ultra-fast in exchange for a meager fee. Although getting money that quickly feels nice, how necessary is it?<\/p>\n

Depending on the circumstances, some families live from paycheck to paycheck. At tax time, the big bolus of cash is a welcome sight when there are bills to pay and mouths to feed. Well known tax centers like Jackson-Hewitt or H&R Block can file your tax forms and sign you up for the rapid refund program.<\/p>\n

Although it seems so easy on the surface, rapid refunds are more complicated than that. In reality, they are refund anticipation loans, abbreviated RAL’s. Just all loans, they bring with them interest and finance charges.<\/p>\n

Rapid refund sounds a lot nicer than refund anticipation loan, since few people are really interested in being tied to a loan. Rapid refunds, thus, are often a source of confusion, since they are rarely equated with what they actually are, loans.<\/p>\n

The name has been changed because many people, after enrolling in a rapid refund program, felt that they had been tricked into accepting a loan they didn’t want by false advertising. When this type of loan was originally offered, it was marketed mostly to individuals earning a lower income who were eligible for the earned income tax credit<\/a>, or EITC, and the interest rate charged on it was outrageously high. <\/p>\n

A family who really needed their tax refund right away was able to get it as a result of the rapid refund program. But, if the person applying for the rapid refund was not aware of the high charges they would be charged on the loan, and even if they paid as soon as possible, the extra they had to pay because of interest on their refund of a few thousand dollars was astronomical.<\/p>\n

Something that not many people understood at that time is that electronic tax filing gets you your refund in just a couple of short weeks, which is still pretty fast. A tax preparer can complete the necessary forms on the IRS’s website in your behalf, even if you don’t have your own computer.<\/p>\n

Those without a bank account can still file electronically and have a check mailed. The refund will return faster than the paper filing method. Credit unions are also an option for direct deposit in lieu of a bank. Credit unions require as little as $25 in share accounts to keep them open. These types of accounts are available through many workplaces, church affiliations, and other organizations. <\/p>\n

To avoid charges associated with refund anticipation loans, review all your options when it comes to getting your tax refund fast.<\/p>\n

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About the Author:<\/div>\n
Most debt consolidation loans are based on the equity in your home, so what can you do for non homeowner debt consolidation<\/a>? Learn more about your consolidation choices on the Inside Debt Consolidation<\/a> website, where you can sign up for our free 5 day e-course that will help you choose the best consolidation option for you.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

During tax season, there is much talk of rapid refunds. Such refunds are indeed rapid, putting money in your hands almost instantly. But they come with some undesirable results as well. This article will present all the details of rapid refunds so that you can make an informed decision.<\/p>\n","protected":false},"author":540,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[77],"class_list":["post-3048","post","type-post","status-publish","format-standard","hentry","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/540"}],"replies":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3048"}],"version-history":[{"count":0,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3048\/revisions"}],"wp:attachment":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}