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Tax Refund Advance Loans 101

, Posted: Fri, January 18 2013 at 7:25 PM, Updated: Sun, January 20 2013 at 1:03 AM

It's tax season. That means you've probably seen ads for early advances on your tax refund.

You can't miss their promotions. They promise a refund without the wait. But make no mistake, it is a loan. 

Because of trouble with these types of loans in the past, there are now stiffer rules regulating the their terms. All fees must be posted in plain sight, and you're not required to have the company prepare your taxes in order to receive the tax refund advance.

The Consumer Credit Counseling Service recommends the buyer beware, ask what the interest figures out to at an annual percentage rate, and get all of the information on fees up front.

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