Tax Loans Skim Hundreds Of Millions From Working Poor
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January 31, 2002
Two leading consumer groups issued a comprehensive report warning about high cost, high interest tax refund loans. Fast tax refund loans cost borrowers from $29 to $89 for loans that last about ten days, resulting in annual interest rates of 67% to 774%, according to a new report issued by Consumer Federation of America and the National Consumer Law Center.