why dont people see that rapid refunds are a rip off?

Question

I get sick to my stomach when I see folks getting taken for $300-$400 for these rapid tax refunds! Why dont folks understand that you CAN wait a while for your money? I can understand an extreme emergency, like your car is impounded & you are getting charged $100 a day. That needs to be taken care of. But to justify it to paying a couple of bills is not worth the huge fees incured by it. If you need it badly, e-file & get direct deposit. You will have your state return in about 2-4 days. The Fed will get there in about 2 weeks. Plus, you should get paid in between there also. Come ON! I hate to see people taken advantage of.

Have you ever done it? Did you know you have a choice? Why, why, why? Excluding life saving, evictions, and REAL emergencies, why do you do it?

Answer 1

love to hear this i see people allowing the Government to hold their money for a year and than tax time they file pay extra to get it today i filed last thurs my refund is getting deposited in my account this Fri 8 days people can't you WAIT

Answer 2

I totally agree, and have said so in many answers relating to getting these refund loans. For the amount of fees you pay to get your refund one to two weeks sooner, the annual percentage rate is astronomical.

Answer 3

i fall into the car problem group . other then for that i would not do this . i know that i can e file and get it back in early march but i am taking a taxi to work and back at 60 bucks a day

Answer 4

I agree. What it actually is, is a short time loan at usorious rates of interest. Many people do this when short of money. This is another example of " The rich get richer and the poor get poorer".

Answer 5

I used to be one of those idiots when i was younger and didnt make much money.....nowadays i use Turbo Tax and i will never pay anyone to do my taxes again......Terriffic program