During tax time I see all kinds of companies that advertise paying you in advance for your income tax refund. It seems like these are OK deals until you get out your calculator. Several of the well-known income tax preparation services offer these advance loans, so they seem legitimate. However, the amount charged to receive your loan back a few days sooner is outrageous. According to a report by the National Consumer Law Center, refund loans cost the average person using them anywhere from 50% to 500% interest!
