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Lets start here:
January 3, 2007
Jackson Hewitt, Inc. will pay $5 million, including $4 million in consumer restitution, to settle a lawsuit filed by California Attorney General Bill Lockyer. The suit alleged that the nation's second-largest tax preparation firm violated state and Federal Laws in marketing high-cost refund anticipation loans (RALs) mainly to low-income customers. And gee...you didn't even know who you were borrowing from: .......As described in the complaint, RALs (which is what your asking about) are loans provided to taxpayers, secured by their expected tax refund. Internal Revenue Service (IRS) rules prohibit Jackson Hewitt from providing loans itself, so the company contracted with banks for that purpose. But Jackson Hewitt provided clients the loan applications, filled out the applications, sent the applications to the banks, and distributed the loan checks to customers. Jackson Hewitt's partner banks from 2001-04, the period covered by the lawsuit, were Santa Barbara Bank and Trust (now Pacific Capital Bank) and Household Finance (now HSBC). "Refund Anticipation Loans" an RAL - available at all the usual suspects! The national (or even local) tax refund services and the places that do things like "payday' loans. Many places are using different marketing names since the term RAL has gotten to be so derogatory itself.
They have been made more regulated as all consumer groups try to eliminate them, but unfortunately, they do still exist. (There are some very sleezy, predatory type lenders out there that want to take advantage of everyone they can.)
Listen.. these are universally considered the single most terrible and abusive type of loan or finance available! You will pay a huge cost in virtually all cases, whether it be the pure cost of the loan or some hidden costs, (how much they charge for the related tax return, processing fee, mailing fee, whatever). DO NOT DO IT. See, if your in that much of a mess...you really need to understand.... (No, it's not that "we" don't understand...I assure the rest of us generally do understand sacrafice...no it's not that you can't afford not to get the money....thats the crazy thinking that makes your situation worse)....YOU CAN'T AFFORD TO GET THE MOST EXPENSIVE THINGS.....and this is. (If "we" - those with jobs and income...and of course more bills, needs, wants, than we can really afford - can't or won't accept this money beciause its too expensive, you really can't).
Moreover, generally the money (the tax refund itself) they get as the payback is only a few weeks away from you, were you to file for it anyway. And the fact is, were you to just change your withholding, you would not have over paid in. So your paying a bunch of money to get a loan of the money that is yours anyway!
Filing your own return online, FOR FREE, (avail in January) and your refund is maybe 3 weeks away anyway.
There is no other way to say it...these are "loans" for fools...the warnings are published everyplace, (every government agency and every consumer advocate warns you about how bad a thing they are)...so perhaps the people who may actually still fall for it - actually deserve to be taken for the ride and used (or is it abused) as such....that being the fool is what they like and just their proper lot in life!
What else can I help you with?
How do you word a loan contract to a family member?
Don't loan money to a family member. If they can't get a loan at a lending instituion, that means trouble. You have to be willing to give the money to them now, instead of losing it to them later. Giving them money with no strings attached will prevent family fall out which is sure to come. " You loaned so and so money, why don't you loan me money too?" Now, you're in deep duu. Be wise!
What are some fast loan approval companies?
Fast Loan approval companies are generally companies which are offering payday loans. Some loan approval companies which offer these are 100 Day Loans, Net Loan USA, and My Cash Now.
Is it possible that banks are not modifying your loan because they cant after selling your note and are lying to stall so they can foreclose instead of come clean?
The main reason why banks generally are not doing loan mods is because of money. Banks make more money by foreclosing on a property then by approving a loan mod . Also, banks have an obligation to their investors to get the most return on investments for their investors. A loan mod reduces the return on investment. Now if a bank sold the note and is offering a loan mod when they they are not the holder of the note in do course then they really have no authority to do so.
What is the equaity loan on a new house?
An equity loan is where the bank gives the borrower cash for the loan amount. In return for the money the bank now owns that portion of the new house.
What does payday loan lenders mean?
Payday Loan Lenders are where you can get money now for a fee. In my opnion they are a rip-off but if you need the money in todays econmy then they are a great place to help you out...with a fee of course.
I need a student loan now?
Fill out your FAFSA at FAFSA.gov to start the process, but if you really need money now, a student loan is probably not the way to go...the processing time before you receive your money is usually very long (months not weeks).
If you fill out a loan application and you don't sign the loan papers do you owe interest on the loan?
Get Now!! http://money-moneyloan.blogspot.com
How do you word a loan contract to a family member?
Don't loan money to a family member. If they can't get a loan at a lending instituion, that means trouble. You have to be willing to give the money to them now, instead of losing it to them later. Giving them money with no strings attached will prevent family fall out which is sure to come. " You loaned so and so money, why don't you loan me money too?" Now, you're in deep duu. Be wise!
How can you get a loan put on your Account now Visa card?
You can add the money from the loan to your card anywhere that accepts the card.
What happens if you were a cosigner on an auto loan but now your credit is terrible and you are in a credit consolidation program?
As far as the auto loan you cosigned for, nothing will happen as long as the person who actually borrowed the money makes the payments on time.
What are some fast loan approval companies?
Fast Loan approval companies are generally companies which are offering payday loans. Some loan approval companies which offer these are 100 Day Loans, Net Loan USA, and My Cash Now.
Is it possible that banks are not modifying your loan because they cant after selling your note and are lying to stall so they can foreclose instead of come clean?
The main reason why banks generally are not doing loan mods is because of money. Banks make more money by foreclosing on a property then by approving a loan mod . Also, banks have an obligation to their investors to get the most return on investments for their investors. A loan mod reduces the return on investment. Now if a bank sold the note and is offering a loan mod when they they are not the holder of the note in do course then they really have no authority to do so.
Saving Money Monthly With A Debt Consolidation Loan?
When it comes to saving money, smart students look to both the present time and to the future. You need to have a short-term and long-run focus if you want to be successful. If you have debts, then getting a debt consolidation loan is a great way to save money. A debt consolidation loan will bring down your monthly payments now, and it will reduce the amount of money that you have to pay over the long run. It really pays to consider this, since you will also not have to deal with the phone calls from creditors any longer.
What is the equaity loan on a new house?
An equity loan is where the bank gives the borrower cash for the loan amount. In return for the money the bank now owns that portion of the new house.
What does payday loan lenders mean?
Payday Loan Lenders are where you can get money now for a fee. In my opnion they are a rip-off but if you need the money in todays econmy then they are a great place to help you out...with a fee of course.
Where can one obtain cash loans now?
One can obtain a cash loan immediately by applying for a cash advance through a credit card or rapid loan company such as Money Now, CashNetUSA or Cash Now. One can also request a cash loan through a friend or employer.
Are there any drawbacks to getting a payday loan?
A payday loan is a very risky way to obtain extra money. When you get a loan, you obviously have to pay it back eventually, and by the time you pay it back you will end up wasting a lot of money on interest and possibly on late fees. If you don't have the money now to pay for what you need, what makes you think you will have enough money plus extra to pay back your loan later?
