For families trying to make ends meet, getting the W-2 forms needed to file for a tax refund is exciting. After waiting all year, struggling families can get a large lump sum to pay off bills, solve other financial problems or purchase something that they really need or want.

Quick tax loans, or refund anticipation loans, sound like a great idea for taxpayers who are in a hurry to get a refund. You can go to a paid tax preparer to get your tax return filled out and filed electronically, and you can borrow the value of your anticipated refund immediately.

A refund anticipation loan is offered through the major tax preparation businesses. These loans give you your refund in just one or two days, but the quick return of your cash comes with a hefty price tag. You should carefully consider all of your options before taking out a loan on your refund.

While tax preparation companies offer the refund loans, the loans themselves are bank loans that come from third party financial institutions that partner with the preparers. In other words, the tax preparer is not the lender, though it might seem that way. Often the partner banks are out-of-state, federally chartered banks, which essentially means that they need not adhere to state law and can charge what they wish, but more on that later.

After the loan is dispersed to you, it becomes repaid with little work on your part. Your lender will set up a special account into which your refund will be paid, so you never even see it.
RAL's are not for everyone but if you need your money very quickly it is the fastest way available to get the money you are owed.

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