We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

RAL's - Research Paper Example

Comments (0) Cite this document
Summary
Refund Anticipation Loans (RAL’s) Introduction At this point in time people who are in need of money would seek ways on how to obtain such needed amount at the shortest possible time. Now, companies would then take this as an opportunity to offer services like short term loans…
Download full paper
GRAB THE BEST PAPER
RALs
Read TextPreview

Extract of sample
RAL's

Download file to see previous pages... In spite of the high fees associated with RAL’s, most of those coming from the poor families are the ones who usually apply for it. There is an on-going battle between the government, the consumer advocates and tax preparation companies on the continued offering of Refund Anticipation Loans. Part I Refund Anticipation Loans (RAL’s) Defined A refund anticipation loan is a type of short term loan that is applied by a taxpayer, who wants an early claim on his tax refund. The amount that is acquired through the loan will be repaid by the taxpayer’s anticipated tax refund. It may also be called as “Rapid Refund” or “Instant Money.” A contract is provided by the financial institution to be signed by the taxpayer that serves as an assurance that the loan will be paid back through the taxpayer’s tax refund (“Refund Anticipation Loan Fraud”). Common interest rates for RAL’s start from 50% up to over 500%, the basis of which is the length of the time that is needed to process tax forms at the Internal Revenue Services (IRS), that is According to the Center for Responsible Lending. Although this type of loan has been claimed as a way for taxpayers to have their tax refunds earlier in their pockets, more often than not it is advanced only for just a few days or less as compared to the actual date that the IRS releases the tax refund (“Tax Refund Resources for Consumers”). RAL’s give taxpayers the opportunity to get their tax refund at a sooner date and be able to use the money earlier rather than wait for a couple more days. Even so, problems occur when someone opts to use a refund anticipation loan. Basically the lender knows that the money borrowed will be paid no matter what since the guarantee is the taxpayer’s tax refund; therefore, it is considered as a safer type of loan compared to the other types, but then risking everything just to get the money sooner seems to not sound good at all (Pritchard). Refund Anticipation Loans reflect the taxpayer’s income tax return. Those who would want to avail of this can apply in banks or lenders if they can’t wait till the IRS distributes the tax refunds (“Advantages of Refund Anticipation Loan”). Some Advantages of Refund Anticipation Loan Speed It will take just a couple of days for the borrowed money to reach the borrowers’ hands. So for those who will encounter any emergencies and are desperately in need, a refund anticipation loan is an instant solution to their problems, instead of waiting for weeks or months from the government (“Advantages of a Refund Anticipation Loan”). Ease While some people struggle to find companies that will allow them to borrow money due to a bad credit history or the incapacity to pay, with RAL’ s it may not be that difficult. Simply because there is security on the lenders’ part that the borrowed money is repaid through the tax refund, so getting the loan application approved is not at all hard (“Advantages of a Refund Anticipation Loan”). Fees Fees for services rendered are instantly deducted by the tax preparer from the refund. This could be advantageous to those who cannot even afford the fees that professional tax preparation companies charge (Deutch). Disadvantages of Refund Anticipation Loans It may be the solution to some people’s financial problem, but still there are things that have to be considered ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“RAL's Research Paper Example | Topics and Well Written Essays - 2750 words”, n.d.)
Retrieved de https://studentshare.org/family-consumer-science/1421757-ral-s
(RAL'S Research Paper Example | Topics and Well Written Essays - 2750 Words)
https://studentshare.org/family-consumer-science/1421757-ral-s.
“RAL'S Research Paper Example | Topics and Well Written Essays - 2750 Words”, n.d. https://studentshare.org/family-consumer-science/1421757-ral-s.
  • Cited: 0 times
Comments (0)
Click to create a comment
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Theory and Application
The researcher of the paper provides an analysis of the various journals that have considered theory and practice as essential part in understanding a subject completely. The author will further look at how theory is essential for application, and what are the differences that result in our lack of proper application of theory in a practice.
10 Pages(2500 words)Research Paper
Drug Discovery and Development for HIV/AIDS
It takes an undetermined length of time from being infected with the HIV before any symptom of AIDS can be recognized. Oftentimes, cancer develops out of AIDS. It can be in any part of the body. When a number of CD4 cells found in blood samples falls to a level wherein those parts of the immune system cannot withstand the virus attack (under 200 CD4 cells), cancer within the body takes place.
22 Pages(5500 words)Research Paper
DB 4-2
In the year 2008 approximately 130 million tax payers filed their returns. Most of the filers seek professional help due to complexity in tax code with numerous rules, credits, restrictions, variable tax rates, deductions, etc. According to statistics furnished by the Internal Revenue Service, approximately 61% of filers adopt professional help.
2 Pages(500 words)Essay
ADIDAS: Advertising Trends for World Cup
Adidas campaigns have reigned over the world touching all corners; they revolve around sports and accessories.Football is one of the center sport around which most campaigns are visualized."Football is our passion and Adidas is the only authentic and innovative football brand.We understand the game and the psyche of the players out there better than anybody else" have been working as partners for promoting sports since 1970.The recent announcement confirms that FIFA and Adidas the extension of their long-term partnership by an agreement granting Adidas the official partnership,suppliership and licensing rights for World Cup 2010 and 2014.This is one of the longest and most successful partners
7 Pages(1750 words)Case Study
CORPORATE FINANCE - REAL OPTIONS
But the ral-options methodology goes ahad of a simple view of valuation and additional closely matches the method in which businesses conduct their oprations. Once a venture begins, an executive has the choice to reschedule additional work, abandon it outright, shut it down and resume latr, incrase it, trim it back, or even switch its strategic rationale.
4 Pages(1000 words)Essay
DB 4-2
According to statistics furnished by the Internal Revenue Service, approximately 61% of filers adopt professional help. There are large national firms as well as
2 Pages(500 words)Essay
Molecular Biology
Monoclonal antibodies can be obtained by intraperitoneal injection into mice and collection of ascetic fluid produced. Since it is difficult to to remove antigenicity from the mouse, in vitro
8 Pages(2000 words)Essay
The employment situation for women remains that, despite many advances in developing equality in the workplace, inequalities for female employees still exist
Gender inequality is the disparity between individuals due to gender. It refers to status, power, and prestige women and men have in groups and societies.1 WHO defines it as constructed roles, behavior, activities and attributes that a particular society
6 Pages(1500 words)Coursework
Homoeostasis
2006, p. 5-6). Mary will not lose the excess glucose in urine; the loss of glucose in urine only happens to diabetic individuals. Because Mary has consumed large quantities of glucose, her blood glucose concentration will subsequently
1 Pages(250 words)Case Study
Let us find you another Research Paper on topic RAL's for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us