Released by the Better Business Bureau of Central East Texas:
Some tax preparers offer tax refund anticipation loans to allow consumers to receive tax refunds in a hurry. However, BBB advises consumers to be wary of these costly loans, as in most cases, they deliver refunds only slightly faster than the IRS.
Refund anticipation loans are similar to payday loans in that they are short-term loans with high interest rates that can range anywhere from fifty to 500 percent. In some cases, they have hidden administrative fees.