For payday loan customers you know and those you just haven’t met yet, listen up. Now’s the time of year when people are thinking about their tax returns. Considering how difficult the economy has been lately, they’re also thinking about how they’re going to stretch between paychecks after the car finally breaks down. Some might think that tax refund loans are a good idea simply because it’s tax season, but you know better. Payday loans are MUCH cheaper; you don’t need the expense of tax refund loans right now. Factor in that the stimulus check amount that will be taken away from your tax refund this year to begin wi th, and you have something to scream about. But not if you use faxless payday loans in a pinch.
Tax refund loans? Just say “nay”
Ed Brayton of the Michigan Messenger writes that Michigan wants to crack down on tax refund loans. A bill has been introduced in the state legislature that would not only require full disclosure of loan terms, but also of alternatives. Bill sponsor Rep. Rashida Tlaib (D-Detroit) calls tax refund loans “loans riddled with interest rates and hidden fees. By regulating RALs to include strong disclosure, taxpayers in Michigan will be able to make informed decisions when applying." ... click here to read the rest of the article titled "Payday Loans: Better Than Tax Refund Loans in Michigan"