Every year, millions of Americans take out loans on their tax refunds…and every year tax preparation companies rake in millions in interest and fees. These controversial loans haven’t escaped the notice of consumer advocates…and now Uncle Sam is weighing in.
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Even H&R Block’s …
Even H&R Block’s conviction of racketeering back in 2000 did nothing to stop these loans which clearly take advantage of the poor (who often don’t have too much on the ball) and people like drug addicts that are desperate for that money right now! Block secures these loans at a 36% interest rate from HSBC Bank (also up on racketeering charges) plus $60 in finance charges. These are clearly loan shark rates.