2011/03/02

What if the government decided to make income tax early refund loans 100% illegal? | Early Tax Refund Loans

2

Question by Cold: What if the government decided to make income tax early refund loans 100% illegal?
What would the general public do?
Besides just having to wait for their refund?

They still have pay day loan places.
Cash Advance Stores
And cash for car title stores

Would it be so bad to make these expensive loans illegal?

Early Tax Refund Loans

Best answer:

Answer by Wayne C
What would happen if the government told you you are no longer able to efile and you wont get your refund for a min of 6 months? You would be pissed off (if you have a refund coming).

We do not need the government to tell us what we can or can not do. Americans are capable of making their own decisions on their finances. If someone has to pay 400 bucks or whatever to “borrow” their own money to keep from having their electric shut off then who are you to say they cant?

Personally I think it is a ripoff.. especially if you have to wait 2 or 3 days for the RAL considering the actual refund wouldnt take much longer. But I wont tell anyone what they should or shouldnt do. To some its the difference between their kids eating this week or next. Given that choice I would give em a thousand if needed.

Know better? Leave your own answer in the comments!

Tags: 400 bucks, early tax refund loans, tax refund loans, Tax Refunds.

Filed under Early Tax Refund Loans by taxrefunds on Mar 2nd, 2011. Comment. #

Comments on What if the government decided to make income tax early refund loans 100% illegal? | Early Tax Refund Loans Leave a Comment

2011/03/02
Reply

Curious @ 1:31 am #

Yes, it would be “bad” to make these loans illegal. We already have laws on loans and loans considered loan sharking is illegal. Since these loans fall within the legal requirements, why should we would the government inact additional laws that abolish this type of loan.

And since you aren’t taking the loan out, why would you care what other people do with their money?

Reply

Organized Chaos @ 1:49 am #

Yes, it would be bad to make these expensive loans illegal. While I do not use such services, and you obviously do not, it is not our place and is definitely not the government’s place to tell us what we can do with our money, whether it is ideal or not.

I believe they already have too much oversight on private business- my sister works at one of those check loan stores and while it is just a job to her, she has told me of the restrictions the government has put in place and really, it is not their place. An individual and a private business should be free to enter into any arrangement they agree upon.

I would protest the idea of the government making these refund anticipation loans illegal, because when they overstep the bounds once, they will eventually overstep their bounds in a manner that will effect you.

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