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 Posted: Sun Dec 09, 2007 8:57 pm |
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I'm (unfortunately) in the market for a small loan (~$3000). My credit score is around 450. The IRS has given me between $2000-$3000 every February for the last 5 years, almost exclusively due to the Earned Income Credit. Does anyone know of a lender willing to help me out for something like 20-40% interest?
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dox4242
Joined: 07 Dec 2007
Posts: 27
Debtcc Points: 1139
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| Posted: Sun Dec 09, 2007 8:59 pm |
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Are you trying to get this "refund anticipation loan" now based on your paystubs or in Jan based on your actual W-2's?
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volleyballmom
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Joined: 27 Aug 2007
Posts: 4178
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| Posted: Sun Dec 09, 2007 9:08 pm |
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You should google "refund anticipation loans" and "paystub refund anticipation loans"...20-40% interest would be a gift!
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volleyballmom
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Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24889
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| Posted: Sun Dec 09, 2007 9:32 pm |
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I guess by 40% interest, I was talking about the kind of loan where I could pay it back over the course of 2 or 3 refunds, not 10 days. The 500% industry standard is just insane.
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dox4242
Joined: 07 Dec 2007
Posts: 27
Debtcc Points: 1139
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| Posted: Sun Dec 09, 2007 9:36 pm |
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i always do my rals online. it's a lot cheaper and the money come in about 1-2 days. the one i use is taxbrain.com.
_________________
when rich people hit rock bottom, they fall hard; people like me, we just roll over.
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granny
Joined: 07 Sep 2007
Posts: 449
Debtcc Points: 8132
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| Posted: Sun Dec 09, 2007 9:37 pm |
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Is it possible to get a loan from the federal government, kind of like buying a CD or T-bill or whatever, or does the IRS give out loans?
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dox4242
Joined: 07 Dec 2007
Posts: 27
Debtcc Points: 1139
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| Posted: Sun Dec 09, 2007 9:38 pm |
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Yea, there are some pretty strict stips on these too....you have to use them to electronically prepare the taxes, a bunch of fees unless you open a debit card with them  , etc, etc.....reminiscent of a PDL if you ask me.
It was a creative idea and good to explore all avenues. Unfortunately this one could land you in more trouble, which is what you want to get out of.
You have a 401k or any retirement to dip into as a temporary hardship?
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volleyballmom
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Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24889
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| Posted: Sun Dec 09, 2007 10:18 pm |
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I made some 401k payments from a full-time job I once had, but it wasn't big enough for them to keep or payout without charging a significant fraction of the total of the account. I haven't given it much thought since the 2nd or 3rd month after I was fired, and I got a new job (part-time, no benefits, but they've offered a 401k plan, primarily to capitalize on my paycheck deductions, I'm sure).
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dox4242
Joined: 07 Dec 2007
Posts: 27
Debtcc Points: 1139
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| Posted: Mon Dec 10, 2007 8:38 am |
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If you have any $ at all that you havent rolled over and you are in dire need, look into getting it. Sure, there will be a penalty but that is a far cry fromt he triple digit rate of the tax loans.
Since Refund anticipation loans (RALs) are bank loans secured by your tax refund, the IRS is not a party and from what I know, are not in the business of offering loans directly. They are typically issued by a tax preparation firm in conjunction with a bank and require a consumer to file his tax return electronically.
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volleyballmom
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Joined: 27 Aug 2007
Posts: 4178
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| Posted: Sat Feb 23, 2008 9:07 am |
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I had gotten a RAL ($500.00), back in November. When I did my taxes this year, I got a refund and paid it back then. I don't know if the IRS gives ACTUAL loans, or not. 'Mary'....you got a loan, from Craigs List? Can you tell me more information, please?
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sdchargers_63
Joined: 08 Aug 2007
Posts: 865
Debtcc Points: 9573
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| Posted: Mon Feb 25, 2008 12:27 pm |
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Be as repetitive as you need to be. These people are trouble and we dont want any of our members falling for this stuff.
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kashzan
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Joined: 11 Jul 2007
Posts: 5466
Debtcc Points: 38903
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| Posted: Mon Feb 25, 2008 12:31 pm |
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I have tried to find all the threads that these people posted in and hopefully I have not missed one. Will have to look some more here in a little bit. Just hope they see my post after the big post where my session timed out to know it was me. When I was reading what these people were writing, I just got a bad feeling. I have a feeling it is the same person posting under both names. Hopefully no one has falled for this yet.
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2nband
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Joined: 30 Jan 2007
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Debtcc Points: 35824
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| Posted: Mon Feb 25, 2008 12:34 pm |
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i sent you a qm 2nband,i too have noticed the spamster.we don't condone taking loans here.
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paulmergel
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