You should know what to attempt to do and be aware of it well. The average American does not have adequate savings to last him more than 1 month. In every venture, you have to start anywhere you want.
If you have a car title loan out and have been paying the fees each month without making much of a dent against the principle balance; make good use of your tax refund and clear up that debt. As much as you might like to take an extra vacation or purchase that new wide screen television, it may help you more in the long run by getting rid of debt which eats away at your hard earned income.
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A car title loan carries one of the highest interest rates on any loan out there. Not to mention, if you have to extend your loan term, you will be paying a great deal of money in fees and interest. What started out to be $1000 could end up double that amount. Car title loans are not meant to be long-term debt but when you “rollover” your payments, that is what your loan becomes. Not only can you clear up your loan obligation and be free and clear of those payments but you will get the “pink slip” back to your car and be rid of the worry that the lender may repossess your vehicle.
Once I heard about these tax loans, I wanted to learn more about them. Since I write about cash advances and payday loans quite often, I was intrigues by this other option for fast cash. During this holiday season, there are more advertisements for tax refund loans. It is interesting that the few company websites that I checked included the word fee in their service description but there were no numbers included to let me know how much. Here is what I did learn about these tax refund short-term loans.
Remember that the debt you incur today will be waiting for you when you graduate. Unfortunately, you may not secure the professional level job needed to pay your debt and start your life.
The refund is scheduled to be given every spring. However, there are those who need the money sooner. They cannot wait or don’t want to wait until the Federal Government releases the refund. The tax preparation industry has come up with a new product, the Refund Anticipation Loan (RAL). The RAL, or commonly as the rapid return, allows you to claim your refund your sooner but with an exorbitant fee, of course.
It varies between tax preparers/lenders, of course, but you can expect that most RALs will cost around 100%-200% APR. For example, let’s say your income tax refund will be around $3,000.00 and the tax preparer charges you a fee of $200. You can walk out the door with $2,800.00 in immediate cash. $200 might not seem like that much to pay in order to solve your immediate credit issues.
At the end of the day, it is your decision as to whether you want to take a loan against your taxes. Some will and some will not. Whatever your decision, just make sure you go in with your eyes open to the fees.