Refund Anticipation Loans Harder to Get

By Zaneta Lowe  - bio | email

COLUMBUS, GA (WTVM) - It may be harder to get your hands on a refund anticipation loan this tax season.

That's because the IRS will no longer provide tax preparers with what's called the "debt indicator."

It's a tool used to underwrite RALS.  IRS officials say since e-filing has become so popular, taxpayers can get their refunds in 10 days or less anyway.

We spoke to workers with the Volunteer Income Tax Assistance Program, or VITA, who say the move could actually save taxpayers some money.

"It just goes to show people that dangers do exist with RALS and that opportunities are out there to get your refund quickly, and get your taxes done free, such as here at our site in Columbus," explains Goodwill Financial Services Manager Kari Finley.

Despite the change, some large preparers are still offering RALS, others provide refund anticipation checks.

VITA offers free tax prep at four sites across Columbus, including it's Macon Road office.  Click here for more details on how to get your taxes done for free.

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