WV Center on Budget and Policy > Publications > Family Economic Security > Children and Families > “Magic” Money a Mere Illusion: Refund Anticipation Loans & the Earned Income Tax Credit in West Virginia

“Magic” Money a Mere Illusion: Refund Anticipation Loans & the Earned Income Tax Credit in West Virginia

August 25, 2009 by

Working West Virginians with modest incomes lost nearly $13 million of their 2006 federal income tax refunds to tax preparers who promised them “fast cash.” Refund Anticipation Loans (RALs) provide high-interest credit or cash advances to tax filers based on their expected refunds and are marketed to those who need money quickly during tax season. Read