Pure and simple, tax refund loans are a rip off.  If you are considering taking one of these loans please, please, please do not let the tax people rip you off this way.

For those unfamiliar with the sales pitch, when you get your taxes done at a retail location (like H&R Block who just settled a case with the state of California for these rip off loans) they will do your taxes for a fee and then offer to get you cash within 3 business days.  What they are offering you is a loan that will be paid off when your tax returns come in.  This may have been a little apealing when e-file was not available, but with the e-file system getting you a refund in a week why would you take the plunge on a loan that is the equivalent of up to 700% interest?  That’s right 700%!!  So when you get your taxes filed this year just be patient and wait for the refund.