Getting an instant tax refund can sound like a good opportunity, but the Wisconsin Department of Agriculture, Trade, and Consumer Protection (DATCP) is warning that these services are often actually very expensive loans. These loans generally carry annual percentage interest rates ranging anywhere from 70% to over 700%, which is a high price to pay to borrow money that belongs to you.
If you do decide to use one of these services, you should ask the following questions:
1. What is the interest rate?
2. What fees are you being charged?13103. What happens if your tax refund is less than you thought it would be?
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