You probably heard offers for so-called "Instant Money." They surface every tax season.  

 

These deals are actually expensive loans, not tax refunds. They are fees just to get your own money!   If your refund is denied, or smaller than expected, you still have to pay the loan back - in full.

 

Don't be fooled.   Free tax preparation sites are a better deal. They get your tax refund filed electronically and get you ALL of your money, within 8 to 10 days.

Here's how the Rapid Refund Rip-Off takes a big piece of your tax return:

Typical Preparation Fees . . . . . . . . . . . . . . . . . . . . . . . $100

Typical Electronic Filing Fee . . . . . . . . . . . . . . . . . . . . . $ 40

Charges for Refund Anticipation Loan . . . . . . . . . . . . . $125

Padded Loan Fees . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 35

Check Cashing Fees . . . . . . . . . . . . . . . . . . . . . . up to $200

                                                                          Total = $500

Be careful with Check Cashers! At The Campaign for Working Families' free tax sites, we can put you in touch with free financial counseling to help improve your finances and help you open up a bank account to deposit that tax refund -  saving you more money. Call Consumer Credit Counseling Services of Delaware Valley at 215-563-5665 for assistance.

 

Call The Campaign for Working Families at 215-686-2599 or use the link to the left to locate a FREE tax preparation site near you.   Call Community Legal Services 215-227-2400 to report tax filing rip-offs, or visit Community Legal Services in Philadelphia at 3638 North Broad Street (at Erie), Mon., Wed., Friday, 9:am to 12:pm.

If you were ripped-off in the past with a Rapid Refund or Instant Money loan, and applied for the federal Earned Income Tax Credit this year, we would like to hear your story.  Please contact us at 215-851-1909 or email coalition@gpuac.org.