AG warns about refund anticipation loans

February 14, 2011 9:50:33 PM PST
As tax season approaches, Illinois Attorney General Lisa Madigan is warning taxpayers about refund anticipation loans.

They are offered by some tax preparers.

The loans allow people to receive instant cash based on the amount of their anticipated tax refund.

Madigan's office warns of the high fees and costs that can some with these loans.

Madigan says the costs of tax refund anticipation loans outweigh the benefits.