What is a Refund Anticipation Loan and how does it work?
It’s a short term loan secured by the consumer’s expected federal income tax refund. You may choose to receive your RAL funds through a check or via direct deposit to his/her personal bank account. * *Subject to credit approval and other qualifications. Amount received may be reduced by debt owed for a prior RAL. Those who e-file with direct deposit without taking a RAL typically receive their federal income tax refund in 8-15 days.
