Ever wanted to borrow your own money and pay someone else an exorbitant fee to do so? If so, you\u2019re in luck. With the end of the holiday season comes the beginning of another gift-giving season: tax season. You give the gift of your hard-earned money to tax preparation services and you get to file your taxes before the April 15th<\/sup> deadline. Some people are giving more than others, though, and may not realize they are the victims of a clever scheme.<\/p>\n You may have seen the commercials on television or received their junk mail from the postal service. \u201cSuper fast refund!\u201d they promise. Or you may be lured in by this: \u201cNeed money now? We\u2019ll get your refund in days!\u201d They\u2019re called Refund Anticipation Loans (RAL) and they are a ripping off thousands of Missourians every year. More than 8 million Americans pay hundreds of millions of dollars for these \u201cloans\u201d each and every year. Tax preparers rake in about $1.57 billion in fees<\/a> from earned-income tax credits for working families every year according to the National Consumer Law Center.<\/p>\n How \u00a0refund anticipation loans work<\/strong><\/p>\n It is tax time and you have all your paperwork in order. You may not know the first thing about filing taxes, are concerned about filing the wrong paperwork, or you just don\u2019t want the stress. Whatever the reason, you head over to the local tax preparation service. Depending on your filing status, deductions, and a number of other factors, you will pay between $40 and a few hundred dollars to file your tax return with one of these services.<\/p>\n During these hard economic times, you may behind on the mortgage and need some quick cash. If you\u2019re a low-income individual, money is hard to come by, and it\u2019s gone as soon as it\u2019s made. Tax time is a very important time for millions of people. For many working poor, it\u2019s a time to catch up on bills and buy new appliances or a used car.<\/p>\n