Thompson & McCarty, P.C. CPA

Rapid refund is a product brand name established and registerd by H&R Block. The generic term is Refund Anticipation Loan (RAL). WE OFFER RAL's.  The reason we offer them is because of client demand. Many of our clients want these and we firmly believe that we have to fill the customer wants and desires.  We spent two years discouraging customers from applying for RALs and the result was less business. I won't make that mistake again. But, I will not be deceptive in the way I offer them either. The interest rate inherent in a RAL is high and if you can pay your tax preparation fees out of pocket and wait 10-14 days for a direct deposit you can save some money. That said, we are ready to serve you if you choose to file for a RAL and we can usually put a check in your hand within 24 hours.

What is a RAL? A RAL is a loan based on your anticipated income tax refund. The repayment of the loan occurs when the IRS processes your tax return and funds the RAL with your actual income tax refund. The loan is not based on credit worthiness although bankruptcy will prevent you from obtaining a loan. Federal or State debt could also prevent you from obtaining a RAL. Examples of such debt are student loans in default, back taxes, child support, and unpaid alimony. It is important to avoid applying for a RAL if you know you have one of these issues. If you do, chances are you will not recieve a RAL in the future.

Why Take A RAL? People have different reasons for applying for RALs. Most of the time it boils down to getting money in their hand as soon as possible. Others choose to apply for a RAL in order to avoid out of pocket payment when they have their taxes prepared. If you fall into the second group of people we have a product called a BONUS ACCOUNT. A bonus account allows you to recieve a check in 10-14 business days with the tax preparation fees taken from the check. There is also a processing fee for the BONUS ACCOUNT but the charge is substantially less than a RAL.

To Conclude: YES we offer RALs and we can usually get you a check within 24 hours. If you can wait a few days, you can save yourself some money. We are here to serve you regardless.

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