IN Officials Advise Caution with Tax Refund Advances or Loans

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The Consumer Protection Division and the Office of the Indiana Attorney General is recommending that Hoosiers be cautious when considering tax refund advance or tax refund-related loan programs.

Several complaints have been received from Hoosiers involving both traditional loans and debit cards funded with tax refund advances.

The advances and loans have become popular offers in anticipation of tax refunds, but the CPD is encouraging caution.

One consumer complaint reported two $35 transaction fees when withdrawing funds using the debit card. In another reported complaint, a consumer paid more than $400 believing they would benefit from a tax refund-related loan that they ultimately didn’t receive.

Officials recommend that consumers ask detailed questions about fees, interest, and qualification criteria.

If you believe you have been misled or deceived about products or services, complaints can be filed by contacting 317-232-6330 or 800-382-5516.

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