Letter to the editor- submitted to the Booster on January 26th.

I am the Owner of On-the-Mark Tax Service.  As an owner of a tax service, I have learned how refunds anticipation loans are marketed and frankly, I’m appalled.  The loan industry blatantly advances the misconception that it takes 8-weeks to receive your federal income tax return.  They use this misconception to pressure unsuspecting consumers into purchasing an extremely high price loan.  The truth is it takes between 8 and 15 days- not weeks- to receive your refund from the IRS.  Consumers who don’t have a bank account may have to wait a week longer to have a check mailed to them.  The 8-week time frame touted by the loan industry is only for those individuals who mail in their return and request a check- something almost never done by individuals having their taxes prepared and are receiving a refund. The tragedy of this is individuals who are having a hard time making ends meet pay APRs of 84% to over 800% for what is a secure loan.

Mark Dent

Managing Partner

On-the-Mark Tax Service LLC     

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