Attorney General cautions against refund anticipation loans

OKLAHOMA CITY (AP) -- Attorney General Drew Edmondson Monday is cautioning Oklahomans about the drawbacks of refund anticipation loans.<br/><br/>Some companies offer the loans with an agreement that consumers

Monday, March 13th 2006, 11:14 am

By: News On 6

OKLAHOMA CITY (AP) -- Attorney General Drew Edmondson Monday is cautioning Oklahomans about the drawbacks of refund anticipation loans.

Some companies offer the loans with an agreement that consumers will repay the loan directly from their income tax refunds.

Edmondson says the loans can mean fast cash for consumers but they can also carry exorbitant interest rates. He encourages consumers to just wait for their refund check instead of seeking out a loan.

With electronic filing, refunds can arrive in only a matter of days.