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Grassley, Schumer Urge Payday Lenders Not To Ever Exploit Stimulus Rebate Checks

Grassley, Schumer Urge Payday Lenders Not To Ever Exploit Stimulus Rebate Checks

THE ECONOMIC STIMULUS PACKAGE THIS WEEK … GRASSLEY, SCHUMER WARN PAYDAY LENDERS: STAY AWAY FROM AMERICANS’ REBATE CHECKS WITH PRESIDENT BUSH SET TO SIGN

With the government planning to Mail Rebate Checks To assist Jumpstart Economy, Scams May EmergePromising Money Up Front—however with a CatchIn Letter, Senators Urge Top Payday loan providers And Tax Preparers To Steer Clear ofPredatory TacticsSimilar to“Refund that is so-Called Loans,” Payday Loans on Rebate Checks CouldCarry Interest Rates Far Higher Than 100percent

WASHINGTON, DC—With Congress passing a financial stimulus package final week that thePresident is anticipated to sign up Wednesday, U.S. Senators Chuck Grassley and Charles E. Schumertoday warned the nation’s leading income income tax preparers and cash advance businesses to stay away from socalled“instant rebates” which could bilk Americans out of huge portions of the rebate checks.

The senators stated today that families whom should get big rebate checks within the next few monthsneed to beware claims of upfront loans who promise refunds with no wait, but which come withmassive interest levels and concealed fees. The senators noted that taxpayers – specially families withchildren which are due to obtain straight back the largest amounts – could miss out on a huge selection of dollars if luredby these cash advance companies.

Grassley stated, “These rebates are designed to place profit people’s arms, maybe maybe maybe not increase their financial obligation.

Taxpayers should comprehend that refund anticipation loans are simply that – loans. As loans, they cancarry extremely high interest costs that make sure they are a rather bad deal when it comes to taxpayer.