The Illinois attorney general is warning residents to avoid tax refund anticipation loans.
Such loans involve a tax preparer lending you the amount of the tax refund that you expect, minus interest and fees.
Attorney General Lisa Madigan says it may be tempting to get a return back quickly, but taxpayers should steer clear.
"Really, what those products are – are simply very expensive, very short term loans taken out against your tax refund,” Madigan said.
State law limits the amount of interest lenders can charge. It also requires disclosure of fees.
The Center for Economic Progress has several sites around the state to offer free assistance.
Illinois Department of Central Management Services contributed to this report.
