Recently, I was watching some football and a commercial came on that caught my eye. It was talking about the fact that tax refunds won't be available until February 15th. So, the tax company in the commercial was offering a tax refund advance. I was literally stunned to see this and feared that these advances would be eerily similar to payday lenders. My research actually found some good numbers, but first let's discuss the reason for tax refund disbursements occurring February 15th or later.
It's tax season. It's the time of year where tax commercials are played constantly. From the H&R Block's "It's Refund Season" to the Jackson Hewitt "This is how we do it" commercials, we are lulled into sleep by the fact that it is a good thing to get a tax refund. In all reality, a tax refund is just the government paying you back the money that you loaned them over the course of the year.