You should check out the sub standard loans Jackson Hewitt is offering to the public. The loans themselves pray upon desperate people to get only a small amount of money. The borrower usually gets either about 400 or 200. These loans not only include huge fees for the loan themselves but also have a contengent fee that requires the borrower to put their refund on the card in additon to the original loan. They then charge an addition fee of 1.5% to load the card (a debit card) and fees for every transaction. These loans need to be exposed for what they are. The borrower pays an effective APR of up to 400% interest. It usually works out as a loan for about 60 days and you pay back sometimes over 600 to get 400 and up to 400 to get 200. What a deal. The contengent fees are not well disclosed.
I cannot talk to you directly as I am a franchisee, but the company is based out of NJ and I think what we are doing is taking advantage of desparate people.
These loans are a terrable product that only serves to make a large company millions while they take advantage of the poor.
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