Grassley, Schumer Urge Payday Lenders Never To Exploit Stimulus Rebate Checks

Grassley, Schumer Urge Payday Lenders Never To Exploit Stimulus Rebate Checks

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

With Uncle Sam 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 100per cent

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 tax preparers and pay day loan organizations to stay away from socalled“instant rebates” which could bilk Americans away from huge portions of the rebate checks.

The senators stated today that families whom should get rebate that is large within the next few monthsneed to beware claims of upfront loans that vow refunds with no delay, but which come withmassive interest levels and concealed costs. The senators noted that taxpayers – especially families withchildren which can be due to obtain right right back the largest amounts – could get left behind on a huge selection of dollars if luredby these loan that is payday. Continue reading “Grassley, Schumer Urge Payday Lenders Never To Exploit Stimulus Rebate Checks”