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According to the Federal Trade Commission (FTC), 79,012 frauds/scams were reported in Tennessee during 2021. Memphis accounted for 29,208 of those reports. That is a whopping 37% of all frauds reported in our state.
Many people who take advantage of these rapid refund loans have already spent the money by that time, and it would be a real hardship to try to pay it back. Many of these “tax preparers” are happy to extend you “terms” to repay that loan, including interest and fees.