MetaBank has stepped directly into fill the void that would be developed if Pacific Capital (Santa Barbara Bank & Trust) is not any much much longer in a position to fund reimbursement expectation loans (RALs).
This can be a development with two primary effects. First, it guarantees that monetary dilemmas at Pacific Capital will likely not prevent Jackson Hewitt from providing reimbursement expectation loans this present year. 2nd, it gives a relative credit line to refund expectation loans with a high interest levels. The rates, by MetaBank’s very very very own calculation, are 150 % APR.
In a quick guide on the latest 10-K, MetaBank makes mention of the a pilot system that started this springtime to finance RALs for “an important income tax preparation company.”