Groups urge end to tax-refund loans

WASHINGTON (MarketWatch) -- Encouraged by H&R Block Inc.'s HRB +3.49% decision to stop offering controversial loans linked to tax refunds, consumer groups on Wednesday urged other tax-preparation companies to "just say no" to offering the high-cost, short-term loans.

The calls are part of a heated policy debate over refund-anticipation loans. While the loans enable taxpayers to forgo waiting for their tax refund check in the mail by providing consumers cash on the spot, the loans come with steep fees and high interest rates.

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