This paper presents findings on the use of refund anticipation loans in North Carolina in 2007. Refund anticipation loans are high-cost, short-term loans made to tax filers who are owed a refund on their federal taxes. Calculations of APRs for these loans (RALs) can run above 150 percent on an annualized basis. The loans are used by people who are cash-strapped. Loans cost approximately $100, but they allow filers to get their taxes done without paying for their tax prep fees until their refund arrives. The transaction features make this an appealing product to poor working families. Accordingly, their use is highest in areas with high concentrations of poor working families. Our report uses data from the Internal Revenue Service. We focus on North Carolina. The quantitative research is supplemented with a market analysis of these loans. We note that the banks that provide a line of credit to these banks are suddenly constrained. Regulators have intervened to limit these loans. Their concerns include the safety and soundness of the deposits, as well as the inability of the bank partners to document that tax preparers are trained and in compliance with the Equal Credit Opportunity Act, the Fair Lending Act, and the Truth-In-Lending Act. We find that RALs are disproportionately utilized by tax filers in low-income and minority communities. We note that most of these filers qualify for a refund because they get the Earned Income Tax Credit. We compare the use of a RAL with IRA contributions. The report is complemented by GIS mapping.