Groups protest Johnson loan endorsement

March 5, 2009 5:21:27 PM PST
File your taxes electronically, and you are likely to get your federal refund in 7 to 10 days. Or you can apply for a refund anticipation loan, and pay places like Jackson Hewitt triple digit interest rates to get it.

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Basketball superstar magic Johnson is not getting a lot of love for his endorsement of such loans.

Thursday, the California Reinvestment Coalition and other groups called on Johnson to pull his endorsement.

"As a business person, as an entrepreneur, Magic has really worked to bring business and service into communities of color, so we find it that much more confusing that he would be aligning himself with a program not doing good things for communities of color," Kimberly Jones said.

In an e-mail to 7 On Your Side, Magic Johnson Enterprises said it is proud of its relationship with Jackson Hewitt.

Both companies say they consider the refund anticipation loans an effective product for those with no access to banking services that need money quickly.

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