The reason that tax refund advance loans exist is because of the big demand for them. You might end up losing a bunch of money just to access those funds.įor example, if you wanted cash, you'd have to withdraw it through your prepaid card at an ATM, which may result in varies ATM fees. If you opt to receive the tax refund advance loan through a prepaid card, there may be a list of fees that apply to that prepaid card account. If you want to borrow more, there is likely to be an extremely high interest rate. Usually, you can take a tax refund advance loan for 0% APR up to the first $1,000. Tax refund advance loans vary widely in cost. These loans are usually issued very quickly - as soon as the same day. Typically, a refund advance loan is disbursed via two methods: ![]() There are numerous companies that provide tax refund advance loans, including banks, specialized lenders, and tax preparation companies like TurboTax and H&R Block. Where to Get OneĮveryone has to file their taxes, so tax refund advance loans are a big market. ![]() The tax prep company will take a portion of your tax refund equal to the amount of the tax refund advance loan (plus any interest owed). You will get the money, even before you file your tax return, which means you can get access to the money much sooner. Tax companies will take a quick look at your financial information to roughly calculate the size of the refund that you should receive and will offer to lend you that much money. When you file your tax return, you know how much receive in the form of a tax refund.Ī tax refund advance loan is a loan that you can take before you file your tax return, in anticipation of receiving a refund. What is a Tax Refund Advance Loan?Ī tax refund advance loan is a type of loan that is designed to give you access to your tax refund before you receive it from the IRS. You want to avoid these tax refund advance loans because they can be expensive due to high interest rates and varies fees involved.įind out how these loans work and learn exactly how they take advantage of cash-strapped taxpayers. Some companies offer a tax refund advance loan, which allows you to get that money much faster. ![]() Typically, depending on how you choose to receive it, your tax refund could take up to several weeks to end up in your hands. Getting a few thousand dollars from the government can go a long way in helping you pay off some bills, take a vacation, or splurge on something you've really wanted. You may not enjoy doing your taxes, but the tedious process may result in a big tax refund. ![]() Comprehensive Coverage Options Ways to Lock in Lower Homeowners Insurance Premiums How to Choose the Right Life Insurance Policy Compare the Different Types of Health Insurance Plans Popular Reviews Progressive GEICO State Farm AIG Allstate Banking Best Products Best Savings Accounts Best Checking Accounts Best CD Rates Best Money Market Accounts Best Business Checking Accounts Best Student Checking Accounts Calculate Checking Accounts 101 Emergency Savings Calculator Compare CD Rates Checking Accounts Personal Loans Best Products Best Personal Loans Best Debt Consolidation Loans Best Home Improvement Loans Best Medical Expenses Loans Calculators & Guides Personal Loans Calculator Guide to Personal Loans Guide to Refinancing Student Loans How to Consolidate Credit Card Debt Popular Reviews Upstart Payoff Sofi Lending Club Investing Best Products Where to Invest Money Best Brokerages Best Robo Advisors Read & Learn Investing 101 How to Buy First Stock How to Invest in Mutual Funds How to Pick a Financial Advisor How Much to Save for Retirement Popular Reviews Betterment Merill Edge Wealthfront Insurance Best Products Best Auto Insurance Best Home Insurance Best Life Insurance Best Health Insurance Read & Learn Figure Out How Much Auto Coverage You Need Collision vs.
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