How Can I Get a Tax Refund Advance Loan?

With a tax refund advance loan, you can get quick cash while you wait for your tax refund. If you need to cover an immediate expense and know the government owes you a refund, you may be able to benefit from this loan. And if you are looking for tax refund loan alternatives, Advance America offers a variety of online loans that can get you cash fast. Learn more about what a tax refund loan is, how you can get one, and what your alternatives are.

What is a Tax Refund Loan?

A tax refund loan is a loan based on your upcoming tax refund. The value of your anticipated tax refund and the lender you select will determine how much money you can receive. Most tax refund loans, however, range from $200 to $3,500.

Keep in mind that a tax refund advance loan is a short-term financing option that typically lasts a few weeks as you wait for the government to process your tax refund.

How Do Tax Refund Advance Loans Work?

Tax refund loans are usually offered by financial institutions that partner with tax-preparation companies. If you apply and get approved for a tax refund advance, you’ll likely receive your money via direct deposit or a prepaid card.

Once the government processes your refund within a few weeks, it’ll get sent directly to the lender. The lender will automatically deduct your loan amount plus fees and give you any remaining funds.

How to Get a Tax Refund Advance Loan

To get a tax refund advance loan, you can apply with a tax-preparation company. They’ll likely ask you to provide financial documents like your W2s, and will calculate your anticipated tax refund for you.

If you owe money on your taxes or are owed a very small tax refund, you may not be eligible for a tax refund loan. In the event you are eligible and get approved for one, you can receive the money within 24 hours.

Benefits of Tax Refund Advance Loans

The most noteworthy benefits of tax refund advance loans include:

Easy Qualification Requirements

Most tax refund loans are easy to qualify for. You don’t need perfect credit.

Quick Access to Your Funds

If you need cash immediately to pay for an expense or avoid some interest charges on high-interest debt, a tax refund advance loan can provide you with funds quickly. You won’t have to wait weeks or months to receive the money.

You May Be Able to Forgo Loan Payments

Your tax refund will be sent directly to your lender. Therefore, you may not have to worry about on-time payments or repay the loan in full.

Disadvantages of Tax Refund Advance Loans

The greatest drawbacks of tax refund advances loans are:

You Must Hire a Company to File Your Taxes

You will have to hire the tax-preparation service who offers the tax refund loan to do your taxes. This can be an issue if you prefer to file your own taxes.

You May Receive Less Than Anticipated

If the IRS withholds your tax refund or the tax service made an error in calculating it, you won’t get the amount of money you expected. You’ll need to repay your loan in full or settle for less money.

Potential Fees

Tax refund advance loans are not free. If you opt for one, you may have to pay interest and fees to get your taxes prepared or the administrative costs that come with transferring your refund.

Advance America Offers Tax Refund Loan Alternatives

If you don’t want to borrow money against your tax return, Advance America can be a great resource for you. We offer payday loans and online loans to provide you with the cash you need almost immediately. You can apply from the comfort of your own home and, if approved, receive your funds within 24 hours.

With Advance America loans, you don’t need a perfect credit history to get approved and can get quick access to the cash you need for daily finances and unexpected expenses. With loan options including cash advances, installment loans, lines of credit, and title loans, you can select an alternative to a tax refund advance that provides you with clear terms and flexible withdrawals to match your need in tax season and beyond.

The Advance America advantage

Since 1997, Advance America has helped millions of hardworking people with a variety of financial solutions including Payday Loans, Online Loans, Installment Loans, Title Loans and Personal Lines of Credit.

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