Maybe it's February and you have a major bill coming up. The most obvious reason to consider a tax refund loan is because you need money quickly and for the short-term. And if you want to pre-qualify as a candidate, you may need to provide your Social Security number, contact information, and the refund amount that you got for the previous tax year. You should keep in mind that some lenders may also review your credit history. Tax loan lenders will verify your identification, weigh your tax history with the IRS, and consider how much debt you owe. Your qualification depends largely on the amount of money that you will be refunded by the government.
TURBOTAX REFUND ADVANCE HOW TO
How to Qualify for a Tax Refund Loanīecause tax loans do not have as much risk as unsecured loans, credit score requirements are usually not as restrictive. The only other thing to keep in mind is that if your refund is smaller than your tax refund loan, you will still need to pay the loan back in full. At this point, your loan is repaid and you made it through tax season. Once the IRS processes your refund, it will go directly to the lender. Some lenders only offer one of those methods while others may offer multiple options. You may receive the loan on a prepaid card, on a check or as an electronic deposit in your bank account. The loan that you receive from a lender will have the value of your anticipated refund minus any fees or interest charges. Tax refund loans typically only last a couple of weeks – just long enough for the IRS to process your tax refund.
Many tax filing services will also offer you a tax refund loan after you file with their service. This may require a little research on your part to make sure the lender is reputable.
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Lenders are often small financial institutions. It is a loan that a lender makes based on the amount of your federal income tax refund. A tax refund loan is officially known as a refund anticipation loan (RAL).
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