How Can I Get a Tax Refund Loan?
Tax refund loans are becoming increasingly popular because they are a quick loan that does not rely on your credit score to obtain. The concept of the tax refund loan is simple: you are getting a loan on the amount you will receive back from the government anyway.
Many of the more popular loan providers will pay you your loan within 24 hours of reviewing your application. Considering that the IRS makes taxpayers wait for six to eight weeks when submitting a paper tax return, or three weeks when submitting online and choosing direct deposit as your preferred payment method, it is obvious why this is a popular type of loan.
Anyone who is expecting a refund is eligible to apply for a loan. Loan providers will often have a cap on the amount they will loan you, regardless of the expected size of your refund. For example, TurboTax offers loans of $250 to $2,000, whereas H&R Block is offering an Emerald Advance Loan up to $3000.
Take note, if you or your tax preparer made a mistake on your taxes, you could receive back less from the IRS than you expected. If this is the case, you will still be responsible for paying back the remaining debt.
Many tax preparers insure against this, however. If one of their agents made a mistake they will often waive the difference, so you are not left out-of-pocket.
As well as filing errors, there may be other reasons why your refund turns out to be less than you expected. The IRS may deny specific deductions, you may have a tax lien, or you might be behind on your child support. All these scenarios may lead to you receiving less than you expected from the IRS.