Many companies will load your refund advance onto a debit card. There might be fees to load your refund onto a debit card.If you don’t pay these fees upfront and choose to have them deducted from your refund later, you might have to pay another fee to get a tax refund advance loan. Prices often start at $30 to $40 for a federal tax return (depending on the company), with additional fees if you need to file a state return or have a complex return. Tax preparation companies typically charge you a fee to file your returns, which you’ll have to pay to qualify for a tax refund advance. While tax refund advances are often advertised as having 0% interest and no fees, that doesn’t mean the loan is free. There’s usually a cost to file your tax return.For example, if your expected refund is $3,000, you might only be eligible for a $1,500 loan. Most tax preparation companies only let you borrow a portion of your expected refund. You typically can’t access your full refund.If your refund turns out to be less than you expected, you’ll have to repay the difference to the lender. However, keep in mind that the IRS could deny certain deductions that you claimed or find errors that reduce the amount of your refund. Your tax refund advance is based on your expected refund. Your tax refund could be less than you expect.However, there are some drawbacks to consider: Keep in mind: You might qualify for a tax refund advance loan even if you have poor or fair credit.Īnd unlike other types of credit (like credit cards or personal loans), you won’t have to worry about paying higher interest charges if you have less-than-perfect credit. Many tax refund advance services also come with no interest or fees.Īfter your refund is processed by the IRS, you’ll repay the tax company the amount you borrowed in advance while keeping the remainder of your refund. Here’s what to know if you’re considering a tax refund advance:Ī tax refund advance loan lets you access some of your expected tax refund early - often within 24 hours, depending on the tax preparation company you choose. But there are some downsides to keep in mind. If you need your tax refund more quickly, a tax refund advance loan could get you early access to some of your refund. However, it typically takes six to eight weeks to receive your refund. While a tax refund might put a substantial amount of money back in your pocket - the average refund for the 2020 filing season was $2,535, according to the IRS. NMLS # 1681276, is referred to here as "Credible." Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Our goal is to give you the tools and confidence you need to improve your finances.
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