![]() ![]() While the No Fee Refund Advance also has no interest charge, this year’s Early Refund Advance borrowers have a pricey 34.22% annual percentage rate. 15, and No Fee Refund Advance, which was available through Feb. Jackson Hewitt offers two programs at participating locations: Early Refund Advance, which was available through Jan. The funds, less a finance charge, are ready within 24 hours after the IRS accepts the return. You must have your taxes prepared in-person to qualify. 28, are offered by Republic Bank & Trust in amounts ranging from $500 to $6,250. Liberty Tax Easy Advance loans, which closed for the current tax season on Feb. If your application is approved, you can receive the funds the same day on an H&R Block Emerald Prepaid Mastercard. You apply with Pathward after you’ve e-filed your return. Pathward is the lender for H&R Block Refund Advance loans. The loans are available in specific amounts ranging from $250 to $3,500. Like TurboTax, H&R Block closes its Refund Advance program before tax season ends - Feb. TurboTax doesn’t charge a fee for this service. The funds could be available to you within a minute via the Credit Karma Money virtual debit card. You must use TurboTax to e-file your return, and you’ll also have to open a Credit Karma Money checking account - that’s where your funds are deposited once the IRS accepts your return. ![]() Intuit TurboTax offers a Refund Advance of up to 50% of your anticipated refund. The following programs have closed for the 2023 season, but keep them in mind for next year. The most common place to get a tax refund advance loan is through a tax preparation company. Who Can Get a Tax Refund Advance Loan?Įligibility requirements vary depending on the lender, and most taxpayers who expect to receive a tax refund can qualify for a refund advance loan regardless of their credit score.įor example, Intuit TurboTax offers its Refund Advance program to taxpayers who are at least 18 years old, have a Social Security number, file using certain forms and expect a refund of at least $500 - but it’s not available to individuals who use a post office or prison address. When the IRS issues your refund, the lender accepts the refund as payment for the loan and gives you the balance due to you, minus fees and interest. This may be through direct deposit in a specific type of checking or savings account, a prepaid debit card or a down payment on a car or piece of furniture. This lets the lender verify the amount of your refund and ensure that the IRS accepts your return.Īs soon as the IRS accepts your return, the lender gives you the advance. Since the loan is secured by the tax refund, the lender expects you to file your taxes using its tax preparation software or services to ensure the form is completed correctly. When a lender offers a tax refund advance loan, it agrees to give you a loan worth all or part of your tax refund. For that reason, the loan amount doesn’t exceed the amount of the refund. These loans are secured by the borrower’s anticipated tax refund. See: 3 Signs You’re Serious About Raising Your Credit Score What Is a Tax Refund Advance Loan?Ī tax refund advance loan is a short-term loan issued by banks and non-bank lenders. ![]() Understanding how these loans work can help you decide if it’s the right option for you. If you qualify, you may be able to get up to half of your refund early or borrow the full amount of the refund to purchase a big-ticket item like a car. If you need your refund check sooner rather than later or don’t want to wait for the IRS to process your return, you may be wondering, “Can I get a loan against my tax refund?” You just might be able to get a tax refund advance loan. It’s tax time, when W-2s are in the mailbox and the smell of refund checks is in the air. Thapana Onphalai / Getty Images/iStockphoto
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