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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