Don’t Borrow From a Bank - Borrow From Yourself With A Tax Refund Anticipation Loan

Borrow from yourself with a Tax Refund Anticipation Loan

Looking forward to receiving your refund is one of the few good things about income tax time. If your return turned out to be more complicated than expected this year and you filed for an extension, that can put a real crimp in any plans you had for spending the cash you’re expecting back. Fortunately, a tax refund anticipation loan can save your year! Whether you were planning to spend the refund on a vacation, activities for the kids, seasonal clothes or home repairs, those things still need to be paid for. By borrowing against the money you’re expecting to receive, you can still cover those expenses on time, no matter when your refund arrives. If it’s going to be a while, you’ll need to repay the loan from your upcoming paychecks, but then the refund will arrive to repay you for that! That’s why it’s like borrowing from yourself.

Tax Refund Anticipation Loans Are Faster Than Actual Tax Refunds

The IRS has gotten much faster at paying out tax refunds, especially when you use direct deposit, but it does depend on when you file. Anywhere from one to three weeks is typical, and sometimes you simply need your cash faster than that! Life is full of surprises, and not all of them are the kind we want. If you’ve ever found yourself with a car that wouldn’t start, a washer leaking suds all over the floor, or a handful of prescriptions that would cost the week’s grocery money to fill, you know that sometimes unexpected expenses take priority over your carefully planned budget. A tax refund anticipation loan can make sure that after fixing the car, you can also buy groceries for your family, by getting extra cash into your bank account within a single business day.

Since the application is completed and processed online you can apply at any time of the day or night. Lenders are available at all hours as well, so there are no delays while the request sits on someone’s desk waiting to be reviewed – it all happens nearly instantaneously. Approvals take only two minutes, and you can sign and accept the terms right there in your web browser. The lender then immediately sets the wheels in motion to have your funds deposited to your bank account, where they’ll take one business day to clear and be available for spending. A tax refund anticipation loan takes about one day to get you money when you need it, compared to a week or more for other types of loans from traditional lenders.

Bad Credit Is Ok for Tax Refund Anticipation Loans

You don’t need great credit to borrow against your tax refund. Most lenders require an excellent credit score before they’ll consider providing a loan to you, but tax refund anticipation loans are managed differently. The lenders use a completely different set of criteria, so that your credit score is irrelevant. The short term nature of the loan allows them to base their decision on other factors including your employment status, income, and history with payday loans instead.

#taxrefundanticipationloan #GreenLeafLoanGroup

Don’t Borrow From a Bank - Borrow From Yourself With A Tax Refund Anticipation Loan, By Mindy Lobo - Today