Showing posts with label refund anticipation loan. Show all posts
Showing posts with label refund anticipation loan. Show all posts

Monday, July 24, 2017

4 Things You Need to Know about Getting a Refund Anticipation Loan

4 Things You Need to Know about Getting a Refund Anticipation Loan


Before you dive in and take out a tax refund anticipation loan, there are some important things you need to know. No loan should ever be taken out lightly, without thinking about how it will impact your finances, what it will cost, and how you will use the money. Loans can be great for getting extra cash, but understand what you’re getting into so you can make the right choice and be a smart financial consumer.

1. A Refund Anticipation Loan Can Provide Cash for Any Need


A refund anticipation loan represents money, no matter what you need that money for. This is the basic purpose, whether it’s related to taxes or not. When you need money, this loan can provide it. A lot of people use these kinds of loans to cover daily expenses until the next payday comes around, but others use the cash from these loans to pay for sudden and unexpected expenses, or to pay down debt from more expensive sources. You can use the cash any way you want.

2. You Can Get a Refund Anticipation Loan any Time of Year


Although these loans reference taxes and refunds, you can actually access and get approved for refund anticipation loans at any time. During tax season, before the new year begins, or even well after traditional tax season is over, you can get this loan. You don’t even have to have a refund coming from the government to get approved. You just need to apply and show that you have a job and an income that allows you to afford this small loan.

3. Bad Credit is No Roadblock to a Refund Anticipation Loan


A lot of people like to use these refund anticipation loans when they actually have a refund on the way. It does show that you will eventually get the money you need to repay the loan, but you can also get approved on the strength of your job history and income. This means that credit score is not an issue for our lenders. They don’t do traditional credit checks to approve lenders, so you can have a lower credit score and still get the loan you need.

4. A Refund Anticipation Loan is More Affordable than You Might Think


Some people who could really benefit from this type of lending too often avoid getting a refund anticipation loan because they assume they can’t afford the costs. While it’s true that a refund anticipation loan may have higher interest rates than a bigger bank loan, there’s a good reason for that. This loan is a short-term loan and the amounts of the loans are typically small. Even with what seems like a high interest rate, the overall expense of the loan is small and reasonable. You can probably afford this loan, so calculate the cost before you reject it as too expensive.

Thursday, January 7, 2016

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

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


Tax Refund Anticipation Loans
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.

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