Tax Refund Loans Frequently Asked Questions: Find out what you want to know about tax refund loans. In this part of our income tax refund advance site our goal is to provide you with authoritative information & answers to all your questions on the subject of “Tax Refund Loans”.
Who Offers Tax Refund Loans?
If you already filed your return or cannot file now, you may want to consider this Online Cash Loan.
There are a great many places that you can get tax refund loans.
Below I will share with you where and who, but first a little background on IRS tax return refund loans.
As of 2011 H&R Block is no longer providing “Tax Refund Loans” or as Block called them, Refund Anticipation Loans (RAL). H&R Block is the largest of 3 huge national tax preparation chains, which include Jackson Hewitt and Liberty Tax Service. Although H&R Block was best known as a provider of tax refund loans, there are still a great many tax preparation services that can provide you with tax refund advance loans which in effect enable you to access your refund money in about 24 hours; less loan fees of course.
Tax Refund Loan Amounts Have Changed
In previous years, anticipated tax refund loan amounts equaled the total of your tax refund, up to $7,500. Loan amounts could also vary from one taxpayer to another. According to one national tax service firm, for the year 2011 they are a flat amount of $1,561.22. Your net check amount is $1,500 after lender charges are deducted. They are not offering smaller loan amounts against your tax refund this year. There are additional costs you must consider though. Don’t forget to figure-in other fees such as, lender charges of a credit investigation fee, a finance charge, a tax refund administration fee for the professional tax return preparer and other assisted refund fees will also apply and will be withheld from your total tax refund.
What IF You Want A Smaller Tax Refund Loan Than $1500?
Well, according to one national tax service chain you are SOL. Hey, don’t panic! While you may not be able to get a loan for your pending refund, there are still borrowing options available to you. If you really need a loan and you need it fast you should consider getting a $100 to $1500 Tax Refund Loan Alternative from Loans Online as a substitute for the income tax refund loan. This payday cash advance can provide you with fast cash. The approval process is nearly instant and your cash can be wired to your bank account as quickly as 1 hour.
Why The Big Change Of Maximum Loan Amount
Loan amounts were lowered by at least one lending bank as a result of the IRS revised policy to no longer provide the Debt Indicator. The Debt Indicator supplied automated quick notification if some or all of your refund would be reduced due to existing federal debts such as back taxes, student loans or child support payments. The information contained in the notification was received by the lender to help with the tax refund loans approval decisions and by your tax preparer to notify you of your tax debts, if any. According to my research, tax refund loans are more difficult to qualify for from here forward. One source requires that you must have a minimum anticipated refund due of $2000 to qualify.
Loan Sources For Anticipated Tax Refunds
Tax refund loans are mainly offered through professional income tax return preparers and accounting services. The actual source of most of the refund loan money is just a hand-full of banks that distribute these tax advance loans out to you through tax return preparation services. These professional tax preparation services are an important and necessary intermediate step in the process of providing you with a tax refund loan.
If you already filed your return or cannot file now, you may want to consider this Online Cash Loan.
Professional tax preparation services play a very important roll in the availability and distribution of these tax refund advances. Without them tax return loans would probably not exist or be so obscure that most taxpayers anticipating refunds would never be able to find where and who offers loans against their anticipated tax refund. In essence the professional tax prepares and accounting services that offer loans against your pending refund are sub-contractors hired by or affiliated with the bank / actual lender to not only distribute tax refund loans but act as gatekeepers to qualify potential borrowers.
Qualification & Approval Process
Who is more qualified than CPA’s, accountants, and professional income tax return preparation specialists to help screen applications for tax refund loans – nobody! It is their job to make sure that you and your income tax return meet the minimum approval qualifications. In other words, they provide the actual lender with an opinion as to whether or not each and every tax refund loan contract meets certain requirements and may be worth the risk; and that the details of the paperwork are accurate and complete to make the final approval process easier for the lender.
At this time to the best of my knowledge tax refund loans are only available through professional tax preparation services at the time you efile your tax return. After all, how else is a lender going to quickly verify that you are who you claim to be and that you provided valid and accurate information. This is a fraud protection measure. If you have already e-filed or filed a paper return you may want to consider this alternative… Loans Online up to $1500. Now as far as who is offering tax refund loans, here is who and how to find them:
1) Review the loan offers you see on this page;
2) Run a search (I couldn’t possibly name them all) to find the local professional tax preparation companies nearby in your neighborhood, city or town – call them and ask the question. You are almost certain to find someone that makes refund anticipation loans in your area;
3) There two national companies that I know of have picked up the void left behind by H&R Block. Look for the Jackson Hewitt and/or Liberty Tax Service ad-links that you will probably find on this page. According to several Jackson Hewitt Tax Service representatives I check with, you will have to go into one of their offices and efile your return in order to apply for the tax refund loan. You cannot simply efile online and then go into an office asking for tax refund loans. Like H&R Block they are calling them RAL’s, short for “refund anticipation loans”. Although Jackson Hewitt and Liberty Tax Service have locations nationally, they are not on a street corner of every town or neighborhood in every state; but they want to be.
Tax Refund Advance Related Pages
Recent Tax Refund Advance FAQ’s
- Can I Get A Tax Refund Advance or Tax Refund Loan Online?
- Will Anyone Loan Against A Pending IRS Refund Direct Deposit?
- Is There A Way To Get An Advance On My Tax Refund?
- Can I Borrow Against Next Years Tax Return?
- Who Offers Tax Refund Loans?
Recent & Related Refund and Income Tax Articles
– Tax Refund Advance
– Income Tax Refund
– Tax Return Advance – Refund Money Fast
– Are You Dependent On Tax Refund Loans?
– How Do I Get My Tax Refund?
– Tax Refund Loans: Are They A Good Idea?
– Invoice Factoring As Tax Refund Advance Alternative
If you already filed your return or cannot file now, you may want to consider this Online Cash Loan.
Where Can I Get My Tax Refund In One Day?
The only way to get your tax refund in one day is to take-out a Tax Refund Loan through a tax service firm. The IRS cannot and does not make tax refunds in one day. At this time to the best of my knowledge true tax refund loans are only available through professional tax preparation services at the time you efile your tax return. You must go into their office for an assisted efile tax return. You cannot do it yourself, online or with a company that does not offer tax refund loans. After all, how else is a lender going to immediately verify that you are who you claim to be and that you provided valid and accurate information. This is a fraud protection measure. If you have already e-filed or filed a paper return you may want to consider this alternative… Loans Online up to $1500.
Now as far as who is offering true tax refund loans, here is who and how to find them:
1) Review the loan offers you see on this page;
2) Run a search (I couldn’t possibly name all your local tax service firms) to find your local professional tax preparation companies nearby in your neighborhood, city or town – call them and ask the question. You are almost certain to find someone that makes refund anticipation loans in your area;
3) There two national companies that I know of that have picked up the void left behind by H&R Block. Look for the Jackson Hewitt and/or Liberty Tax Service ad-links that you will probably find on this page. According to several Jackson Hewitt Tax Service representatives I checked with, you will have to go into one of their offices and efile your return in order to apply for the tax refund loan. You cannot simply efile online and then go into an office asking for tax refund loans. Like H&R Block they are calling them RAL’s, short for “refund anticipation loans”. Although Jackson Hewitt and Liberty Tax Service have locations nationally, they are not on a street corner of every town or neighborhood in every state; but I am sure they would like to be.
If you already filed your return or cannot file now, you may want to consider this Online Cash Loan.
For more information on income tax refunds and tax refund advances see our section on Tax Refund Loans FAQ’s.
Tax Refund Advance Related Pages
Recent Tax Refund Advance FAQ’s
- Can I Get A Tax Refund Advance or Tax Refund Loan Online?
- Will Anyone Loan Against A Pending IRS Refund Direct Deposit?
- Is There A Way To Get An Advance On My Tax Refund?
- Can I Borrow Against Next Years Tax Return?
- Who Offers Tax Refund Loans?
Recent & Related Refund and Income Tax Articles
– Tax Refund Advance
– Income Tax Refund
– Tax Return Advance – Refund Money Fast
– Are You Dependent On Tax Refund Loans?
– How Do I Get My Tax Refund?
– Tax Refund Loans: Are They A Good Idea?
– Invoice Factoring As Tax Refund Advance Alternative
If you already filed your return or cannot file now, you may want to consider this Online Cash Loan.
Can I Get A Tax Refund Loan From TurboTax?
One of the most asked questions is whether or not “tax refund loans” can be taken-out if you use TurboTax to efile your federal income tax return. You will find the simple and more detailed answer within this and our other articles dealing with advances on pending tax refunds.
Confusion Over Tax Refund Loans
If you are one of these puzzled taxpayers, join the crowd. You are in the majority. Most of us are confused by the actual process, what to do, who to seek out, and how to go about getting Tax Refund Loans. I have even come across employees of tax service firms that could not answer the question.
The Simple Answer
No, you cannot get a tax refund loan from TurboTax. This could change in the future if this type of loan product becomes more fully developed and evolves to meet changing regulations and attitudes. If you have already filed your tax return at home, online, by snail mail, or with the assistance of a tax service that does not offer tax return refund loans you will not be able to get a true tax refund loan; but you may be able to get this loan as a substitute from Loans Online.
The More Detailed Answer
It is my opinion that Tax Refund Loans share some major commonalities with payday cash advance loans. For one, they are both very high risk loan products. Just as cash advance lenders have found ways and developed tools to manage risk, lenders of Tax Refund Loans have developed methods and fee structures to reign-in the risk factor to acceptable and profitable levels also. And another is that they both use “signed contracts” as one of their primary tools.
Lenders who make tax refund advance loans are burdened with a unique and potentially fatal risk factor from the IRS. The Internal Revenue Service can at their discretion take a portion or all of a taxpayers anticipated refund to repay debts. Until recently, the IRS supplied a Debt Indicator that income tax refund lenders used to help them judge this risk factor for each Tax Refund Loan as part of their approval process. The IRS no longer supplies that Debt Indicator. The Debt Indicator provided automated quick notification if some or all of your refund would be reduced to pay existing federal debts such as back taxes, student loans or child support payments.
Another primary tool used in the decision and approval process for making refund loans is the “professional tax preparer“. They assist you efile your income tax returns when you use a tax service firm. These professional tax preparers are used by lenders to help screen, qualify and guide you through the contract signing process for the tax refund loan.
If you already filed your return or cannot file now, you may want to consider this Online Cash Loan.
To summarize- As of this writing the guaranteed way to get tax refund loans is that you must engage the services of a professional tax preparation firm that offers tax refund loans.
For more information visit Tax Refund Loans FAQ.
Tax Refund Advance Related Pages
Recent Tax Refund Advance FAQ’s
- Can I Get A Tax Refund Advance or Tax Refund Loan Online?
- Will Anyone Loan Against A Pending IRS Refund Direct Deposit?
- Is There A Way To Get An Advance On My Tax Refund?
- Can I Borrow Against Next Years Tax Return?
- Who Offers Tax Refund Loans?
Recent & Related Refund and Income Tax Articles
– Tax Refund Advance
– Income Tax Refund
– Tax Return Advance – Refund Money Fast
– Are You Dependent On Tax Refund Loans?
– How Do I Get My Tax Refund?
– Tax Refund Loans: Are They A Good Idea?
– Invoice Factoring As Tax Refund Advance Alternative
If you already filed your return or cannot file now, you may want to consider this Online Cash Loan.
