![]() ![]() Once the IRS processes your refund, it will go directly to the lender. Some lenders only offer one of those methods while others may offer multiple options. You may receive the loan on a prepaid card, on a check or as an electronic deposit in your bank account. The loan that you receive from a lender will have the value of your anticipated refund minus any fees or interest charges. Tax refund loans typically only last a couple of weeks – just long enough for the IRS to process your tax refund. Many tax filing services will also offer you a tax refund loan after you file with their service. This may require a little research on your part to make sure the lender is reputable. Lenders are often small financial institutions. It is a loan that a lender makes based on the amount of your federal income tax refund. A financial advisor can help you budget for unexpected expenses and offer advice on dealing with them when they arise.Ī tax refund loan is officially known as a refund anticipation loan (RAL). Refund advances are also a popular alternative. ![]() ![]() But what happens when you need the money before the IRS sends your refund? You may want to consider a tax refund loan. It functions like other short-term loans, but the loan amount is based on your refund amount. Taxpayers often rely on this money to boost their retirement savings or save for a home. The IRS says that the average tax refund in 2022 was $3,039, a 7.5% uptick from the previous year. SmartAsset: Where Can I Get a Tax Refund Loan?įor many Americans, filing federal income taxes means getting a refund. ![]()
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