Tax loan lenders will verify your identification, weigh your tax history with the IRS, and consider how much debt you owe. Your qualification depends largely on the amount of money that you will be refunded by the government. How to Qualify for a Tax Refund Loanīecause tax loans do not have as much risk as unsecured loans, credit score requirements are usually not as restrictive. The only other thing to keep in mind is that if your refund is smaller than your tax refund loan, you will still need to pay the loan back in full. At this point, your loan is repaid and you made it through tax season. 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. To learn more about filing a Free 1040EZ and all other offers, find a nearby location or make an appointment, visit or call 1-800-HRBLOCK.A tax refund loan is officially known as a refund anticipation loan (RAL). Generally, a 1040EZ filer is a taxpayer who files single or married filing jointly who does not pay mortgage interest, has no dependents and earned less than $100,000 last year.įor more information on Refund Advance taxpayers can visit. “Having assistance from a qualified tax professional provides taxpayers confidence that they aren’t leaving any money on the table.” “Filing a simple tax return may not be as easy as many taxpayers believe,” Furlong said. This gives those taxpayers access to expert assistance in completing their returns, and guarantees they get their maximum refund. Millions can file for free at H&R Block officesĪnother offer from H&R Block will allow approximately 23 million taxpayers to file a Federal 1040EZ for free through Feb. Those who apply will receive notification of approval or denial from the loan originator, and almost all who are approved will receive the loan proceeds the same day.” Current and new clients can visit an H&R Block location, let their tax professional know they are interested, and have their taxes e-filed. “For these clients and millions of others who desire access to money faster than the IRS can provide tax refunds, this loan can provide a valuable life line to cover unforeseen expenses,” Furlong said. While roughly 30 million taxpayers claim the EITC or ACTC, approximately half file early and could be waiting until the week of Feb. The Protecting Americans from Tax Hikes (PATH) Act, which was passed to help combat tax refund fraud, requires the IRS to hold refunds of taxpayers claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) who file early. “The no-interest Refund Advance and Free 1040EZ are just two examples of providing clients an exceptional value above and beyond tax preparation.” “We help Americans win every day when it comes to their income tax return,” said Teri Furlong, Tax Specialist at H&R Block. In most cases, clients will have access to money the same day they apply. The Refund Advance, a no-interest loan offered for a limited time at participating locations, is repaid with the client’s federal or state income tax refunds. H&R Block (NYSE: HRB) will make available a Refund Advance of up to $1,250* from MetaBank® to current and new clients.
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