Other companies might give you the loan with a hard date for repayment
It’s always a good idea to ask friends and family about their experiences of getting a cash advance on tax refund checks. Doing so is a great way to determine how trustworthy a company might be and will give you an idea of how much you might expect to pay. Be warned, though, that rates do tend to change from year to year and that companies might overhaul the entire process after a particularly slow (or even successful) tax season. You’ll always want to do a bit of your own homework before you seek out a cash advance tax refund loan.
What to Look For
If you do decide to get a cash advance on tax return loan, you’ll want to do a little bit of legwork to determine if the loan is right for you. The most important thing that you’re going to look for is the mechanics of the process. Most traditional loans will have you sign over your tax return so that the loan company will immediately receive the full amount. Make sure you know how you’re going to repay the loan before you take it out.
Next, take a look at the interest rates and fees that you’re going to pay. The tax refund advance loan Turbotax gives out might say that it’s interest-free, for example, but you will probably still have to pay a processing fee. If you’re not getting an advance directly from the company that has prepared your taxes, be prepared to pay a fairly significant amount in order to get your money early. This is a very short-term loan, and like most short-term loans the interest rate has to be high in order for the issuer to make money.
Finally, look at the fine print. In addition to the fees that you might pay up front, there might be other fees due at pay-off time. You want to make sure that your transaction is as simple as possible, so only work with those companies that will give you an exact pay-off amount before you get the loan. Fine print can be one of the most dangerous parts of any personal loan, so make sure that it doesn’t hurt you. If you have any questions about the loan, ask them before you sign on the bottom line.
Remember, you’re still looking for a reputable company, so make sure that the provider has not only been handling income tax loans for quite some time but also has a good reputation in your community
Getting tax refund cash advance emergency loans can be a good way to deal with short-term expenses while you are waiting on the IRS. Doing so is going to cost you a bit of money, and it’s certainly going to require you to jump through a few hoops. If you are willing to do your research and understand the costs involved, getting one of these loans may well make financial sense for you. Don’t go into one of these loans without having done your homework, but also don’t be afraid to get one of these loans if doing so will help you out of a tight spot.
Failing that, you’ll want to check out companies that typically do personal loans. You’ll generally see a fair bit of advertising for this type of loan during the middle of tax season, usually around the time that most people are filing their taxes. As you might imagine, it’s a little more difficult to find relevant information on these loans outside of tax season.