What Is a Tax Refund Advance?
An advance on a tax return is a loan that lets you borrow money against your anticipated tax refund. This can be an easy way for you to get your money faster than the IRS sends your refund.
Can I Get an Advance on My Tax Return?
The lending party usually sets the tax refund advance requirements based on an anticipation of you:
- Receiving a tax refund
- Not owing the IRS any money
- Meeting all of their minimum loan amount requirements
While some loans require a borrower to have a healthy credit score, an advance on a tax return usually doesn’t. There are fewer requirements for receiving this type of loan. In fact, often there aren’t any income requirements for getting an advance on your tax return so long as you:
- Are a legal adult at least 18 years old
- Have a valid Social Security number
- Have a physical address rather than a post office box
- Have some form of secured collateral
Generally, banks are the common places to go when you’re applying for a tax refund loan. These types of loans can be a great benefit as you can use the fund for almost any reason you want, but sometimes you’re not able to receive your funds quickly. With Bay Country Financial Services, you’re covered with no waiting. We are here for you!
The Benefits of Getting an Advance on Your Tax Return
- When you use a tax preparation service both to file your taxes and get your advance, usually the preparation fees are simply deducted from the refund you receive.
- Advancements on tax refunds can be given without interest. (But be aware this varies depending on the lending institution.)
- This is available regardless of your credit score, and applying for this type of loan doesn’t negatively affect your credit score.
- This speeds up how quickly you get your refund since you won’t have to wait for the IRS.
If when you look at your tax documents, you realize you’re getting a large refund, but you don’t want to wait for the IRS to process your return before receiving your money, you might not have to. With a personal loan advance on your tax return, you could receive that money very quickly.
This type of personal loan tax refund advance has:
- Low risks
- You don’t have to have good credit to apply for it
- Applying won’t harm your credit
At Bay County Finance, we’re here to help you. Feel free to reach out and Contact us today. We would be happy to discuss your options and help you make the most informed choice possible.