Tax Refund Cash Advance Emergency Loans

Looking to get tax refund cash advance emergency loans in 2022 but don’t know where to start looking? Rest assured, as WeLoans has put together all the information and details necessary to get a tax refund cash advance along with other alternatives.

Get StartedWant to borrow more than $5,000? Click here!
Olamilekan AdebanjoPersonal Finance Writer

Jul 27.2022. Filed under: Cash Advance Hub

What Are Tax Refund Cash Advance Emergency Loans?

Tax refund cash advance emergency loans, or for the sake of simplicity, tax refund loans, are loans taken for a brief time period that are $200 to $4000 when you’re already waiting for a refund from the IRS. Once you receive your refund, the repayment amount is deducted from it.

It should be kept in mind that these loans are usually offered from December to February. You may get the funds transferred directly into your prepaid card within as little as 24 hours.

To get this kind of funding, you will need to have your taxes prepared by the lending company, which means you’ll be paying a preparation fee too.

Your expected refund may have to be a certain amount to qualify, which can vary depending on the lender, and you’ll only receive a portion of your tax return once it’s issued, due to the lending company deducting what they're owed from the return amount.

When Can I Get a Refund Advance Loan?

Refund advance loans are usually offered during the period when you are receiving your tax refund from the IRS. As mentioned above, this period starts in December and lasts until February, and whenever you get your refund dispatched to you, the lending company cuts their share from it and returns you the deducted amount.

Since you’re going to be paying off the loan using your refund amount once you get it, the issuance period only lasts until then, and your application for a refund loan can be approved within minutes and the funds will be transferred into your prepaid card in just a matter of a few hours of IRS online file application acceptance.

Where To Get Tax Refund Cash Advance Emergency Loans?

We have scoured out some of the best tax refund loan lenders with the best customer reviews for your ease,their attributes will be listed to you as follows so you may decide at your pleasure as to which lender best suits your needs and requirements:

Jackson Hewitt

TMetaBank is the primary issuer of loans for Jackson Hewitt.

Two kinds of loans are offered by this lender.

1. The Early Refund Advance Loan

2. No Refund Fee Advance Loan

Both types of loans have similar base requirements. To be eligible, a minimum tax return amount of $500 is needed. Additional identification documents and evidence are shared between the two loan applications.

The available loan amounts for the Early Refund Advance Loan start at $200 and go up to $1000, and can vary depending on the state you’re in. For the No Refund Fee Advance Loan, the amounts are relatively higher, going up to $3,500 if you need more money than provided by the previous type.

Tax preparation for the borrower is to be done at a Jackson Hewitt office with a preparation fee that starts at $59 and can increase based on the nature of the return. Income proof documents will be needed for both loans, and an additional W-2 or any other income verification document will be needed for the No Refund Advance loan.

H&R Block

Again, the primary issuer of loans for H&R is MetaBank, which has the same minimum tax refund amount requirement of $500.

H&R Block has a general lending system for all of its borrowers. The loan amounts range from $250 to $3,500. The funds are transferred on the same day of the loan application and approval. The loan amount is loaded onto an H&R Block issued prepaid card from which a one-time transfer of funds can be made by check or ACH with no extra charges.

Taxes must be prepared at an H&R Block office and will need proof of identification and income. A certain credit score must also be met. Tax preparation fees begin at $69 and increase according to the nature of the return. Availability of funding begins in January and goes up to February.

Intuit TurboTax

The First Century Bank is the primary issuer of funds for Intuit TurboTax, with also the minimum federal tax return amount of $500.

The loan amounts range from $250 and go as high as $4000, provided you meet the previous requirement of a higher federal tax return amount.

To access the funds, you’ll need to open a checking account with Credit Karma Money. The funds are transferred into said account within two or three hours after acceptance by the IRS. A debit card will be sent to your address within seven to 14 business days, and online purchases can be made in the meantime.

To be eligible for a TurboTax refund advance, you must have your taxes prepared by TurboTax and you cannot be a resident of Connecticut, Illinois, or North Carolina. The preparation fees start at free and go up to $119, being available from December to February.

Eligibility Requirements for Tax Refund Cash Advance Emergency Loans

A couple of things are to be noted to cross-check if you are eligible to apply for a tax refund advance loan. They are:

At least 18 years of age

Primarily, you need to be over the age of 18 to qualify for a tax advance loan and should be expecting an imminent tax refund from the IRS.

Taxes prepared by lender

Secondly, your taxes must be prepared by the same tax preparation service and have your income verified accordingly too. Tax return loans mostly require that you employ the lender to handle your taxes and deduct a portion of your tax return once it's issued.

Proof of income

Steady monthly income proof will be required by the lender, with $800 being the minimum required amount to qualify and an average of $2000 being the optimal threshold for application acceptance. A higher-income amount leads to better chances of getting approved.

Miscellaneous factors

Apart from the basic requirements, the type of lending, loan receiver, and amount needed to be loaned will also factor into the requirements of the tax refund loan.

At least $500 tax refund amount

A minimum tax refund amount, a minimum credit score, and income verification are all prerequisites to being eligible for a tax return loan.

Benefits Of Tax Refund Cash Advance Emergency Loans

Several benefits come with tax advance loans and these benefits can be viewed as the primary reason why you should consider applying:

To pay off high-interest debts

If there is any existing debt on your credit card and you wish to pay it off as soon as possible then Tax advance loans can be the option for you. Keep in mind that most tax refunds come within 6 to 8 weeks after filing, so the loan will cover only two to three months’ worth of interest.

Approval even with bad credit

Since tax advance loans are supported by the refund you get from the IRS, all you need to show is proof of your income and relevant documentation, and you need not be concerned about your bad credit score.

Drawbacks of Tax Refund Cash Advance Emergency Loans

Also be cautious about the disadvantages of getting this type of loan so that you will make a wiser decision:

High-interest rates

Since the loans are issued for a brief period, the lenders usually charge high-interest rates which exceed 100% of the APR. Traditional tax advance loans come with origination and other such fees that can make them high-interest loans as well and getting a high-interest loan to pay off another one isn’t the greatest of ideas.

Difficult Decisions

Familiarizing yourself with tax advance loan details can be difficult because the interest rates can be said to be based on a set fee rather than a percentage and vice versa. With the short repayment period being another ingredient in the mix, tax advances typically aren’t the best method of borrowing money.

Inability to build credit

Most lenders don’t report your tax refund loan to the credit reporting bureaus, and for that reason, the loan will not help you generate credit.

Tax Refund Cash Advance Emergency Loan Alternatives

If you’re not pleased with the disadvantages of tax advance loans, you may want to consider alternatives before arriving at a final decision. To list a few, they are:

Payday Loans

Payday loans can be a better option as they do not require hard credit checks and are issued for a short time, normally being 30 days. You pay the lender back via your next paycheck, and once approved, the money can be in your hands in as little as a couple of hours, or the next business day.

WeLoans provides customers with the facility to apply for these kinds of loans with an average approval rate of 97% and connects you to our most trusted lenders, so you’ll have no trouble in getting your financial turmoil resolved!

The Best Place to Take out a Loan

Apply Now

Installment loans

Installment loans are usually taken out in a large sum and repaid in smaller amounts over a longer period of time. As the repayment term is usually set, you don’t have to figure out when to pay back the loan amounts.

You’ll have to pay the fixed amount every month though, so if, for some unfortunate reason, your revenue falls short of your expected value, the repayment for that month may become a problem, and you might need to take out another loan to pay off the existing one.

Personal Loans

Like installment loans, they work similarly, with repayments being conducted every month at a set interest rate. It involves a credit check, however, so if you have a bad credit score, you may not be eligible for higher amounts for the loan. The amount to be loaned can be from $2000 to $35,000.

Personal loans do not carry a high fee if you’re able to pay off the loan earlier than expected, so they can be seen as a good alternative to tax advance loans. They’re available for longer periods too, which can range from anywhere between 2 to 7 years.

Title Loans

Title loans can be a better alternative for people with bad credit as they use your car title or any other personal asset as collateral for your loan. This type of loan usually involves an offline transaction.

They do come with high-interest rates, though, and if you fail to make the payment on the loan in the set amount of time, then the lender can repossess your asset for themselves.

Get Access to Tax Refund Loan Alternatives via WeLoans

Tax return cash advance emergency loans are only available for a limited period of time. So why not go for the more guaranteed and safer options that you can apply through WeLoans and get approval from lenders faster than ever!

Apply now