Applying for a Tax Refund Advance Loan from your tax preparation company is one option for getting your tax refund in advance.

Well, technically you’re not actually receiving your tax refund in advance, you are just borrowing against the amount you are expecting to get on your tax return.

What is a tax refund loan?

Tax refund loans are short term loans designed to provide taxpayers with cash in hand as they wait to receive their tax refund from the IRS. Tax preparation services will generally lend between $200 and $3,500.

Tax refund loans, also called “refund advances,” may appeal to early filers who claim the Earned Income Tax Credit or Additional Child Tax Credit. Many taxpayers in America who claim credits on their tax return count on their refunds for immediate expenses. Others take advantage of the extra cash to use it for a down-payment on a newer car or make other big ticket purchases. And due to the unexpected events that seem to appear from out of nowhere, some folks find themselves getting a tax refund cash advance emergency loan to cover hospital bills, travel expenses and the like.

Are tax refund loans free?

Generally, tax preparation companies will charge a rate or fee for a tax refund loan that’s automatically repaid when the tax refund is deposited. 

If you are looking to get money now while you are waiting to receive your 2019 tax refund, some tax preparation services do offer 0% interest on tax refund loans. Jackson Hewitt, H&R Block, and Intuit Turbo Tax are among the options for getting a tax refund loan.

How long does it take to get my tax refund loan?

Tax refunds loans are basically short-term cash advances that are paid back upon receiving your tax refund. Just like traditional cash advances, borrowers can receive access to money within 24 hours. 

Do I have to have a bank account to get a tax refund loan?

Some tax preparation services will provide you with a tax refund loan even if you do not have a bank account. This is usually done by having your funds added to a debt card account managed by the bank funding the loan.

Who offers tax refund loans?

Tax refund loans are generally funded by banks or lending institutions. But it has become popular for tax preparation companies to offer tax refund loans, streamlining the process and making it easier for taxpayers to manage. To be eligible for tax refund loans offered by tax preparation services, you must have your taxes prepared by the company offering the service.

Intuit TurboTax Refund Advance Online

Intuit TurboTax’s online refund advance loan is funded by First Century Bank and is deposited to a Turbo Visa Debt Card account within 2 days of IRS approval.

To receive this loan, your tax refund amount must be at least $500. You may apply for loan amounts of $250, $500, $750, $1,000, $1,500 or $2,000. If approved, you can get access to your money in as little as 2 days but you will not receive the physical Turbo Visa Debt Card until 5 to 10 business days after approval.

How do I get a TurboTax Refund Advance? 

To be eligible for the refund advance loan you must file your taxes online with TurboTax. Tax returns filed for Illinois, Rhode Island, North Carolina or Vermont are not eligible for a TurboTax Refund Advance. For a limited time you can get up to $20 off your TurboTax filing fees by going to turbotax.intuit.com.

Is there a credit check? 

Yes. To be approved, you must meet credit and underwriting requirements.

Are there any tax preparation fees? 

Maybe. TurboTax fees range from free to $90 depending on the TurboTax product that you choose. 

When can I apply for the Intuit TurboTax Refund Advance? 

The TurboTax Refund Advance is offered until 7 Feb 2020.

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Jackson Hewitt Refund Advance

Jackson Hewitt’s refund advances are issued by MetaBank and can be loaded to a prepaid debit card or deposited directly to your bank account. 

Jackson Hewitt offers 3 options for borrowing against your tax refund. The Early Refund Advance Loan, The No Fee Refund Advance Loan, and The Go Big Refund Advance Loan.

The Early Refund Advance Loan does not require a W-2, has a 0% APR, and is available to qualified borrowers from 16 Dec 2019 to 19 Jan 2020. This loan is offered on a minimum tax return amount of $300 and allows you to borrow from between $200 to $500.

The No Fee Refund Advance loan has a 0% APR, and is available to qualified borrowers from 2 Jan 2020 to 23 Feb 2020. This loan is offered on a minimum tax return amount of $300 and allows you to borrow from between $200 to $3,200.

The Go Big Refund Advance loan has a few of 2% of the total loan amount and is available to qualified borrowers from 2 Jan 2020 to 2 Feb 2020. The actual APR will very depending on when the loan is paid back. This loan is allows you to borrow from between $1,000 to $6,400.

How soon will I receive my Jackson Hewitt Refund Advance? 

If approved, you can receive your refund advance to your bank account with one to give business days. Or you can receive your money within 24 hours if you have the money loaded to a prepaid debit card.

Requirements: For a refund advance with Jackson Hewitt, you must have your taxes prepared at a Jackson Hewitt office and bring pay stubs, W-2s or other income verification, depending on the type of advance you get.

Are there any tax preparation fees?

Yes. Fees start at $48, but vary depending on the complexity of the returns.

Apply for the Jackson Hewitt Refund Advance at jacksonhewitt.com/refund-advance.

H&R Block Refund Advance

H&R Block’s refund advance loan is issued by Axos Bank and is loaded onto an H&R Block Emerald Prepaid MasterCard allowing you to make a no-fee one-time transfer to your bank account.

To receive this loan, your tax refund amount must be at least $500. You may apply for loan amounts of $250, $500, $750, $1,250 or $3,500. If approved, you can receive your loan in as little as the same day. 

How do I get an H&R Block Refund Advance? 

To apply, you must have your taxes prepared at a participating H&R Block. 

Is there a credit check? 

Yes. To be approved, you must meet credit and underwriting requirements.

Are there any tax preparation fees? 

Yes, fees start at $59 at most locations and vary depending on the complexity of the returns.

When can I apply for the H&R Block Refund Advance? 

The H&R Block Refund Advance is offered starting in January.

Get started with the H&R Block Refund Advance at hrblock.com/offers/refund-advance.

What are some tax refund loan alternatives?

Tax refund loans aren’t the only option for borrowing when you need cash. You may consider other loan or cash advance options. You can start by seeing if you qualify for at your personal bank for signature loans or bank personal loans. 

There are also plenty of options for getting an online personal loan from online lenders. Or if you would prefer to have access to funds but don’t necessarily want a loan, applying for a credit card may be an option for you to consider.

Can military members get tax refund advances?

Military Service Members may get tax refund advance loans for which the accumulated interest rates and fees of a loan are under 36% APR and the terms of the loan do not violate the Military Lending Act. 

Tax return advance loans are typically short term loans that in some cases may be free but in other cases may exceed the legal limitations set for military lending.