TurboTax is a software used for tax preparation and allows you to file your tax returns from the comfort of your home. You can also get an interest-free refund for advance loans at the start of a tax year. TurboTax refund advance loans can range between $250 to $2000, and these loans are dependent on your federal tax refund expectation. About 80% of taxpayers get their taxes refunded each year. To most taxpayers, their tax refund could be the largest single sum of money they could get all year round. Having a tax refund advance loan is an excellent way to pay off expenses incurred, especially for the holidays. 


Does TurboTax offer tax refund loans?


TurboTax offers tax refund loans, which means that you can spend your tax refund even before it gets to you through the tax refund loan option on TurboTax. TurboTax helps you submit your return as soon as the IRS begins accepting offers for tax returns, which usually starts towards the end of January. You may be able to set up your Turbo Card account and shop online anytime and anywhere you like. 


According to the IRS, you may get your tax refund within 21 days, but you can get to spend your refund much earlier than the scheduled date with the TurboTax refund loan. However, you have only a brief window period to apply for the TurboTax refund loan, and it is only available through Feb 8 next year (2021). There is also a possibility that you may not get the loan if funds run out before that window period. You don’t have to bother about the impact of the advanced Refund Program on your credit score because it does not affect it. 


What are the requirements for TurboTax Refund Loan?


To be eligible to request TurboTax Refund loans, you must have to meet the following requirements. 


  • You have to be not less than 18 years to qualify for a TurboTax refund loan.
  • To request a TurboTax refund loan, you must make use of TurboTax to file your federal tax return online.
  • Your federal tax return should not be less than $500.
  • Residents of Illinois and North Carolina are exempted from TurboTax refund loans.
  • You must have a physical address in the United States, and it should be on the list of those eligible states that can qualify for the Advance Refund Program.
  • You must have gotten approval for the Turbo Visa Card.
  • You cannot be able to file on behalf of a deceased taxpayer.
  • Your federal refund should not be less than $500.

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How long does it take to get approved and receive the money?


TurboTax offers a fast tax refund loan to customers. Once you have met all the requirements and filed for a tax refund before Feb 8, 2021, you will get your tax refund loan in less than three hours after IRS’s approval. That is super-fast more than 98% of customers have received their tax refund loans in no more than a day. There is no need to wait for long periods or worry about interest because TurboTax offers you fast payments with zero interest. 


How much can I borrow?


The amount of money you can request as a tax refund loan from TurboTax depends on the amount of money you expect from your federal refund account. Other factors that may determine your maximum loan amount include your tax info or personal info. TurboTax may also make use of third-party data to consider your tax refund amount. You can request a minimum of $250 and a maximum loan refund of $3,000. 


A customer who expects between $500 to $999 may be entitled to a $250 tax refund loan, while you may get $500 if your expected federal tax refund is between $1000 to$1499. The sequence increases arithmetically. You may receive the maximum tax refund loan of $3,000 if your expected tax refund is $3,000. TurboTax pegged the maximum loan amount at $3000 to allow more people the opportunity to request a tax refund loan since the number of loan requests is very high. 

What is the Turbo Card?


The Turbo Card is a Visa Debit card that allows you to receive your tax refund loan once you fill the TurboTax online form. You get the card at no additional cost, which is one of the benefits of using TurboTax. Once you activate your Turbo Card, you can use it to withdraw money from over 19,000 surcharge-free ATMs across America. However, you may pay some fees if you use the Turbo Card on ATMs out of the network. You can use the Turbo Card to carry out transactions in stores, by your phones, or online anywhere Visa Card is accepted in America. 


Benefits of using the Turbo Visa Debit cards include:

  • No fees for overdraft
  • There are no monthly fees
  • You are not restricted to a minimum balance
  • There are no fees for an overdraft
  • No surcharge fees when you withdraw from ATMs on the network
  • You are not charged for enrolling in direct deposit
  • There are no deposit check fees

What are other options for getting money from my tax refund fast?


Aside from TurboTax, other software offers you immediate tax refund loans or gives you the opportunity of speeding up your tax refund process. One immediate tax refund software popular among taxpayers is TaxSlayer, with a 4.6/5 mobile app rating. The H&R block stands out among other tax refund software, and it has a mobile app rating of 4.5/5. The list is incomplete without TaxAct, which has enjoyed many patronages from taxpayers, and it has a mobile app rating of 3.95/5. TurboTax, however, has a mobile app rating of 4.6/5.

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Remember to borrow responsibly.

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