You do not have to apply for a RAL in order to e-file your taxes. Please be responsible and consider all options prior to applying for a tax refund anticipation loan. A refund anticipation loan has no finance fee $0 (APR 0%) but tax preparation fees are deducted from the $1,200 tax advance loan upon approval. If you are applying for a refund anticipation loan there is no credit check because your instant tax loan advance is secured by YOUR tax refund. You can have your tax return filed electronically and your refund direct deposited into your own financial institution account without obtaining a tax loan or paying fees for an extra product. YOU CAN GET YOUR REFUND IN 8 TO 15 DAYS WITHOUT PAYING ANY EXTRA FEES AND TAKING OUT A LOAN. If your tax refund is less than expected, you will still owe the entire amount of the tax loan. When you take out a refund anticipation loan, you are borrowing money against your tax refund. You do not have to apply for a tax refund anticipation loan in order to electronically file YOUR income tax return. When you apply for a refund anticipation loan you are pledging YOUR actual tax refund as collateral for the tax loan advance. Tax Refund Anticipation Loan also known as a holiday tax loan, tax return loan, rapid refund, instant tax advance, advance tax loan, instant tax loan, emerald advance loan, same day tax loan, 24 hour tax loan, income tax advance, tax refund line of credit or tax refund loan] is a loan and not YOUR actual refund.
Once the return is processed, You may check the status of the tax refund via IRS: Where’s My Refund tool. TurboTax does not issue the actual refund. Per the IRS It takes approximately 6 weeks to process past due tax returns. A Refund Anticipation Loan allows you to receive a $1,200 tax refund loan advance less tax preparation fees upon approval direct deposited o YOUR checking, savings, or prepaid card account. Prior year tax returns have a longer processing time. According to the IRS your actual tax refund will be processed within 8-21 days.Ī Refund Anticipation Loan (known as a holiday tax loan, Income tax advance, instant tax loan, rapid refund, tax return loan, or same day tax refund loan) is not your actual refund. Don’t be misled by fancy marketing names (“Refund Anticipation Check”, “Assisted Refund”, and “Electronic Refund Deposit") because none of these tax-related products speed up your tax refund deposit time. RAC (Refund Anticipation Check), AR (Assisted Refund), and ERD (Electronic Refund Deposit) are tax-related products that allow tax preparation fees deducted from YOUR refund upon completion of services and the balance of the refund disbursed to you by check, direct deposit or a prepaid card. Please be responsible and consider all refund options prior to applying for a refund anticipation loan.
reserves the right to reject a tax loan application except for on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract) to the fact that all or part of the applicant’s income derives from a public assistance program or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act.
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