Answers To Your FAQ About Refund Anticipation Loans
What exactly is a refund anticipation loan anyway?
When you know you have an income tax refund coming, but you could really use the cash now, a refund anticipation loan is a way to borrow against the funds you’re expecting and use them for whatever you need most. Instead of struggling to pay the bills, repairs, or make do without other essentials, a quick and simple loan can make you life better right away.
Why should I get a refund anticipation loan instead of a regular personal loan?
The main difference between a personal loan and a tax advance loan is that the tax refund is already your money! With a persona loan you borrow money and then pay it back – pretty straightforward. Tax refund anticipation loans let you borrow against the income tax refund you have coming in a few months, repay the funds out of your next paycheck or two, and still look forward to getting to spend that refund all over again – hopefully on something fun the second time, instead of on bills.
How long does it take to get one?
One of the best characteristics of refund anticipation loans is their speed. Traditional personal loans from a bank can take days or even longer to be approved, and then more time to actually get cash in hand. Tax refund advance loans use the power of the internet to make things happen fast – as fast as data moving across the electronic pathways we use every day to work, play, and communicate. In short, you can apply in minutes, be approved in seconds, and receive your funds by the following business day.
Do I need any paperwork or collateral? The bank wanted a lot of stuff
The short answer is no! Refund anticipation loans are designed to be as uncomplicated as possible – no required financial statements, no copies of prior year tax returns, no proof required that you’ve filed for this year’s refund. Collateral? No, ma’am.
What about the application? Do I need to plan on looking up a lot of stuff?
The application is simplicity itself. There are three quick sections asking for some very basic information. You’ll want to have on hand information like your bank account numbers, and the address and phone number of your employer, your driver’s license number – pretty basic stuff, nothing you’ll have to go digging in the attic to look for!
Do I need good credit to get a refund anticipation loan?
You absolutely do not! The lenders who work with these refund anticipation loans know that many of us have had difficult financial times in our lives, but don’t think that should be an obstacle to living the best, happiest and most productive life you can for you and your family. There’s no standard traditional credit check completed during the approval process, so the lender won’t know if you have good credit or not!
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