Smart Ways to Use Your Tax Refund and Tax Loan

With tax season over, or with an extension in hand, you can now look forward to what you want to do with your tax refund. Maybe you know what you want to do with it, but you also know that it will still be weeks before you get it. Whether you know how to spend your refund or not, we can give you some ideas to get you started. We can also provide you with options if you’re waiting on your refund, such as tax loans to get you the cash sooner.

Pay off High-Interest Credit Card Debt with Your Tax Loan or Refund

Getting a tax refund feels a little bit like getting free money, and the temptation to spend it impulsively is strong. A smarter and more conservative thing to do with it is to take steps to improve your finances. For instance, if you have been living with a lot of high-interest credit card debt, you can eliminate or start to chip away at it using your tax refund. Even if you aren’t getting your refund for a while, you can use a tax loan to get the cash that will help you consolidate that debt, get rid of it, and make just one, lower payment to save money.

Use Your Tax Loan to Invest in You

Another smart move, and possibly a little more fun, is to spend your tax refund or tax loan on a smart investment for you. This doesn’t mean buying that expensive bag that will be a pricey vintage bag in 20 years, but making a smart investment that will pay off sooner. Maybe a course at the local community college would help you get promoted at work, for example. Or, you could spend the money on the training, work wardrobe, and other assets that will help you land the job you really want.

Or, Maybe Splurge a Little with a Tax Loan or Tax Refund

Sometimes, the extra money from a tax refund is sufficient that you can actually splurge just a little bit with it. Once you have used some of it for something smart, like investing and paying off debt, what if you used your tax loan or refund cash for something fun and maybe even frivolous? It won’t break you, and if you work hard you deserve it. Spend that cash on a short trip, a nice dinner, those new shoes you really want, or include your family in the fun and splurge on a group outing.

Maybe You Owe the IRS – Turn to a Tax Loan to Make the Payment

Sometimes the worst happens and instead of getting a refund, you get to pay the IRS. When you owe money it can be a real drag, especially if you don’t have it and you’re facing late payment along with expensive fees. A tax loan is available if you find yourself in this situation. You can apply online or with a mobile app, get approved in a few minutes, and get the cash the next day so you can pay your tax bill and get on with your life.