What Exactly is a Refund Anticipation Loan?

You can borrow against the income tax refund you’re expecting, even if you haven’t completed your return yet! All you need to do is meet a few basic credit qualifications – such as being at least 18 years old, employed, and having a bank account that can process electronic deposits and debits – and you have an excellent chance of being able to access those funds now, when you need them most, instead of having to wait until tax season after your return has been completed and processed.

How Is A Refund Anticipation Loan Different from a Personal Loan from the Bank?

When you apply for a loan from your bank, the process is different in several ways. One, the application itself is much more extensive, often including lists of monthly expenses, of monthly debt and payments, and credit references. The application for a refund anticipation loan includes none of these; a very brief online application form will be completed that asks only for your basic personal identification information, info regarding your employment and income, and your bank account info in order to direct the deposit of approved funding. Furthermore, as you are essentially borrowing your own funds, you can look forward to the arrival of your scheduled income tax refund at its usual time – unlike tax advance programs through income tax preparation companies, which require the borrower to sign over their refund to the company as repayment.

Do I Need Good Credit To Get Approved for a Refund Anticipation Loan?

Your credit score, good or bad, will probably not be a factor in your approval either way. The lenders working in this program realize that a lot of Americans are living with damaged credit due to no fault of their own – and even for those who made mistakes, why should an error in judgment be allowed to follow a person for years and years, making it that much more complicated for them to recover, build a healthy financial life for themselves, and put that time and that mistake behind them. These lenders created their own set of criteria, and consider factors such as your income and employment history rather than running a traditional credit check.

How Long Does it Take To Get a Refund Anticipation Loan?

You can apply today for a refund anticipation loan and have funds in your own bank account tomorrow or the next business day. The lenders work quickly, approving your application in just 90 seconds; you’ll then be provided with everything you need to review the terms and conditions and decide if you want to sign on the virtual dotted line. Once you provide an electronic signature, the lender will deposit your funds the same day and you can access the cash as quickly as your bank’s clearing process will allow.

How Do I Apply For a Refund Anticipation Loan?

It’s easy as 1-2-3! Follow the following link to the Refund Anticipation Loan website – the Apply Here link will take you to the quick and simple form to provide your personal information. Follow the simple directions and within minutes you’ll be on your way!

What Exactly is a Refund Anticipation Loan? By Eric Knapp - 10/11/16