How Do I Qualify for a Tax Loan?

A tax loan can be a great way to get extra cash. A lot of our borrowers use these loans to get money in between paydays, when they run out of cash but still have bills and other expenses. Some use the loans to pay for unexpected expenses that come up, like doctor bills or repair bills. Still others use the loans to take advantage of opportunities that cost money they don’t have. These sound like good ideas, right? But you may be wondering if you qualify. Here’s what you need to know.

A Tax Loan is Not Just for Tax Season

Some people make the common mistake of assuming they cannot qualify for a tax loan outside of traditional tax season. This just isn’t true. Our lenders are aware of how taxes work and that they are not strictly paid or filed during the first few months of the year only. Some people get their taxes done early, while others get extensions and file months later. You can potentially qualify for a tax loan at any time of year.

You Don’t Have to Show Proof of a Pending Refund to Get a Tax Loan

Another assumption that isn’t true for tax loans is that you need to show proof that the IRS owes you a refund in order to qualify. A lot of people who use these loans feel more comfortable borrowing knowing that they have a chunk of money heading their way in the form of a refund. However, having a refund coming is not a qualifying factor for getting a tax loan. You could even owe the IRS money, and a tax loan can be one way to pay that bill.

Your Credit Score Isn’t Important for Qualifying for a Tax Loan Either

With a lot of loans you do need to have a decent credit score from one of the three reporting agencies in order to qualify. This is not the case with these tax loans. Our lenders use a variety of factors to approve applications, but credit score is not an important one. In fact, they don’t even use the standard credit score to assess your credit, but use some alternatives instead. You don’t have to worry that your low credit score will prevent you from getting approved for a tax loan.

Do You Have a Job? That Can Get You Qualified for a Tax Loan

One of the most important things you need to get qualified for a tax loan is to have a steady job and a good job history. This is one of the main things that our lenders look at to approve applications. They want to see that you have a way to be able to borrow and repay the loan responsibly. If you don’t have a steady job, you are unlikely to be able to handle even a small loan. So, just having a job could be what qualifies you for a tax loan.

How Do I Qualify for a Tax Loan? By Eric Knapp - 5/23/17