IRS refund loans provide over 8 million people a year with instant cash

According to consumeraffairs.com, IRS refund loans, also known as refund anticipation loans (RALs), were issued to 8.67 million American taxpayers. Another 11.2 million taxpayers spent money on similar products and services to receive their refunds. IRS refund loans can be serviced by banks or direct lenders. IRS refund loans are secured by the taxpayer’s expected refund. These loans last about two weeks until the actual IRS refund comes in through the mail or a person’s bank account and repays the loan.

IRS refund loans are convenient, cheap, and easy to qualify for

“I apply for an IRS refund loan every year,” Mary, a taxpayer from Virginia said. “Getting my refund as early as possible makes a huge difference for my family and I.” As long as a taxpayer is employed, 18 or older, and has a bank account, he or she could be instantly approved for an IRS refund loan up to $1,000.

It’s critical to choose the right IRS refund loan company

Thousands of businesses offer refund loans. Not all IRS refund loans lenders are created equal. In fact, the IRS warns taxpayers about certain refund loan companies. An IRS refund loan company is a loan based on an estimated tax return. Many companies are eager to approve a taxpayer’s loan without completely looking over the details of a person’s return. For example, some companies will not have information if the IRS is planning on seizing all or part of the taxpayer’s refund to pay a child support, alimony, or student loan debt. This taxpayer could get approved for a loan, receive the loan, but then wouldn't be able to pay it back because the IRS kept their refund. Good IRS refund loan companies monitor situations like this. For more information please visit www.IncomeTaxAdvances.com

IRS refund loans provide over 8 million people a year with instant cash, By Eric Knapp - Today