Refund advances, also known as tax refund loans, are short-term loans that give taxpayers access to their income tax refund early. The loan is typically repaid when the taxpayer receives a refund from the IRS. When applying for a refund advance loan, many people ask whether their credit report will be examined. In this video, we’ll talk about tax refund advance loans and whether or not credit is checked to qualify.
Tax Refund Advance loans are becoming increasingly popular, but do you know how they work?
Tax season is here, and a tax refund advance loan can give you access to your tax refund money faster. With this type of loan, you don’t have to wait until tax season has completely ended to get your refund. The process is simple; all you need to do is fill out a few forms and submit the paperwork. Soon after, you can get approved for the loan and receive your tax refund money earlier than expected.
Will your credit be checked when applying for a loan?
When it comes to accessing a tax refund loan advance, you might be wondering if credit is ever taken into consideration. The quick answer is no; credit history typically doesn’t affect the ability to get a loan. These loans are based on something known as “refund anticipation,” and your credit score has nothing to do with this process. You simply need to provide proof of anticipated income through your W-2 forms or other documents, like disability income benefits or Social Security benefits. This makes the process for those with lower credit scores much easier since credit checks often lead to rejections. If you’re willing to use a tax preparer who offers refund advances, you can get your refund even faster, and no credit check is needed!
What do you need to know about tax refund advance loans and your credit score?
When considering taking out a loan for any purpose, it’s important to understand how the lender evaluates and approves potential borrowers. With many loans, one of the determining factors is a person’s credit rating. Fortunately, there are options available even for those with bad or limited credit. These types of loans often refer to “no-credit-check” loans, in which the lender may conduct a check of your credit history but does not require a specific credit score for approval. Instead, they use other criteria such as employment status, income stability, and current bank account balance to determine if you qualify. Depending on the individual lender, this type of loan can have higher interest rates than traditional loans but can be very helpful in helping you reach your financial goals without having to worry about being denied due to a poor credit history.
Applying for a loan should not impact your credit score, so don’t worry about it!
Tax season is approaching, and it is important to make the most financially important decision possible! With the information available, you can do just that. Take advantage of deductions you may not have known about or overlooked, consult with a professional if necessary, and ask for advice from friends or family who know. Treat your taxes as an investment; where this money goes will affect your financial well-being in the future. Make thoughtful, confident decisions throughout the tax season to enjoy the advantages.
If you’re thinking about getting a Tax Refund Advance loan, remember to shop around for the best rates and terms!
Applying for a tax refund advance loan near me is a great way to get your hands on your money sooner, without having to wait for the IRS to process your return. And, as opposed to what some believe, credit is not considered for these types of loans. So if you’re worried about your credit score affecting your ability to get a loan, don’t be! These loans are available to everyone, regardless of credit history.
*Fast Cash Advance is an optional tax-refund-related loan and is not the actual refund. All loans have an Annual Percentage Rate of 35.99%.*
