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Understanding Tax Anticipation Loans

Tax Anticipation Loans Every year, millions of Americans eagerly await their tax refund. Some consider this to be a sort of gift from the government, but actually, in most cases, it's not. It is your hard-earned money that has been collected in advance in the form of taxes. When you file your taxes, you may find that you actually owe less than you paid and are due a refund. However, maybe you have a need that comes before your tax refund check does. In such cases, tax anticipation loans may be right for you.

What are tax anticipation loans?

Tax anticipation loans are very similar to payday loans, except that in the case of a payday loan, you are anticipating the arrival of your paycheck in order to pay off the loan. In the case of tax anticipation loans, you are waiting for the arrival of your tax refund in order to pay off the loan.

How can I find tax anticipation loans?

The easiest way to find tax anticipation loans is by going online and finding a website that facilitates these loans by connecting you with lenders. Some websites, such as Income Tax specializes in tax anticipation loans and work with lenders who stand ready to provide these loans any time of the night or day. By completing a simple online application at one of these websites, you are automatically connected to a lender (or lenders) who are likely to offer you a tax anticipation loan.

Do tax anticipation loan providers complete my taxes?

Tax advance websites do not generally complete your taxes for you, nor should you want them to. You are better off doing your taxes on your own using software for the purpose, or by getting someone who specializes in tax preparation to do it for you. Tax anticipation loan providers are in the lending business, not the tax business. So it is up to you to get your taxes done. The best option is to complete your taxes before you apply for a tax anticipation loan for two reasons: 1) so that you know how much money to expect back in order to repay the loan and 2) so that you get your tax refund in a timely manner and are able to repay your tax anticipation loan when it is due. However, you usually are not required to file your taxes before applying for the loan.

What type of tax anticipation loans are there?

There are several types of tax anticipation loans that you may obtain:

  • - Simple tax anticipation loans (sometimes called Refund Anticipation Loan or RAL)- These loans are repaid in one lump sum at a time specified in your loan-usually within a few weeks.
  • - One hour tax anticipation loans (RAL loans in 1 hour) - In some cases, you need cash extra fast. In this situation, you can look for a 1 hour tax anticipation loan that can get your money to you even faster. However, these types of loans are usually more expensive and are not available in all states.
  • - Tax anticipation installment loan (RAL installment loan)-This type of loan splits your repayment into smaller multiple payments and may work better for your if you need more time to repay the loan than traditional loans allow.
  • - Tax anticipation line of credit - If you think you may need to make more than one small loan for recurring needs, you may want to consider a line of credit so you won't have to apply again.

What do I need in order to apply for tax anticipation loans?

For most lenders, the requirements are simple. Your need to be a legal adult (at least 18 years old) and have a bank account in good standing where your money can be deposited. You will also need to provide a valid email address and phone number. And you will need to provide information about your employment and wages. If your income cannot be verified online, you may need to submit a pay stub as proof of employment, but most of the time, this is not necessary. You do not have to provide tax documents nor do you need a credit check.

How much can I borrow with tax anticipation loans?

Usually lenders will offer loans up to $1500. Since you don't show your tax documentation, your loan amount is based on your income level.

When can I get my cash when I get tax anticipation loans?

Usually you get the money deposited in your account within twenty-four hours of accepting the loan. If you choose a one hour loan, you will get it even faster.

How much do tax anticipation loans cost?

Tax anticipation loans are a fairly expensive way to get credit and should only be used when other options fail. The credit terms will vary greatly depending on the length of the loan term, the lender you use, and the state where you live. However, most have an APR (annual percentage rate) of 200% to 750% or more. Make sure you read your credit terms carefully before accepting a loan.

How do I repay tax anticipation loans?

Your lender will specify the terms of repayment. However, most of the time, your repayment will be drawn from your account on your due date. It is your responsibility to make sure that the money is there to cover the repayment. Remember that your tax refund will come to you, not the lender.

What happens if I don't have the money to repay my tax anticipation loan?

If you don't have the money to repay the loan when it is due, contact your lender before the due date. The lender can likely extend the payment term for an additional fee. However, ignoring the situation will only make it worse and can negatively affect your credit in the future.

How do you apply for tax anticipation loans

It's so easy to apply for tax anticipation loans you won't believe it. Simply scroll up to the top of this page and start entering your information where it says, "Apply Here". When you've entered your preliminary information, click "Get Cash Now" and you're on your way. Don't forget,'s application is safe and secure with 256 bit encryption.

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Income Tax Advances is an online lender that provides safe and secure refund anticipation loans to consumers who have their paycheck direct deposited into a checking or savings account. Since we base your refund anticipation loan off your income you are never required to supply a copy of your income tax return and you can apply even before you file your taxes and you can apply right here online. We collect information about your bank account details, as well as employment details, and we keep all data confidential. We only use it to process your online income tax loan. Your information is always safe when you apply for Income Tax Advances Online.

Through encryption and high levels of data security, we protect you and we keep your information safe. Our systems have been developed to guard against identity theft. We understand how valuable your personal details are: your social security number, bank account number, address and phone numbers, etc.

Loan Terms: Income Tax Advances works with many lenders and does it's very best to match you with the lender with the best loan terms based on the information you provide on the application. All repayment terms are provided by the lender and therefore all questions concerning loan terms should be addressed directly with the lender you are matched with. For more information simply click on "Rates and Fees" located at the bottom of every page.

Tax Filing: Income Tax Advances or its lenders do not file your taxes for you, do not receive your tax refund directly and do not request copies of your tax returns. Due to the potential of the IRS either keeping or delaying your tax refund we must place the repayment of the loan to be due on one of your pay dates for your protection. Further, since we do not file your taxes or know for certain the amount you will be refunded from the IRS, we must base your Refund Anticipation Loan amount on your income and cap the maximum loan amount at $1500.

Bank Account Required: In order to receive a loan you must have a bank account where the Refund Anticipation Loan can be deposited and repayment drawn from. In most cases the loan will be direct deposited into your bank account within 1 business day and repayment will be auto drafted from the same bank account. We want you to be aware of this so you deposit enough of your refund into your bank account to cover the loan and fees. If you wish to request to renew, extend or refinance your loan then you must contact the lender who will be there to assist you. A loan renewal, extension or refinance will most likely result in additional fees, charges or interest which you should discuss with your lender.

Income Tax Advances provides online refund anticipation loan services of one type or another in almost all 50 states. However, some states only allow for issuing of refund installment loans or refund lines of credit.

All Income Tax Advance lenders act as a credit service organization or credit access businesses (CSO/CAB) in Texas and are not the lender - loans there are made by third-party lenders in accordance with Texas Law.

This is an invitation to submit a refund anticipation loan application, not an offer to make a refund anticipation loan. No person applying is guaranteed to receive either a refund anticipation loan, tax refund loan in 1 hour, tax refund installment loan or tax refund line of credit.