Need Cash Quick? A Refund Advance Loan Might Be Just What You Need!
Unlike traditional personal loans, refund advance loans are designed to be repaid all at once, using your income tax refund. Most often they are sought in the first part of the year, when holiday bills are coming due and that annual bonus hasn’t arrived yet. Since the goal is for your refund to repay the loan, so you never have to take anything out of your paycheck for it, the amount is based on an estimate how much of a refund you’re expecting. There are a few fees involved as well, so taking them into account is important – as is having a realistic conservative view of your repayment ability.
Refund Advance Loans Are Quick and Simple to Apply for and Receive
A brief online application is all it takes to get a refund advance loan. You can apply even if you haven’t filed your tax return yet, because proof of your refund amount won’t be required – however the whole amount will be due to be repaid even if you receive less than you borrowed, so it’s wise to be prudent and realistic when making your request.
Your application will take only seconds to be approved by one of our direct lenders, and you will be presented with all the pertinent information immediately – loan amount, interest rate and total amount to be repaid, etc. The refund advance loan funds will be deposited to the same bank account that the payment will be drafted from; you should have your refund direct-deposited into that account, or deposit the check into it when it’s received, so the process is seamless and you don’t need to remember to write a check or make a phone call to repay the loan.
Let’s Talk About Refund Advance Loan Fees
Of course there are some fees associated with refund advance loans. There are no “up-front fees” with our loans, unlike some other places. The amount you borrow is the amount you get – but the fees are added onto the repayment end. The primary cost is interest, which you can expect to be higher than other types of loans because you’re paying for the speed and convenience. If the repayment funds are not in your bank account when the payment is drafted there will be a fee for that, similar to the way your bank charges you for “bouncing” a check. Finally there is what’s called a loan extension fee – if circumstances make it so you need a more time to pay back the loan, you can arrange that with the lender and there will be a fee associated with the extension.
What Questions Should I Ask Before Applying for a Refund Advance Loan?
It’s important to be informed! Borrow smart! Read the application materials, the terms and conditions, and don’t sign or agree to anything you don’t understand. Here are a few things you’ll want to ask, find out, or consider when applying for a refund advance loan:
• What is the dollar amount of the interest you will pay if you repay on time?
• What happens if you need extra time?
• What happens if you don’t get as much of a refund as you expected?
• What are the additional fees?
• What day is your repayment being drafted from your checking account?