Good question and the answer is: it depends. There are some companies who claim to give anticipation loans without a credit check (like Jackson Hewitt, for example) others will require credit checks and some may charge higher fees if you have bad credit.
If you’re planning on getting an anticipation loan, your best bet is to simply call and ask the tax prep service provider you plan on going to about the details beforehand.
Who Offers Refund Anticipation Loans?
Thanks to refund anticipation loan regulations over the past few years, many of the companies who formerly offered refund anticipation loans no longer do.
However, there are some companies that do still offer anticipation loans, although they look much differently than the expensive ones of the past.
TurboTax Refund Advance
TurboTax Refund Advance can give you up to $3,000 in less than a day! They estimate that most Rhode Island payday loans loans will be closed within 3 hours of IRS acceptance of the tax return. Even better, you can get the advance with $0 loan fees and 0% APR.
The refund advance is available in in amounts of $250, $500, $750, $1,000, $1,500, $2,000, $2,500, and $3,000. The amount you can get is roughly 50% of your expected tax return amount.
Your loan will be available on a Turbo® Visa® Debit Card issued by Green Dot Bank. You can get an online confirmation and use the online funds immediately.
H&R Block Emerald Advance
H&R Block Emerald Advance – H&R Block seems to have departed from traditional refund anticipation loans and now offers the Emerald Advance starting as early as November each year.
The Emerald Advance is a line of credit of up to $1,000 issued before the Christmas season and that must be paid back by February 15 th the following year. As long as the loan is paid back by Feb. 15 then loan holders may be eligible to keep their line of credit for the entire year.
It’s important to note that the H&R Block Emerald Advance is much riskier than a traditional anticipation loan as it is a line of credit with interest and NOT a one-time loan secured by your tax refund.
- $45 annual fee for opening the account
- 36% APR
Jackson Hewitt is offering up to $700 with an early tax refund loan. All you need is a paystub or proof of income and you could qualify for up to $700 at participating locations.
To find out, see if you can prequalify now. 0% APR Loan by MetaBank®. Terms Apply. Then head to a participating location starting December 16, with your paystub or other income verification. If you’re approved, you can get your tax refund advance on a prepaid debit card with no cost.
Liberty Tax – Liberty Tax offers easy advance loans in the amount of $500 – $1,300 for tax payers who qualify. These loans are secured by your tax refund are available in the form of a check printed in the office, prepaid MasterCard or direct deposit.
Alternatives To Refund Anticipation Loans
Have you ever thought about simply getting a personal loan? I know this might sound a bit weird, but you might get more money, a better interest, and an all around better deal.
A personal loan can be a great way to pay off high interest credit card debt, consolidate multiple loans, get your car or house fixed, and more. The helpful feature about these loans is that you have a set payback period – versus having to do your taxes and then waiting for the return.