Are you expecting a tax refund this year?
Many people are looking for Christmas Holiday loans or tax refund cash advance emergency loans. That’s why several tax preparation companies are providing tax refund advance loans.
These 0% interest rate loans are usually available from mid-December to mid-January and range from $250 to $4000 dollars.
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Where to Get Tax Refund Advance Loans
Tax filing companies like H&R Block, TurboTax, and Jackson Hewitt understand that having some extra cash this time of year can really help, which is why they are offering brand-new Tax Refund Advance Loans for 2023, and 2024.
Learn how each of these tax refund advance programs works:
How Does the TurboTax Refund Advance Loan Work?
If you’re one of the millions of Americans who is expecting a tax refund this year, you may be wondering how you can get your hands on that money as soon as possible.
One option is to apply for a TurboTax refund advance. This loan allows you to receive your refund before it’s actually deposited into your bank account.
One of the biggest benefits of the TurboTax refund advance loan is that you can get your money very quickly. In many cases, you can receive the funds within 1 hour of approval.
Refund advances are available in amounts of $250, $500, $750, $1,000, $1,500, $2,000, $2,500, $3,000, $3,500, and $4,000.
If you’re expecting a federal refund and are using TurboTax to file your taxes, you’ll have the option to apply for a Refund Advance when you select your refund method.
How Does the H&R Block Refund Advance Work?
The H&R Block Emerald Refund Advance offers tax refund advance loans. You must have at least $1,000 in expected refunds to qualify. Loan amounts range from $250 to $3,500.
In most situations, you can expect your money to be available on your H&R Block Emerald Prepaid Mastercard on the same day. Then you have the option of transferring these funds without paying a fee.
The only requirement is that H&R Block must have prepared your taxes. The minimum tax preparation fee is $59, which applies mainly to simple tax returns.
Only participating H&R Block offices provide this service, and the deadline is February 28th.
How Does the Jackson Hewitt Refund Advance Loan Work?
The Jackson Hewitt Loan Advance for 2023, 2024 works with MetaBank to issue refund advances. So depending on your expected refund, you could take out a Holiday, Christmas, or emergency loan for as little as $200 or a loan that’s worth as much as $4,000.
It typically takes just a few hours to get your money if you’re loading it onto a prepaid debit card. However, take note that direct deposits could take up to five business days.
To be eligible, you must make sure that you have your taxes prepared at Jackson Hewitt, and you must have some form of income verification. The Jackson Hewitt Refund Advance Loan option starts on December 14th and ends on January 17th.
How Does a Tax Refund Loan Work?
Most tax refund loans are available within 24 hours. These secured loans are held against your tax refund. When the refund arrives, the lender will take the money lent to you out of that refund before the rest of the money is sent to you.
You’ll only be able to get one of these loans if you’ve submitted your taxes through a tax filing company like the ones listed above. Companies typically have requirements on how much money they’ll lend you. It’s usually based on the size of the refund.
Last tax season, more than 75% of filers got a tax refund, with the average federal tax refund being about $2,766. For many, their return may be the largest lump amount of money they get all year, and with the holidays approaching, those monies may be an excellent method to pay off that extra spending.
How Can I Spend My Refund Advance?
If your refund advance is approved, you will receive an email with instructions on how you can start spending your money. If Visa or Mastercard is accepted as a payment method, you’ll be able to use your virtual card immediately. You will also receive a Visa or Mastercard Debit Card within 5-10 business days.
It is also possible to withdraw physical cash from more than 19,000 free ATMs throughout the country. With so many perks, a tax refund advance could be the best option for your refund.
How Do I Get a Tax Refund Advance?
If you are eligible, it’s easy to get a tax refund advance. Therefore, when you file your taxes, you should select the Refund Advance option as your refund option of choice.
Once approved, you will receive a virtual card to spend your money. You will also receive a Visa or Mastercard Debit Card within 5-10 business days.
After the IRS processes your return, any remaining dollar amount not issued through your Visa or Mastercard Debit Card will be sent to you within 21 days.