Tax Advance Loans: Can I Get A Loan On My Tax Refund?

Tax Refund Advance - Loan Alternative
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Tax Advance Loans

Although refund loans have changed it is still possible to get a tax refund advance loan against your anticipated tax refund. We have the answers about tax advance loans! In 2010 the IRS introduced policy changes that took effect in 2011. One policy shift in particular struck a major blow to lenders offering taxpayers advances on their anticipated tax refunds.

The decision by the IRS to revise their policy of no longer providing lenders and tax preparers with a particular report call the Debt Indicator had a major impact on their ability to access risk when making a tax refund advance.

The Debt Indicator report furnished notification as to whether or not all or a portion of a taxpayer’s anticipated refund would likely be seized by the IRS due to outstanding debts. Unpaid debts and liens for such items as back taxes, student loans, missed child support payments and other similar items can be withheld and seized by the IRS to pay these types of obligations.

In the past, anticipated tax refund loans equaled the total amount of your tax refund, up to $7,500. Loan amounts were flexible from one taxpayer to another. According to one national tax service firm, for the year 2011 they are a flat amount of $1,561.22. Your net check amount will be $1,500 after the lender’s charges are deducted. The company is not offering smaller loan amounts against pending refunds this year. There are additional costs you should also consider. Don’t forget to figure-in potential miscellaneous fees such as, lender charges for the credit investigation, a finance charge, a tax refund advance administration fee for the professional tax return preparer, tax return assistance fees, and other assisted refund fees may also apply and will likely be withheld from your total tax refund.

Today, based on my research, tax refund advance loans are more difficult to qualify for, more difficult to find, and the tax refund loan products of yesterday appear to have been revised or eliminated by some lenders as a result of IRS policy changes. One lender that I found now requires that you must have a minimum refund due of $2000 minimum to qualify for Tax Advance Loans.

Tax Refund Loans FAQ’s

Tax Refund Advance

For more information on income tax refunds and tax refund advances see our section on Tax Refund Loans FAQ’s.


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