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How to Get an Advanced Tax Refund Loan This 2023

Short-term loans known as tax refund advance loans are repaid with your upcoming IRS tax refund. Loan amounts can range from $250 to $4,000, and they are typically made available from December to February.

Once the tax refund has been issued, the loan amount is subtracted. Some loans can be disbursed as a direct deposit to a bank account or as a prepaid card within 24 hours or a few days.

According to an article published by Nerd Wallet on December 7, 2022, you may have to pay a tax preparation fee if you choose to have your taxes prepared by the company providing the loan in order to be eligible for a tax refund loan. Companies may have different minimum refund requirements for tax preparers, and you might only receive a portion of your anticipated refund in advance.

When you file your tax return with a tax preparer, you also submit an application for the tax refund loan. The size of your anticipated refund may have an impact on your eligibility. Identity verification, a review of your tax return inputs, and a history check are requirements for tax refund advance loans.

Once your application has been accepted, you can usually quickly access the loan amount on a prepaid card, which might have its own limitations and fees, or the money will be deposited into your bank account.

When the IRS releases your refund, the tax preparer will deduct the loan balance and interest from it.

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