Refund Advance

Advance on Refund

An "advance on refund" is a financial service allowing taxpayers to access their anticipated tax refund before the official IRS processing is complete. This advance is typically offered by tax preparation services or financial institutions, often with fees or interest. It provides immediate funds to taxpayers who need cash quickly, but it is important to understand that the advance is repaid from the actual refund once it is issued by the IRS. Taxpayers should carefully consider the terms and costs associated with such advances, as they can impact the overall amount received and affect their financial planning.

A Refund Advance Loan from Refund Advantage for $250, $500, or $1,000 carries a 0% APR. That means the fee to you is $0. We also have the ability to deduct the tax prep fees from your refund - only if wanted.

For Refund Advances of $1,250 or more - the loan carries a 36% APR. Here is what that means... If approved for a Refund Advance Loan greater than $1,250, you will be charged interest. The amount of interest you are charged depends on how many days it takes to repay the advance from your tax refund. In other words — if your tax refund is processed and deposited by the IRS or State quickly, you’ll pay less than if your tax refund takes longer to be released. Don’t worry though! We cap the interest charges at 60 days. So, the charges to you will stop at 60 days if your refund is delayed.