If you’re like many people this tax season, you may have just discovered that your usual rapid refund won’t be so rapid this year. In recent years, due to new IRS regulations and tighter credit markets, traditionally easy-to-obtain rapid refund loans or Refund Anticipation Loans (RALs) have become less available.
A simple Internet search will reveal many people discussing the embarrassing and frustrating situation of being turned down for a refund anticipation loan after having their taxes prepared in the same way, and often by the same preparation service, they’ve used year after year. Many of these consumers have been granted refund anticipation loans each and every year they’ve applied and they assumed they’d always have that option.
Unfortunately, some of these consumers are turned down for instant refunds or even for refund loans that simply speed up the process and are now in a position of having made financial commitments they can’t meet. While no one thinks that the loans were guaranteed to them, it is a surprising reality for many who have come to rely on the loans every tax year.
For those who file electronically, it can take 10 days or longer to receive an IRS refund, and for those who mail in their returns the wait can easily reach over a month. This wait time can make all the difference for people who are trying to avoid late fees, bounced checks, reconnection fees and other financial penalties that can really add up when you are short on cash.
If you’re still weeks away from receiving your tax refund check in the mail, you may want to consider an alternative –an unsecured short term cash loan, or advance, on your anticipated tax refund amount. Small cash loans like these are relatively simple to obtain. You must meet basic requirements, but generally you won’t need to worry about being turned down for having bad credit. There are many lenders who work with people with damaged credit in order to help them obtain the cash they need. The best part about using a short-term cash advance is that the money you need can be accessed, if approved, as soon as the next business day.
A short term cash payday loan based on your future income can help to eliminate the wait time, the paperwork, and the stress associated with traditional loans, and with recent developments, RALs. Many cash lenders have similar basic requirements, such as U.S. citizenship, a job with a steady income, and a bank account that has direct deposit so that the funds can be deposited into your account as soon as possible upon approval.
Rather than wait for your cash to arrive from the IRS, consider the proactive step of seeking out a short term cash payday loan.
