If you insist on getting a tax refund anticipation loan, please perform your due diligence. Go for the fee free loans of up to $1,300 and by all means stay away from the lines of credit and all other loans that charge fees and hefty interest.
If for some reason you can’t get a free anticipation loan, you’re much better off simply waiting for your tax refund to come in. If you want to speed up that tax refund here’s what you should do:
Do you use an anticipation loan?
File Early – You can file your taxes as early as Jan. 1 st although we estimate that the IRS won’t start accepting returns until . You can use a tax prep service or file online through one of these places.
Don’t Forget About The Delay For EITC and ACTC – If you are filing with the Earned Income Tax Credit or Additional Child Tax Credit, your return will automatically be held until February 15 to be processed, so you likely won’t even get your return until late February or early March.
Have All of Your Information Together – Before you file make sure you have everything that you need. Impatience could cause an error on your part and delay your tax refund. Here’s a list of items you’ll need to file.
File Electronically – Filing electronically is much quicker than filing a paper return and should result in a faster refund. Remember, if you file by mail, you have to mail in your return (takes about a week), and the IRS has to manually put it into the system (adds about 3-4 weeks). Filing by mail typically adds 12 weeks to your original direct lender payday loans in Alabama 21 days if you e-file.
Use Direct Deposit – Using direct deposit is the quickest way to receive your tax refund. If you opt for a check, you’re only adding time to get your refund. The IRS has to send your information to the check printers, and then they mail it to you. That process adds at least a week to your refund.
Tax refunds are typically given received within 21 days of your tax return being accepted which means you could receive your refund via direct deposit as early as February 20. Although due to a new tax law you might not see your refund until a few weeks after that date.
If at all possible, wait for your tax refund to come in from the IRS. If you absolutely need to your refund early, opt for a fee-free loan and stay away from the lines of credit.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site .
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.
Can You Get A Refund Anticipation Loan With Bad Credit?
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