Tax refund anticipation loans, rapid loans, and payday loans give instant access to cash very much like a 24 hour refund.
There are a number of financial services available that allow taxpayers to borrow money while their tax refund or paycheck is still being processed.
Online loans for cash amounts ranging from $200 to $1,500 are available while you wait for your tax refund. They are called rapid loans because you can receive the loan in a matter of one day or less. Some providers can wire you the money in 1 hour, others promise fash cash delivery in 24 hours.
24 Hour Refund
Payday loans and tax refund anticipation loans also fall under the category of rapid loans. While the IRS says it can process your tax refund in as little as 8 days, you may want the money sooner. Besides, a tax refund usually takes much longer than that — two to four weeks.
You can speed up the tax refund and receive a 24 hour refund by applying for a payday loan or tax refund anticipation loan. The lender will give you instant cash equal to the amount of your expected refund. Then your actual refund payment is used to pay off the cash loan.
Payday loans work similar to tax refund anticipation loans except the instant cash is borrowed against a future pay check instead of your tax refund. Apply for a payday loan to receive instant cash. Then, at a future date, your paycheck will be used to pay the loan back.
If you are like most, you want to learn that you are receiving a tax refund after you file your final return. Here are three benefits of receiving a tax loan or tax refund:
- A tax refund is your own money. But it takes time for the government to process it back to you. Receive instant cash by getting a tax loan. This is one of the best ways to speed up your refund.
- A tax loan represents extra money for your household budget. Since you did not have this money during the year, you should consider how it can help once you receive your tax loan or tax refund. You can put your refund towards debt or just save the money. You can apply it to your education or even travel expenses.
- A tax refund means you don’t owe the government any more tax dollars. Some tax professionals tell their clients that receiving a refund is a bad thing because it means they gave the IRS an interest free loan. But for most taxpayers, a refund is just another way to save money. And saving money is good for your personal budget.
Chris Bibey contributed to this story.