Refund Anticipation Loans Gives Filers Options
As a lender that does NOT file your taxes for you, we cannot be sure you have an income tax return coming or the amount of your refund, so a slightly higher interest rate will be charged, do to the risk involved. While a Refund Anticipation Loan is usually offered by a tax preparer that is not the case with National Cash Credits Refund Anticipation Loans. We do not file your taxes for you and your refund does not come to us but instead comes directly to you. Our “1 hour” or “24-hour” refunds are not your actual refund but is instead a loan that comes with interest that you repay when you receive your refund. Being a loan you will have to pay interest which will reduce the amount of your overall refund you’ll have available to spend.
Refund anticipation loans give filers the option to pay a little interest to get their expected tax refund from within 1 hour to 24 hours. Again, we are not a tax preparer but instead are a lender. Your loan will be set to be repaid on your next payday, so if you don’t receive your refund by your payday then you may have to extend the loan until your following payday which will cost you a bit more. National Cash Credit customers can get a maximum of a $1,500 anticipation loan, which could carry a higher APR among other charges. That interest covers the borrowers use of the money and the expenses and risk incurred by the lender. Income tax refund anticipation loans are easy to file for and the cash will be in your bank account within 1 hour or by the next business morning.
What to know about Refund Anticipation Loans
Before you sign up for a Refund Anticipation Loan, here are some things you should know.
- A refund anticipation loan is NOT a tax refund. Many people think the check they get from National Cash Credit is their tax refund. This is false. A Refund Anticipaiton Loan is a loan. It is NOT an “instant refund.” The cash you receive is less than your actual refund because of the fees that are charged. While the interest rate on a refund anticipation loan may seem high, by law it is shown as an annual interest rate, but borrowers will never have the loan out for a year.
- A refund anticipation loan may not cover your entire refund. Many people get more of a refund then what they borrow. That is not true. If your refund is $3000 and you get a refund anticipation loan for $1500 then when you receive your refund you pay back the $1500 with interest and you keep the rest.
- A refund anticipation loan can help or damage your credit. If you do not get the tax refund amount you anticipated, you are still responsible for repaying the loan and any associated interest. If you’re unable or choose not to repay the lender then you can be reported for an unpaid debt to a credit agency which will negatively affect your credit report. However, paying back a refund anticipaiton loan can also help your credit by being reported as a paid loan.
- You are not required to take out a refund anticipation loan. Tax preparers’ main responsibility is to prepare your taxes. If they offer you a Refund Anticipaiton Loan, you can refuse to take out the loan. Since National Cash Credit is not tax preparer you must come to us to apply for a loan. National Cash Credit provides loans to those who use tax preparers that don’t offer refund anticipation loans or who initially choose not to receive a refund anticipation loan and then determine that they need their refund faster.
Bad Credit Refund Anticipation Loans
A Refund Anticipation Loan from www.nationalcashcredit.com is available to those who are employed, have a bank account and are expecting to receive a refund even if they have bad credit or no credit. Thats right, those with bad credit or no credit can qualify to receive a refund anticipation loan.
by “Ray West”