No, you will not be able to get a tax advance if you already have filed your tax return. However, if you are in the process of filing and haven’t chosen how to receive your funds, then you will be able to choose “ tax advance return” as your form of payment.
If you are too late to get a tax advance but still need funding, there may be many options available. You can turn to personal loans, which are available for borrowers who have bad credit history. Although you won’t get 0% interest rates like you might with a tax advance, you can still find competitive rates with the right lender. And if there are no prepayment penalties, you can save on interest by paying back your loan early.
A tax advance return is a loan on your refund that you can receive much earlier than your tax return. And then when you do eventually get your return, you can use it to pay back that loan. Many people don’t like having to wait weeks or in some cases even longer for their tax return money to come. And so, a tax advance return can be a good way to see those funds quicker.
When borrowing a tax advance, amounts will be a portion of your estimated tax return, as little as $200 up to $4,000. There will be no interest on the loan, fees, or impact to your credit, making a tax advance extremely convenient and almost not like a loan option at all.
To accept a tax advance you will need to open an account usually with the place you are filing or a third party. The funds will be sent to that account and can be used with the corresponding debit card, which you will get after signing up.
A tax advance refund can be used to pay for all kinds of expenses, just like a tax refund can. Many people use their advance to take an early vacation, pay off debt, make home improvements, purchase a large ticket item like a car, or add to their savings account.