How soon can I get an advance on my tax refund?
January 30, 2009 by Tax Forum
Filed under Questions & Answers
Arthur asked:
I was thinking of going to HR Block. I need emergency cash for a car and since I’m a newer grad with bad credit, I can’t get a loan.
I was thinking of going to HR Block. I need emergency cash for a car and since I’m a newer grad with bad credit, I can’t get a loan.
ck-cfp on Mon, 2nd Feb 2009 3:41 pm
As soon as you get your w-2 and all other tax documents then you can go. You will usually get those by the end of January.
Getting those loans are costly though. If you can wait a couple of extra weeks for a direct deposit, then you will likely be able to put more money down on your car.
FYI- Don’t try to file before you receive all your tax documents or it could come back to haunt you in a couple of years.
Beaverama on Wed, 4th Feb 2009 1:30 am
Whatever you do, don’t use HR Block cash advance. They charge ungodly interest rates and you’ll pay far more than you should and they will take a huge chunk of your refund. They have been sued over their unfair lending practices.
You can’t get the tax refund advance till you file your taxes anyway – and you probably won’t have all your documentation until the end of January. If you file electronically in late January or early February as soon as you have all your paperwork, you should get your refund from the IRS pretty fast – within a few weeks. Not worth what they will charge you for their cash advance.
src50 on Sat, 7th Feb 2009 8:16 am
Ask HR Block.
travelguruette on Mon, 9th Feb 2009 1:36 am
The HR Block program is a line of credit. It is not enough to buy a car with unless it is a cheap car and credit does matter. It is not an advance on your taxes.
Trace T on Thu, 12th Feb 2009 5:19 am
Arthur, Go to your bank and discuss a cash advance loan with them. In emergencies, sometimes the bank is more understanding than you might think they are.
Sometimes the Salvation Army will pull through as well,if you have one in your area.
Take time to look into your community for support, but some people don’t have all the options that come with an understanding community.
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