Income Tax Refund Anticipation Loans
A Refund Anticipation Loan (RAL) is money borrowed by a taxpayer from a lender based on the taxpayer’s anticipated income tax refund.
Sometimes a taxpayer like you will need their refund faster than can be reasonably expected from the IRS. This is where the Refund Anticipation Loan comes in handy. If you’re approved for a Refund Anticipation Loan, you can have your money in as little as 24 to 72 hours. You can then pay off the loan with your tax refund from the IRS.
Our participation in your Refund Anticipation Loan is regulated by the IRS so you know we’re treating you fairly. At E & K Tax Service you can expect full disclosure of the terms of your Refund Anticipation Loan.
Here are some things you need to know about Refund Anticipation Loans:
- That by agreeing to a RAL or other financial product you will not receive your refund from the IRS as the IRS will send your refund to the financial institution making the loan (not E&K Tax Service).
- RALs are interest bearing loans with specific due dates.
- We adhere to Fee Restrictions and Advertising Standards established by the IRS.
- We charge a flat fee for that assisting you in applying for a Refund Anticipation Loan.
- Our fees are not based on the amount of your refund or any percentage of the refund amount.
- We do not compute your refund loan applications fee using any figure from your tax return.
We recommend that you weigh the benefits of receiving your money quickly against the cost of a Refund Anticipation Loan and do what is best for you.
