Early Refund Advance and Fast Refund Advance

During the period leading up to your tax return, RapidTax provides Fast Refund Advance, a solution for financial assistance in the form of quick tax refund loans. These loans are specially designed to help bridge the gap between filing your taxes and receiving your refund, enabling you to access funds based on your anticipated tax return.

Getting an advance on your tax refund, known as a “refund advance,” is a way to receive your refund sooner. Rather than waiting for your tax return, a tax preparation company can provide you with a loan that gets repaid once you receive your refund. It is common for tax professionals to insist that clients have their taxes prepared by them, often involving a charge.

When can I apply for a Fast Refund Advance loan?

During the late months of 2024 and early 2025, select locations offered the Early Refund Advancement to customers seeking quick tax refunds. Following this, the No Fee Fast Refund Advance became accessible at numerous locations starting in January and continuing through February of the same year.

How does the Early and Fast Refund Advance loan get repaid?

When the balance you owe exceeds your tax refund, the deduction is made directly, subject to the limitations set by state regulations. Should the current year’s tax refund fall short of settling your debt entirely, any refunds from the subsequent tax year handled through Jackson Hewitt may be used to cover the remaining loan balance if deemed appropriate.

What documents do I need for an Early Refund Advance Loan at RapidTax?

During the period of December 2024 to January 2025, Advance Tax Refund Loans are available for early access before tax filing season, allowing you to apply without needing to submit all required tax documents upfront.

To ensure the most accurate estimation of a client’s tax refund, it is essential to present RapidTax with the latest pay stub(s), evidence of additional income, a government-issued ID or driving license, and the Social Security card(s) for all individuals included in the tax return.

What documents do I need for No Fee Fast Refund Advance Loan?

For those who have successfully obtained an Early Refund Advance loan, the next step involves applying for a No Fee Fast Refund Advancement loan. In order to finalize your Refund Advance loan request, it is necessary to submit your tax returns along with your W2 and other tax-related paperwork by the end of February 2025 through the RapidTax platform.

Will getting a Refund Advance loan affect my credit score?

When considering a Refund Advancement loan, you might wonder about its effect on your credit score. Rest assured, applying for an Early Refund Advance or Fast Refund Advance will not have any impact on your credit rating.

Do I need a good credit score to be eligible?

Approval for a Refund Advancement loan is accessible to clients regardless of their credit history or past credit rejections from other institutions. The loan approval process hinges on the bank’s underwriting criteria, which considers factors such as the client’s tax refund amount.

Can I prepare my taxes using my pay stub?

To prepare your tax preparation for the 2024 tax year, simply have your pay-stub ready when you begin the process with RapidTax. In the weeks leading up to December, consider bringing in your most recent pay stub to determine your eligibility for potentially receiving an Early Refund Advancement of up to $1,000 during your appointment. When the new year begins, it’s time to gather your W2 and necessary tax paperwork for the upcoming tax season.

If I have several jobs or receive unemployment checks, what documents do I need when applying for an Early Refund Advance loan?

During the time that the Refund Advancement loan initiative is in effect, individuals have the opportunity to seek an Early Refund Advancement loan. To begin the process, present your most recent pay stubs from all sources of income, along with any relevant unemployment paperwork. This information assists us in providing an accurate estimate of your anticipated tax refund and assessing your eligibility for a loan application.

Find your dedicated tax professional at Rapid Tax to guide you through from start to finish.

What Is a Tax Refund Advance, and Where to Get One?

Exploring the concept of a tax refund advance and determining the ideal source to obtain one can be a valuable endeavor. Similar to any other type of loan, a tax refund advance presents its own set of advantages and disadvantages.

If you’re looking for some extra money while eagerly awaiting your tax refund, you may be considering the option of a tax refund advance loan. These loans, which are offered exclusively during tax season, give you the opportunity to borrow against the anticipated amount of your tax refund, often without any added interest or fees.

Like any other form of borrowing, a refund advance has advantages and disadvantages.

tax refund advance

What is a Tax Refund Advance?

Upon completion of filing your taxes, the government will provide you with a refund in order to rectify any excess taxes paid throughout the year. Nonetheless, receiving this money is not an immediate process; one must patiently await its disbursement from the government.

When seeking immediate access to your refund, consider a tax refund advance, also referred to as a rapid advance loan. Available through your tax preparation service shortly after filing, this temporary loan allows you to borrow a portion of your projected tax refund. Keep in mind that interest rates and associated fees for these loans will differ between different providers.

How Does a Refund Advance Loan Work?

Tax preparers offer various terms and guidelines when it comes to refund advance. These can include fees and interest, or they may provide free financing. Regardless of the specifics, the process typically unfolds as follows.

In order to obtain a tax refund advance loan, it is usually necessary to submit your tax documents to the same preparer offering the refund advance loan. While it may be possible to complete this process online, certain companies may insist on in-person filing.

When reviewing your application, the tax preparer will carefully assess various factors such as your income, tax credit, and tax return. These elements play a crucial role in securing loans dependent on your tax refund. Although approval is generally accessible, it is important to note that it is not guaranteed.

In order to receive the loan, certain tax preparers may insist on the condition that you establish a dedicated checking account or prepaid card.

If approved, you can often get the funds on the same day.

Regarding your tax refund, the loan amount and any additional fees will be subtracted. Afterward, the provider will transfer the remaining funds from your tax refund to either your checking account or the prepaid card you initially opened when applying for the tax refund advance loan.

In the event that your tax refund is unexpectedly reduced or delayed, you may find yourself with an outstanding balance. 

To better understand the repayment options, it is advisable to inquire with our RapidTax Dedicated Tax Professional about the potential.

What are the Good and Bad of a Refund Advance?

Before considering this financial option, exploring the advantages and disadvantages of a tax refund advancement is essential. If you need immediate funds and anticipate receiving a tax refund sooner, a tax refund advance loan can provide a convenient solution. Nevertheless, it is crucial to familiarize yourself with any potential drawbacks before proceeding with the loan application process.

Advantages of refund advance loans

  • Rapid Access to Cash
  • No Initial Interest or No Initial Fees with Rapid Tax
  • Easy to Qualify to Apply

Disadvantages of refund advance loans

  • Interest and fee charges with some exceptional refund advance lenders
  • In debt situation if your tax refund is delayed or insufficient to pay the loan amount
  • Alternatives to a tax refund advance

When faced with a sudden need for cash, there are numerous alternatives to relying solely on a refund advance loan. In times of financial urgency, one option is to seek a personal loan lender who can provide funds within a day.

In Summary

When it comes to filing your taxes, a tax refund advance loan offers a quick and convenient method for obtaining cash. Getting approved is a simple process, and even RapidTax may offer this service without any interest or fees please find your free dedicated tax professional. However, it’s important to consider alternative options before committing to borrowing against your tax refund funds that still need to be in your possession.

What is an Identity Protection PIN (IP PIN)?


Fraud can happen to anyone.

If your social security number was used fraudulently in the past, the IRS assigns a six-digit PIN to you; the Identity Protection PIN (IP PIN).


In order to receive an IP PIN, you will need to meet the following:

  • You received a CP01A notice which will have it located at the bottom of the first column
  • The IRS sent you a letter inviting you to opt-in for the IP PIN
  • You were a resident of Florida, Georgia or the District of Columbia, Michigan, California, Maryland, Nevada, Delaware, Illinois or Rhode Island last year

Note: Taxpayers who experience identity theft after they receive the CP01A notice will need to file the Identity Theft Affidavit

The steps on getting an IP PIN

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