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.
