A tax refund loan is similar to a payday advance loan. An income tax refund loan can provide you with immediate funds based on you refund amount.

It usually works out just fine for most consumers but it can get you into trouble if there has been an error on your return and you receive less then you borrowed. The IRS has actually considered banning tax refund advances. There can also be some hefty charges for borrowing against your tax return.

There are many ways to file and receive your income tax return:

• File on paper and mail your return
• Pay a professional tax preparer
• File online and advance your refund
• File online and receive direct deposit

All of these options offer advantages and disadvantages. The simplest and most cost effective way to file your return would be to file online using tax preparation software such as TurboTax online. These services can help you avoid making costly mistakes and can get you the biggest refund guaranteed. TurboTax for instance offers free filing for simple returns.

Filing online can get your refund money in as little as seven days. It isn’t quite as fast as a tax return loan but if you plan ahead, you could save yourself a bundle by waiting just one week. Most tax return anticipation loans charge you around 100%-200% APR.

Tax refund loan advances were originally developed to avoid the 8-10 week waiting period to receive your check from the IRS. With all the new technology, those days are over so definitely try to steer clear of high interest tax refund loans.

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