Thinking Of A Tax Refund Loan ? Here's A Better Idea..

Thinking about a tax refund loan? You may want to rethink that idea. First and formost tax refund loans are expensive..very expensive. Federal courts have ruled that the interest rate of tax refund loans cannot be capped and annual rates usually run anywhere from 50 to 500 percent, and APRs as high as 774% have been reported. Another problem with a tax refund loan occurs when the amount of the tax refund is less than the loan and associated fees. Therefore, should you incorrectly file your return, you could wind up owing a healthy sum. Also, a tax refund loan typically takes approximately 10 days from the date of application to payout. So in addition to being expensive, tax refund loans are also speculative and time consuming.

So what is a better idea? How about Payday Loans? A payday loan is always cheaper than a tax refund loan. In addition a cash advance from a payday loan is quicker than a tax refund loan. A payday loan can be approved within a matter of hours and there is typically no credit check nor are you required to fax anything as the entire loan application can be accomplished over the internet in the comfort of your own home. Your money is typically deposited in your checking account the same day.

Advantages of a payday loan over a tax refund loan include a less expensive loan, getting your money the same day applied for, fast and simple online application with no faxing required, no application fees, the money is deposited directly into your account, and in most cases, flexible payment options. So this tax season, if you are thinking about a tax refund loan.. think again. Tax refund loans are expensive, time consuming and make perfect setups for fraud. In fact many states are currently considering outlawing them. Get the money that you are entitled to with a less expensive, safer, and quicker payday loan.