come in with your last check stub and get money the same day. I know credit should be one.
2007-01-09 20:14:13 · 7 answers · asked by tee tee 1 in Business & Finance ➔ Taxes ➔ United States
Of course you have to be careful when taking out any loan. There are places that will fleece you.
Some of the tax preparation places are not any worse than a regular bank loan. Call your local national tax prep place and ask, or go to their websites to find out more about these loans that use an estimate of your refund to give you a cash advance that you can pay back with part of your refund.
As an example, the H&R Block instant loans introduced this year charge an annual rate of 36% if you take your money on a debit card. If you borrow $1,000 for two months, this comes out to an interest charge of $60.
This is less interest than a credit card cash advance that charges interest plus a 3% up front surcharge, which for a loan of 2 months is 18% just for the surcharge, and add to it the credit card rate of 21% and you are paying 39% annual interest.
If these advance refund loans are good for a particular person is something they have to decide themselves.
2007-01-10 00:05:06 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
I went across the net and discovered a lot of trash. After all this webpage worked for us: loandirectory.info-
RE What's the catch with the instant money loan?
come in with your last check stub and get money the same day. I know credit should be one.
2014-09-06 05:29:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Almost certainly, the interest rates.
"Instant" loans are a higher risk for the lender than the sorts of loans where the lender does a lot of checks on you. So, in the case of an instant loan, the lender will charge a higher interest rate (a) to reduce the risk to him/her, and (b) because s/he will be lending to people who have been refused credit elsewhere, and who therefore have less choice.
If you can avoid using that sort of a loan, do so, as it will simply help to keep you poor.
2007-01-09 20:24:25 · answer #3 · answered by Spell Check! 3 · 1⤊ 0⤋
Similar questions have been asked on this and other tax BBs. The link below will take you one and that message has a link to even an earlier question. Drill down into both. As said above, the fees and interest rates make theses things stink!
At the end of the process you are out a lot of $$$. If your bookie is not threatening to bust your legs by Friday, I agree with the poster to file ASAP and get your refund direct deposited.
2007-01-10 06:53:37 · answer #4 · answered by zudmelrose 4 · 0⤊ 0⤋
Ok this is what it is. The people saying intrest don't know what they are talking about. You have to be getting at least $3500.00 back on your taxes, most of them you have to be a prior year client. The bank checks your credit to make sure you don't owe child support or the government. You can't have a schedule C on your return and you only get up to $1800 back and then once the IRS starts to accept them electronically then you get the rest of your money within 12-72 hours after their acceptance. go to www.shaydzofluv.com for a free estimate.
2007-01-10 12:48:42 · answer #5 · answered by shaydzofluv 2 · 0⤊ 0⤋
THe real deal is the interest. These loans are not controlled by the feds like many other loans & some can charge up to 300% APR. They are not good loans to take.
2007-01-09 20:19:26 · answer #6 · answered by Anonymous · 2⤊ 0⤋
You will end up paying a very high interest rate to get the money now, however if you e-file and have it set up to direct deposit, you will get your refund in about 2-3 weeks. I suggest just waiting if you can.
2007-01-09 23:39:47 · answer #7 · answered by Michael B 1 · 1⤊ 0⤋
The interest rates are usually why they are so quick to let you borrow. You borrow 1,000, you pay back 4,000. Not a wise loan!
2007-01-09 20:23:20 · answer #8 · answered by selysammi 3 · 1⤊ 0⤋