CAN I GET A LOAN ON MY INCOME TAX REFUND?
Tax refunds are a return of the excess amount of the income tax that a taxpayer has paid to the State or Federal Government within the past year. Tax advance refunds are a free short-term loan that helps to get a part of the amount that will be refunded to you, in a short span of time.
The answer to the question whether it is possible to get a loan on your tax refund is yes, but only if the tax agent that you have appointed offers the service. Mostly, they do not offer the loan directly; instead, they lend you the money through a certain bank. The amount you can get is based on your expected tax return refund.
It is important to keep in mind though that these types of loans are only useful if you are in a cash crunch or you will be doing something which is going to be productive and guarantee you profit. You may receive the tax advance refunds on the same day or within 24 hours after the application. This would usually depend on the tax agent that you have chosen. A Tax return usually takes no more than 21 days, but certain tax returns may be sent out after 3 weeks as it may take longer to review.
Another factor that you must consider is if you are eligible to get the tax advance refund. If you are expecting to receive a refund from the ATO, then you are most likely eligible to apply for the advance refund. The loan that you can receive depends on the refund amount that you are expecting. Again, this also depends on the tax agent that you choose. The short-term loan that you will be receiving will be offered to you by your tax agent with no interest or fees.
Tax advance refund may impact your credit depending on the inquiry your bank has made. If the bank makes hard inquiry, then it may impact your credit score. Likewise, if the bank has just made a soft inquiry then it will not impact your credit.
- Hard enquiry: Hard enquiry generally refers to the hard pulls that shows up in your credit card usually from your car loans or student loan and so on.
- Soft enquiry: The soft pulls do not show up in your credit card and is called soft enquiry. This type of enquiry does not impact your credit score.
In some cases, the amount that is expected to be refunded may end up being less than the tax advance refund amount. This may be due to your tax agent’s miscalculation of the expected tax return. But there are times when the ATO may decline or reduce the deduction.
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