A fast tax advance is a short-term loan that gives taxpayers quick cash based on their anticipated tax refund. This advance helps cover urgent expenses like rent, utility bills, medical costs, or car repairs before the IRS processes the return. With quick approval, same-day funding, and amounts up to $7,000, a tax refund advance is ideal for those needing fast financial relief. Funds can be disbursed via direct deposit, paper check, or Visa debit card, with repayment automatically deducted from the IRS-issued refund. It’s a hassle-free way to access your money sooner!

The time it takes to receive a Fast Tax Advance depends on the lender and the method of disbursement. In many cases:

Same-Day Approval: Approval for the advance is often completed within minutes to a few hours after applying. Funding Time: Once approved, funds can be deposited into your account as quickly as the same day or within 24-48 hours, depending on your bank.

Funds may be disbursed via:

Direct Deposit: Typically the fastest option, often within hours.

Paper Check: May take an additional 1-3 days, depending on delivery.

Visa Debit Card: Instant funding is possible, depending on the lender.

For the quickest access, ensure all required tax documents are ready and accurate when applying.

Clients are not automatically approved for a Fast Tax Advance. Approval depends on several factors, including: Eligibility Requirements:

-Having all required tax documents ready and accurate.

-Meeting the lender's approval criteria.

Expected Tax Refund:

-The advance is based on your anticipated refund, so approval is tied to the amount and eligibility of your refund. Creditworthiness (in some cases):

Some lenders may perform a soft credit check.

While Fast Tax Advances often have high approval rates, not all applications will qualify, and approval is not guaranteed. Ensure you provide complete and accurate information to increase your chances of approval.

If you are not receiving a refund, unfortunately, you would not be eligible for a Fast Tax Advance. These advances are based on your anticipated tax refund and are repaid directly from the refund once the IRS processes it. If you’re not expecting a refund, the advance cannot be offered as there is no refund to secure the loan.

The underwriting criteria for a Fast Tax Advance can vary depending on the lender or provider. However, the general requirements typically include the following:

1. Anticipated Tax Refund: The amount of the loan is based on the taxpayer’s expected refund amount. You must be eligible for a federal tax refund to qualify.

2. Completed Tax Return: Your tax return must be accurately prepared and ready to file. In many cases, the return must be submitted electronically.

3. Verification of Identity: Government-issued photo ID (e.g., driver’s license or passport). Verification of your Social Security number or Taxpayer Identification Number (TIN).

4. Income Proof (Optional in Some Cases): Documents showing consistent income may be required. Helps demonstrate ability to repay if additional underwriting factors are considered.

5. No Outstanding Tax Liabilities: You may not qualify if a portion of your refund is offset for federal or state debts (e.g., back taxes, student loans, or child support).

6. Minimum Loan Amount: The refund must meet the provider’s minimum loan threshold (e.g., $500 or more).

7. Credit Score (Typically Not Required): Many tax advances do not rely on traditional credit checks, as the loan is secured by your refund. Some lenders may conduct a soft credit pull for additional verification.

8. Bank Product Enrollment (if required): Some providers require you to use their bank product, such as a refund transfer, to disburse the loan and refund.

9. Application and Disclosure Agreement: You must complete the application process, agreeing to the terms and APR of the loan.

Important Notes:

Not all applicants will qualify for a loan or the maximum loan amount. Loan terms, approval rates, and processing times may vary. If you're offering Fast Tax Advances, ensure these criteria are clearly communicated to clients for transparency.

No, you can only apply for a Fast Tax Advance using your W-2, 1099, or self-employment income information.