These loans allow you to get the money more quickly, but are they a good deal? Sure, the IRS can take a while to process your return and send your money, and tax refund loans cut your waiting time dramatically.
Unfortunately, tax refund loans are generally expensive. You have to pay fees and interest, which may not surprise you - but the amount of those fees can be steep. Because most loans are relatively small, and the fee you pay is fixed regardless of your loan amount, the fee ends up being a large percentage of the amount you're "borrowing".
Think about it before you apply for a tax refund loan. If you use direct deposit, your refund will arrive in a reasonable amount of time. Is there any alternative to using these loans?
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