If you’re among the 75% of tax filers who will receive an income tax refund this year, you’re probably ready to reap your reward. However, even after tax preparation and filing are complete, you still have to wait up to 21 days to get your refund. If you need money now, consider taking out a tax refund loan instead.

What Is a Tax Refund Loan?

A tax refund loan is simply an advance on your income tax refund, up to a certain amount. The tax preparation company you go through will have to offer this service for you to be eligible.

If you opt for a tax refund loan, you’ll be given a set amount of money upfront—usually up to $1,500. This is your loan amount. When your tax refund comes in, the money you borrowed will be deducted from your refund balance.

There may be an application fee involved with getting a tax loan refund. Also, if you opt to have your refund deposited on a prepaid card, another fee may be charged.

What Are the Benefits?

The most significant benefit of getting a refund loan is that they're much cheaper than alternative options, such as payday loans. You're merely receiving money that's already yours. This prevents you from paying high interest, and the money you borrowed will automatically be paid back via your income tax refund. If you need money quickly to cover a bill or pay for an unexpected expense, a tax refund loan is a great option to consider.

If you’re looking for tax preparation help, contact the team at ZP Tax, Inc. in Silver Spring, MD. Their expertly trained team will efficiently prepare your tax return, getting you the maximum refund you’re owed. They even offer a tax refund loan option up to $1,500. Visit their website to learn more about their tax preparation services, or call (301) 587-4829 to schedule an appointment.