If that happens, don’t lose hope – there are other options out there for you. For those who didn’t get the expected loan approval and for those who needed an amount higher than the tax refund, here are the following alternatives for you:
- Payday Loans – similar to tax refund cash advance emergency loans, this loan option doesn’t require a credit check. However, you will be required to make a full loan repayment through your next paycheck. Its loan term is two weeks on average but not exceeding 30 days. It is like you need to make ends meet to be able to get this loan fully paid by the next paycheck. What if you can’t? The chances are that you might need to make a salary advance in the coming month to make up for the repayment. This will lead you into a cycle of pay advances, but you can confidently apply for this loan if you have faith in your next paycheck.
- Personal Loans – compared to tax refund loans, this loan option is much safe and manageable. Through this loan, you can borrow an amount ranging from $2,000 up to $40,000. Loan repayments are made monthly, and it also comes with a fixed interest rate. However, this loan option requires a credit check so, if you have a low credit score, you can expect to loan only a smaller amount first payday loans Lynchburg OH.
- Installment Loans – even if you have a credit score issue, it will never be a problem with this loan option. This loan option has a structure similar to personal loans – you need to make monthly repayments, including the principal amount and the interest rate. It also has a fixed interest rate, but this is given to allow consistent payments over the term required.
These options offer you varying loan amounts that can definitely solve any financial emergency you are in
There you have it – the alternative loan options that you can apply for other than the tax refund loan. You just need to do your part in accomplishing the structured monthly payments, including the fixed interest rate and the principal amount borrowed.
Loan requirements greatly vary on the lender that you are with
Repayment options for these loans are much more manageable as long as you are doing part. You might be tying yourself into a more substantial financial commitment, given that you will be linked to monthly payments for an extended period. Well, you wouldn’t be committing yourself if you didn’t need this to solve your problem, but since you needed it, try to do what is required, and you might not even notice that you are already finished with the repayments.
- Earned Income Tax Credit – these are for taxpayers who are identified as low-income or moderate-income workers.
In every loan application, there is always a series of requirements that a borrower must comply with. Sometimes, requirements depend on who is lending, who is borrowing, and the amount of loan that is being applied for.
What is the best solution to evade these costly loan fees? File your taxes and tax refund, as well. There is this software provided by IRS that you can easily access, and it’s for free! You can use this software to fill out the form if your income is under $69,000 or if it is higher, you can always fill out the proper forms there. If you are avoiding filing a tax refund loan, it would really be helpful if you file your taxes at the beginning of the year. Why? This will help you get a refund sooner than you expected.