Why Taxpayers Are Most Likely to Cash Advance Their Tax Refunds

Why Taxpayers Are Most Likely to Cash Advance Their Tax Refunds
06/21/2020 No Comments Finance Carla Brunner

The need for instant cash is the reason why people cash advance their tax refunds.

A taxpayer can have his tax refund after 21 days upon filing his income tax return by e-filing it with TurboTax. But for someone who needs money urgently, 21 days may be too long to wait. The best way is through a refund anticipation loan.

When caught with the following dilemma, applying for the quickest loan can get you out of trouble. Here the most common reasons why taxpayers cash advance their tax refunds through refund anticipation loans.

engine troubleCar Repair

You can genuinely be handicapped from doing your normal activities when your car unexpectedly breakdown and you have no other recourse than to bring it to a repair shop. Car repair can costly, and your loose change in your pocket may not be enough to pay for it. If you do not have any savings left from your last salary, then a quick loan can let your car be repaired. This can give you back your normal life.

Late Rent

It would be very uncomfortable for us if we haven’t paid our house rent for the month. Our agony can be doubled if we have a landlord who may not take ‘later’ as a response. With a refund anticipation loan, you may be able to pay your rent tomorrow if you submit your application online today.

Past Due Utilities

Being cut off our power supply because of the non-payment of bills can be one of the worst things that can ever happen to us. We need power in almost everything that we do in our homes, from cooking to bathing, washing, cleaning, and many more. We can be very helpless indeed when we are cut off from our power supply.

Medical Care

We should never take our health for granted. It helps to see the doctor at the very first sign of an illness. With quick loans such as refund anticipation loans, seeing gong for a medical consultation may not be a problem anymore. You may also be able to buy drugs that are prescribed to you by the doctor.

faucetHome Services

Hiring [articular home services may not wait. This may include plumbing, pest control, and some home renovations. You must hire services to act on the problem before it can get worst.

According to a study, most Americans use their tax refund for their basic needs. If you use your refund anticipation loan for one of the reasons above, the survey proves to be realistic.

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