Does TurboTax offer refund advance? Can I get a loan against my tax refund? What is a refund advance loan? You must meet legal requirements for opening a bank account.
RT is a bank deposit, not a loan, and is limited to the size of your refund less applicable fees.
You can e-file your return and get your refund without an RT, a loan or extra fees. Those charges might be $to $for a Federal refun plus additional fees for state refunds. Plus, you might have to pay additional charges, depending on how you get the funds (an additional $fee for a printing a check or providing a debit card is not unheard of). Refund anticipation loan (RAL) is a short-term consumer loan in the United States provided by a third party against an expected tax refund for the duration it takes the tax authority to pay the refund.
A tax refund anticipation loan can be approved in a manner of minutes and the money accessible within a day or two. They are offered starting in December through the end of the tax season in April. These loans are based on the full amount of the tax refund.
Taxpayers are generally charged fees and interest to obtain a RAL.