"Instant" Tax Loans

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How can I get my tax refund for free?

If your taxes are filed online, your refund can be direct deposited into your bank account in less than two weeks. Most banks don't charge a fee, but some may charge a few dollars.


How can I file online?
1. Go to IRS's website for information on how to file taxes online for free if you have low to moderate income (about $52,000 or less).  
2. Get free tax help through the Volunteer Income Tax Assistance Program (VITA) if you're in the military or have low to moderate income (about $39,000 or less).  Visit EITC Carolinas or call 1-888-927-3230 for the nearest VITA site. 
3. AARP offers free tax help starting February 1st if you have low to moderate income and especially if you're 60 years old and over.

I need money now.   What can I do?

Lenders such as banks, credit unions, and consumer finance companies also offer short-term loans to help meet your needs. If you decide that a refund loan is your best choice, click here for a list of tax preparation firms that offer refund loans.

 

What does a refund loan cost?

Refund loans are short-term loans based on the amount of your tax refund. Some refund lenders charge $100 or more in fees and charge very high interest rates due to the short time the loan is outstanding. However, not all refund lenders charge the same fees, so shop around. Click here to see what some refund lenders are charging.

 

How do I file a complaint?

If you would like to file a complaint against a refund lender, please click here.

 

What can I do for next year?

Most people who take out refund loans also qualify for the federal Earned Income Tax Credit (EITC), which helps the working poor.  Go to IRS's website to learn more about EITC and to find out if you qualify.  You can have the EITC included in your regular paycheck so you don't have to wait to file a tax return to get the EITC.

 

Related Articles and Sites

  • Office of the Governor (PDF - press release)

  • Report on Tax Refund Loans, NC Commissioner of Banks, April 24, 2007

  • NCCOB Public Service Announcement (MP3)

  • "Cheaper and still fast alternatives to refund loans" - Bankrate

  • "Beware of Tax Refund Loans" - Forbes

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    Contact us.

    If you need further assistance, please email questions to  comments@nccob.gov  or mail them to:

    North Carolina Office of the Commissioner of Banks

    RE: RAL Question

    4309 Mail Service Center

    Raleigh, NC 27699-4309