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Tax Anticipation Loan
A tax anticipation loan is essentially a guaranteed loan the taxpayer takes against the collateral of his tax refund. To obtain a tax anticipation loan, it is necessary to file a tax return. Commercial tax return services offer these loans to their customers. Conventional tax anticipation loans are issued as a check or as a direct deposit to the taxpayer's bank account, with the tax preparation service taking a percentage of the return as its fee in addition to the charge it imposes for preparing the returns for the taxpayer. The charge that the tax preparation service imposes depends on the size of the tax refund. Larger refunds are charged a larger fee. For taxpayers who don't have a bank account or who don't want the loan deposited in their bank accounts, the loans can be issued in the form of a prepaid debit card with a MasterCard or Visa logo.For taxpayers who want to receive a tax anticipation loan even faster, and who qualify for the stricter loan guidelines, instant tax anticipation loans are available. These loans are generated during the tax preparation session and are available to the taxpayer in a matter of hours. The fees for these loans are higher than for conventional tax anticipation loans.
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