RAL Advance Loan
RAL Advance Loan or the Tax Refund Anticipation Advance Loan is a new bank product that allows the taxpayer to get access to some money faster than the classic regular RAL could. Not all banks offer the RAL Advance loan and banks that do offer the RAL Advance loan makes this type of loan available for a short period of time, such as through the end of March. RAL Advance loan is sometimes referred to as express refund loan, 1-hour refund loan, or even rapid refund loan. RAL Advance loans are only for tax returns with W-2 forms. The RAL Advance loan is the same day loan against the expected tax refund.
How to qualify for RAL Advance Loan?
It is harder for taxpayers to qualify for RAL Advance Loans than the regular, classic RAL (Refund Anticipation Loan). A taxpayer must apply for a RAL in order to apply for a RAL Advance Loan.
How much would a tax refund has to be to apply for a RAL Advance Loan?
RAL Advance loans are reserved for taxpayers with expected tax refund of at least $2,800.
What is the amount of the RAL Advance loan?
For a tax refund of between $2,800 - $4,999, the RAL Advance loan is approximately $1,200 before the fees.
For a tax refund of between $4,500 or more, the RAL Advance loan is approximately $1,900 before the fees.
What are the differences between Classic RAL and RAL Advance Loans?
The RAL Advance loan entitles the qualified and approved taxpayer to much faster cash than the classic RAL. While the classic RAL takes 24-48 hours from the time the IRS accepts the tax return, the RAL Advance loan can be approved in 5 minutes and the taxpayer can get a check for the RAL Advance loan amount within a hour.
What are the fees for the RAL Advance Loan?
The bank fee for the RAL Advance loan is $55 which is deducted from the RAL Advance loan amount.
How long does it take to apply for a RAL Advance loan?
The Advance Refund Anticipation loan takes about 5 minutes to apply and get the decision from the bank. The taxpayer will know in a short amount of time whether he or she will qualify for the RAL Advance loan. If the taxpayer qualifies, then the tax preparer's office can print a check of the amount of the RAL Advance loan.