Can I Get a Loan on my Tax Refund if I Already Filed?

You’ve filed your taxes—now what? Find out if it’s still possible to get a refund advance and what steps you can take next.

Filed your taxes and wondering if you can still get a loan on your refund? You’re not alone. A tax refund loan is money you borrow based on the amount you expect to get back from the IRS. People often use these loans to pay bills, cover unexpected expenses, or just get ahead while they wait. In this blog, we’ll talk about how these loans work, if you can still apply after filing, and what to think about before taking one out.

What are Tax Refund Loans?

• Tax preparation companies: These are often the most common sources. When you file your return through them, they may offer a refund advance. These loans sometimes come with little or no interest, but you may end up paying for tax prep services, which can be expensive.
• Banks or credit unions: Some financial institutions offer refund loans if you have your refund direct-deposited into one of their accounts. These loans might have lower fees but may be harder to qualify for without a solid banking history.
• Online lenders: These may offer fast approvals, but interest rates and fees can be higher. Be sure to read the terms closely.

• Show proof that you’ve filed your tax return
• Have a tax refund expected to arrive
• Meet minimum income requirements
• Pass a soft credit check (though some lenders don’t check credit at all)
• Be at least 18 years old with valid ID

Can You Get a Loan After Filing Your Taxes?

• A completed and filed federal tax return
• Proof of an expected refund
• Valid identification and income documentation
• Sometimes, an agreement to have your refund direct-deposited into a specific account

• Your expected refund amount: If the refund is too small, you may not qualify.
• How you filed: If you used a tax-preparation service, you’re more likely to be offered a loan.
• Your credit: Some lenders may do a soft credit check, while others don’t check at all.
• Your income and debt: Lenders may look at your financial situation before approving the loan.

• High interest or fees: Even if a loan is advertised as “no interest,” other service fees can add up.
• Refund differences: If your actual refund is less than expected, you may still owe the full loan amount.
• Scams: Some offers may look real but are designed to trick you into giving up personal information or money.

Alternatives to Tax Refund Loans 

• Personal loans: You may qualify for a small personal loan such as an installment loan from a bank, credit union, or online lender. These usually come with fixed interest rates and set repayment plans.
• Credit options: If you have a credit card with available balance, this can be a short-term solution. Just be sure to watch out for interest charges.
• Cash advances: Some credit cards offer cash advances, but they often come with higher fees and interest rates, so they’re best used carefully and only if necessary.

• Prioritize your spending: Cover the basics first—like food, housing, and utilities.
• Delay non-urgent purchases: Put off extras until your refund arrives.
• Use community resources: Local programs may offer short-term help with food or bills.
• Look for ways to bring in extra income: A side gig or part-time job can help you get through the wait.

Tax Refund Loans Are Available if Needed