What kind of fees can I expect to get a refund anticipation loan?

I am getting ready to file my taxes tomorrow and am wondering how much I can expect to pay to do a refund anticipation loan. Or am I even eligable. I owe for last year but am getting over ten times what I owe back this year. If I owe the state will they garninsh my federal refund?

What kind of fees can I expect to get a refund anticipation loan?
Oops, if you owe tax for last year, you cannot get a refund anticipation loan. This is because the bank does not know if the remainder of your refund will cover the loan. All it knows is that you have FMS debt and it will reject the loan.





And if you owe the state your federal refund may be offset to pay for the state. Not guaranteed, it depends on whether the state has notified FMS (the federal collection agency).





You can get the bank to accept your refund, pay the preparer, and pay you. Not a loan, and it takes a couple of weeks, but you should be eligible for that. The fees for this service would be about $30, in addition to your tax preparation fees.
Reply:Prices range from 30-150 dollars depending on where your taxes are done and how large your refund is. Report Abuse

Reply:DO NOT USE THESE LOANS! Under no circumstances are they worth it. If you used the same parameters of interest rates and fees as you would any other loan, it would be insane. The rates of interest you pay for these loans are from 40% to over 700%. Check out the attached link of the lawsuit.





You're better off living off of a credit card cash advance for the two weeks it will take to get the money... This sentence will never be uttered again in your life.
Reply:You'll pay lots.





If you owe for last year, your refund will be held up in any case for them to take out what they owe. So you wouldn't get an RAL, or get a regular refund in the normal time.
Reply:If you have a debt to the IRS, you won't be eligible for a RAL at all. If you owe any back taxes -- State or Federal -- your refund will be attached to settle the debt(s). This will delay your refund and since the RAL lender cannot get detailed information on your debt or the timeframe that your return will come through they will not lend you the money.





That's not such a bad thing though. Those RALs come with interest rates of up to 2,533% APR. I know loan sharks who don't charge that much vig.





At best, a RAL speeds up your refund by a week or two. The fees that they charge would be illegal for any other type of loan.
Reply:I doubt that will do a rapid since you owe for last year.Take advise file early and wait the two weeks. These place take way to much money and its not worth it we are talk over 20% probably. I made those mistake never again