How long does refund advance approval take? (2024)

How long does refund advance approval take?

A tax refund advance loan lets you access some of your expected tax refund early — often within 24 hours, depending on the tax preparation company you choose. Many tax refund advance services also come with no interest or fees.

You could receive your Refund Advance funds in as little as 30 seconds after the IRS accepts your e-filed federal tax return. Most will receive funds within 4 minutes of acceptance. If you filed your taxes with TurboTax, and opted into data sharing, you can track your federal refund using your Credit Karma account.

Because your tax refund secures these loans, you usually can get approved — but it's not guaranteed. Some tax preparers may require that you open a checking account or a prepaid card specifically for the loan. If you're approved, you can often get the funds on the same day.

(updated December 22, 2023) We issue most refunds in less than 21 calendar days. However, if you mailed your return and expect a refund, it could take four weeks or more to process your return.

If you didn't qualify for Refund Advance, it may be because: Your federal refund was not $500 or more. You did not agree to all the Refund Advance terms and conditions. You owed the U.S. Government or your State.

Upon decisioning, you'll be notified by text or email. Note: While the bank may access your credit report, applying for Refund Advance will not impact your credit score.

Tax refund advance loans are short-term loans that are repaid through your upcoming IRS tax refund. Loans are usually offered from December through February, and amounts can range from $100 to $6,500. In most cases, the loan amount is deducted from the tax refund once it's issued.

TO QUALIFY: In order to qualify for an instant refund you must have a tax refund that is free and clear from any government debts or liens.

The time it takes for the IRS to process and approve a federal tax refund can vary depending on several factors, including the method of filing, the accuracy of the return, the complexity of the return, and the volume of returns received by the IRS.

Why is my refund taking longer to approve?

Errors in your tax return: Double-check your return for simple oversights or miscalculations; these common errors can hold up the process. Filing status issues: Ensure that you've selected the correct filing status, as mistakes here can cause confusion at the IRS and slow down your refund.

If a taxpayer receives the status update that their tax return was accepted but not approved, this means that the IRS has received their tax return, but they have not yet evaluated the information.

You might qualify for a tax refund advance loan even if you have poor or fair credit. Unlike other types of credit (like credit cards or personal loans), you won't have to worry about paying higher interest charges if you have less-than-perfect credit.

Qualifying for a Tax Advance

While you don't necessarily need good credit to get these types of loans, there are some things that might disqualify you. If there are reasons your tax refund might be offset—including owing child support, federal student loans, or back taxes—a lender is unlikely to advance the funds.

You did not agree to all the Refund Advance terms and conditions. You owed the U.S. Government or your State. You had debt enforced by a State such as, but not limited to, child support obligations, past student loans, tax liens, and any other payments owed to a Federal or State agency.

A RAL is a loan that allows a taxpayer to borrow against an anticipated income tax refund. These loans actually are made by banks but are often offered by tax preparers, and sometimes by CPAs, in conjunction with preparation of the tax return.

If you were approved for a Refund Advance loan and chose Direct Deposit, you will receive the loan amount within one to five business days; or, if you chose to have it disbursed via a Serve^® Card, you will receive the loan amount by the end of the day but many clients receive them within minutes.

The advance is based only on certain types of income---it is not based on EIC, child tax credit, etc. So even if you are getting a big refund, the advance may not be based on that big amount. Here are some of the eligibility requirements to qualify for a Refund Advance loan: You're 18 or older.

Taxpayers who take out RALs receive cash, typically right away, in the amount of their anticipated refund, minus fees. In exchange, they agree to pay an interest rate that could, when expressed as an annual percentage rate (APR), add up to a triple-digit rate.

2. What is the maximum tax refund you can get in Canada? The maximum tax refund you can get in Canada depends on how much tax you paid in the first place—and how many deductions and tax credits you're eligible for or have banked. For that reason, there is no “maximum” tax refund.

Can refunds be refused?

Many shops will allow it, but they don't have to. Unless that is, they've got a published returns policy allowing it – then it's a contractual condition of sale, so they must obey it.

What Does the H&R Block Accuracy Guarantee Cover? If the program makes a math error resulting in you having to pay penalties and/or interest to the IRS that you otherwise wouldn't have been required to pay, the H&R Block accuracy guarantee will reimburse you up to a maximum of $10,000.

If your refund details state that it's still processing, you can check your tax return to see if you catch any errors. If your refund status instructs you to contact the IRS, you can speak to an agent to get clarification by calling 1-800-829-1040.

How long a refund is delayed depends on the issue with the return. The IRS often can correct math errors without involving taxpayers, so those refunds might be delayed just a few weeks. If there are concerns about possible identity theft, taxpayers could wait more than a year, according to the IRS.