You’ve filed your taxes, and now you are waiting for your tax refund. The problem with waiting is that sometimes you need your money now, and those who don’t want to wait have the following options.
Refund Advances
One of the most popular options is the refund advance option. You get the opportunity to get your money early by simply borrowing against your refund. Most of the time, there is a significant fee involved, but that fee does vary. If you know you don’t want to wait for your refund, then make sure you ask about this fee before you decide on a particular tax office. Find out how quickly the advance can get approved.
Credit Card Loan
Credit card loans are another option you have available to you. Most people stay away from these types of loans because they usually come with crazy APRs rates. You know that interest is like giving away money to credit card companies, and no one wants to do that. If you have to make this decision, look for the lowest rates or find promotional credit card loans. Some offer an introductory period where there will be no interest in months. You know that you’ll be getting your refund soon, so you can get away without paying anything if you pay back the loan as soon as you get your refund.
Online Lenders
Online direct lenders may be another potential option you are faced with an unexpected emergency expense, and don’t have the savings to cover it. Perhaps you were waiting for your tax refund to replenish your savings, then succumbed to an unexpected illness that landed you in the hospital. The medical bills begin to pile up, and it could be weeks before the tax refund hits your bank account. As a last resort, these lenders can be a source of short-term funding to help you get through this unexpected emergency and get back on track financially. Of course, you shouldn’t request a loan that is more than what you are getting so that it’s easy to pay back.
Familiar Loan
Another solution worth considering is asking a family member or friend for a loan. If you have a good standing with these individuals, this loan won’t be such a big deal. You can tell them you’ll pay it back as soon as you get your refund. Of course, you should make sure you come up with an agreement that will make your friend or family member comfortable. Some people are fine with an oral understanding, but others want something in writing, so do what you can to appease the requirements that your friend or family member is asking for. It may seem strange, but when it comes to money, it’s always better to come to an agreement that everyone is happy with.
The Pawn Option
You probably own more valuable things than you think. Go ahead and look through some of your belongings and see if you’re willing to let go of some items. What you are going to do is pawn these items intending to comeback for them if you still want them. You know that you’re getting your refund, so you should be able to get some cash from the pawnshop and still get your items back before the pawnshop sells them.
As you can see, there are a few options for you if you need your money now rather than later. Some of these options are more favorable to you, so make sure that you choose the one that works best for your specific situation.
