Why would the bank not approve my refund loan and what happens if they dont?
The criteria that the bank uses to approve or not approve a refund anticipation loan is not provided to Total Tax Service or any other tax preparation company. However, last filing season our refund anticipation loan applicants had a 96% approval rate. If the bank does not approve your refund loan, they will issue a check to you for the amount that they receive from the IRS, minus fees. This generally takes around 8-21 days. All the fees described above will still apply except for the one percent loan fee described above. If you owe any back taxes (Federal or state), back child support, have a student loan in default, or owe any other type of obligation for which your tax refund would be snagged, you shouldnt apply for a refund anticipation loan.
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Everything you said is absolutely true, so I support your point of view. I think that in this situation, you should think about such a solution as refinancing a loan because a bad credit history can destroy all ties with banks. To prevent this requires having more information about the system. I could use some helpful information from https://goodlifehomeloans.com/reverse-mortgages/process/. I think you will find it to be a helpful primer for you as well, which will come in handy in the future.