The Truth about Tax Refund Loans

Tax Refund Loans seem like a good idea to get cash at the beginning of the year…

But many people interested in these kinds of loans are surprised to learn that they will not be getting any cash up-front. Here’s a couple of things you should know before committing to a Tax Refund Loan:

• No Cash. That’s right. Many Tax Refund Loans are paid with “prepaid bank cards” from a financial institution and withdrawing cash from an ATM will cost you at every withdrawal.
• 0% does not Equal Free. The advertised 0% interest does not tell the entire story of how much the advance will really cost you. You are given a prepaid card instead of cash and these cards carry fees. This means you may end up paying steep fees for everything from checking your balance at an ATM to using your card to make electronic payments. A simple over-the-counter withdrawal could set you back as much as $35.
• Your card decreases in value over time. Most prepaid cards charge a monthly “inactivity fee”, which quietly eat up your balance if you don’t use them for a couple of months.
• There’s a qualification process. Tax Refund Loans require an approval process that most of the time includes a credit check.
• You are tied to one Tax Preparation Company. By getting a Tax Refund Loan, you are obligated to do your taxes with the tax preparation company.

Consider how Tax Anticipation Refunds compare to a pawn loan’s terms:

• Immediate cash. Everyone knows cash is king, and that’s what you get with pawn loans. You can immediately use your cash to use as you please.
• No hidden fees. At CashCo, the terms are clearly on your loan agreements and you get a thorough explanation of any fees and interest rates associated with your loan.
• No credit check. A pawn loan is a hassle-free way to get money without invasive credit checks or a negative effect on your credit score.
• Loan options. What works for me may not work for you. That’s why CashCo offers 4, 5, and 6-month loans. Good, better, best.. CashCo Gives you options.
• Immediate answers. Go to our online Pawn Calculator to figure out how much money you can get for your items ahead of time. Or come straight to one of our shops to get a free loan evaluation by one of our expert pawnbrokers.
• No obligation loan. Pawnbrokers are not in the business of preparing taxes. But you knew that. With a pawn loan, you get what you are looking for: Cash on the spot without waiting, competitive interest rates, and no risk of a negative mark on your credit score.

Learn how much money we could lend you for your valuables today, by visiting (LINK CALCULATOR)

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CashCo Pawn Shop and any third parties or individuals appearing in this article are not specifically recommending any particular financial product or service. The information shown is for illustrative purposes only and is not intended as financial, legal or tax planning advice. Unless specifically identified as such, the individuals interviewed or otherwise listed in this piece are neither clients, employees nor affiliates of CashCo Pawn and the views expressed are their own. Please consult a financial adviser, attorney or tax specialist for advice specific to your financial situation.Promotions are subject to change without notice, conditions apply, check with the store for participation rules.