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Hãy viết đoạn tóm tắt về nội dung bằng tiếng việt kích thích người mua: You Can Get Your Tax Refund Early, but Experts Warn Against It. Here’s Why

As tax season approaches, you might see offers for tax refund advances, a type of loan that can give you access to your tax refund even sooner. Though these offers may sound tempting, financial experts warn against them.

This story is part of Taxes 2024, CNET’s coverage of the best tax software, tax tips and everything else you need to file your return and track your refund.

Tax refund advance loans are a “costly means to expedite your access to money you’d have coming to you via a refund,” said Riley Adams, CPA and founder of WealthUp. “In exchange for receiving immediate access to funds (usually in the form of a prepaid debit card), you often do so at the expense of paying some fees and possibly even interest that can quickly add up.”

Here’s what you need to know about tax refund advances, how they work and alternatives to consider.

What are tax refund advances?

A tax refund advance (also called a refund anticipation loan) is a short-term loan that offers you a portion of your expected tax refund amount weeks or months ahead of your actual refund. The premise may seem compelling, especially if you’re still catching up on bills from the holidays. You can typically borrow between $200 and $4,000 between December and February with a tax refund advance.

You’ll apply for a tax refund advance on a tax preparation company’s website. You may need to provide proof of income, your W-2 (if available) and other financial records.

Tax refund advance loans typically don’t have the same credit score requirements other loans do, and the amount you’re approved for may depend on your expected refund amount. So, even if a service advertises $3,000 advances, it doesn’t mean you’ll qualify to receive this full amount.

You typically receive your funds within a few business days, and sometimes as fast as same day. If you’re required to file your taxes with a tax preparation company, the amount owed may be automatically taken from your refund once the IRS submits it. Otherwise, you’ll need to repay your loan by the agreed-upon due date.

How much do tax refund advances cost?

Having extra funds at your disposal could be helpful, but a high-interest tax refund advance is generally not the way to go. Interest for this type of loan is typically higher than it is for most other loans, with annual percentage rates upward of 35%. For context, average credit card APRs are around 20%, while personal loan APRs are around 11.56%. Some tax filing services don’t charge interest for this service as long as you agree to file your taxes with them, but that may mean you end up paying a fee to file your taxes.

For example, some tax software companies offer an early refund advance loan that lets you take home money now before filing your taxes. Instead, you’ll provide pay stubs and other financial information. Most services charge hefty interest rates for this type of advance. And, since it’s harder to estimate your actual refund amount before filing your taxes, you might borrow more than you end up receiving from the IRS — leaving you on the hook for repaying the loan balance plus interest.

Some tax advances require you to file your taxes first and may be advertised with 0% interest rates. These loans are less risky than the former, but aren’t foolproof. If you end up over-borrowing, you’ll still need to pay back the balance. Plus, you might end up owing other fees.

Where to get a tax refund advance in 2024

Most of the large tax preparation companies offer some sort of tax refund advance, though the terms, conditions, qualifications and amounts vary from company to company. Here’s a quick look at the products offered by some of the larger tax preparation firms:

• Jackson Hewitt offers two products: an Early Refund Advance, which you can get with just your pay stubs and comes with an APR as high as 35.53%, and a No Fee Refund Advance, which is a no-fee, 0% APR loan available at most Jackson Hewitt locations.
• H&R Block also has two options. Its refund anticipation loan is no longer available for the 2024 tax season, but it is still offering a 0% APR refund advance loan for up to $3,500 through Feb. 29.
• TurboTax offers a refund advance of up to $4,000 with no loan fees and a 0% APR until Feb. 15 (or when funds run out) if you meet certain eligibility requirements.

What are the risks of tax refund advances?

There are a few reasons why you should be wary of tax refund advance loans. 

Since these loans are based on an expected refund, there’s always the possibility that you may not receive a refund when you file your taxes in 2024 — or your refund may be smaller than expected. If this happens, you’re responsible for repaying the loan in full (or the amount your refund doesn’t cover) from your own pocket. 

Secondly, a refund advance may cost you, even if it’s advertised as 0% APR. There may be hidden fees, including a requirement to pay for tax filing services, which can be pricey. Plus, some services may charge high interest rates, making this a more expensive loan option.

Adams recommends considering your financial situation carefully before signing up for a tax refund advance. “Weigh the trade-offs from getting one of these loans and whether it makes financial sense to get one,” he said. If you’re facing the possibility of paying more in interest than you would with a refund advance, it may be worthwhile — but consider other options first. 

Note: Be careful of payday lenders that may advertise similar loans during this time of year. These companies often have extraordinarily high interest rates and fees. In some states, payday loan rates can average as high as 400% (yes, you read that correctly). Personal finance experts recommend avoiding payday loans at all costs.

Alternatives to tax refund advances

Waiting until your refund comes through in 2024 is your best option. Even a simple miscalculation could lead you to expect a higher refund and accidentally borrow more money than you can afford to pay back when your refund hits your account. File online and select direct deposit delivery to get your refund faster. The IRS says that taxpayers who do both of those things will typically see their refund within 21 days.

Tapping into emergency savings is usually a better choice than taking out a tax refund advance. Experts recommend building an emergency fund with one to three months of expenses. But if you are still working on getting your emergency fund set up, there are other, more affordable options to consider.

If a surprise expense pops up, like an essential medical bill, car repair or other necessity, consider a personal loan or 0% APR credit card. Just make sure you can make monthly payments to minimize interest, late fees and other penalties.

For more tax advice, find out the key dates you need to know when filing your taxes this year and learn about the homeowner’s credits and deductions you may be able to claim.

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