As Banks Restrict Rapid Refund Loans, Consumers Seek Hassle-Free Alternatives

As Banks Restrict Rapid Refund Loans, Consumers Seek Hassle-Free Alternatives

Ask around and you're likely to hear some horror stories concerning the IRS. As the saying goes, there are only two sure things death and taxes. Maybe a third could be added to the list when dealing with the IRS --waiting. If you've ever had to contact the IRS, you know how hold times and complicated phone menus can eat up your day. Another way people have traditionally waited on the IRS is for their tax refund checks. With the IRS campaigning to move taxpayers to file electronically, the agency has managed to cut wait times --down to "within 6 weeks" for a paper return, and "within 3 weeks" for one that is filed electronically.

It's no wonder that many people have turned to rapid refund products or RALS (Refund Anticipation Loans) to get their money faster. These loans offer consumers access to their money in one to two days- or in some cases immediately.

With new IRS rules causing banks to reconsider the funding of such loans, the chances of being denied for an RAL have grown. Many people have found themselves leaving the tax preparer's office with an assumption they would have their money within a day or two, only to find out that they would need to wait 8 to 15 days or even longer to receive their refund since their loan application had been denied by the bank. Because of changing loan markets, this scenario happened not just to first-time RAL customers, but to consumers who had been being approved for these loans year after year.

Tax season is hard enough. You don't need the extra hassle of making phone call after phone call, trying to determine why you've been turned down. If you're like many people, you simply can't wait for the money another two or three weeks.

Thankfully, there are hassle-free alternatives. Many people who have been turned down by lenders in the past feel shame, embarrassment, and apprehension about applying for a loan again. Today, there are many lenders who specialize in making shore term cash loans to people whose credit might normally prevent them from being eligible for a loan. These lenders will work with those who may have these fears an attempt to bring about a cash-ready solution that is affordable and practical.

Today's short-term cash loans don't require loads of paperwork, or even a trip to the loan store. Payday loans can be applied for, processed, approved, and even repaid all from the convenience of your home computer. Check into payday loan alternatives to the rapidly disappearing RAL. With a cash advance loan, you can access the cash you need now and repay it with your tax refund.

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