- Advance amounts are either 25% (up to $2,500), 50% (up to $6,000) or 75% (up to $6,000) of the expected Federal refund, subject to a minimum advance of $500, and other program criteria.
- Federal refunds under $1,000 will typically not meet program criteria.
- Based on prior year averages, 80% of clients should meet program criteria. Not all clients will meet program criteria.
- Tax refund advances that are 25% of the expected Federal refund AND are NOT more than $2,500 are NOT subject to interest charges.
- Tax refund advances that exceed 25% of the expected Federal refund or $2,500 are subject to interest charges at a 36% APR on the entire amount of the advance. For example, for a $2,500 advance representing 50% of the expected refund and borrowed over a 24 day term, the total amount payable in a single payment is $2,559.18, including interest.
- In the event of a refund processing delay, interest will stop accruing after 45-days.
- Tax refund advances are non-recourse, meaning if your actual tax refund is less than your advance you will not be liable for the difference. (In this case some Pay Later clients may still be liable for tax preparation fees, see FAQ page on Fees.)
- Tax refund advances, when offered and approved, are generally available to a client not later than the next business day after approval.
- In order to adapt to an evolving market and loss prevention concerns, program terms and criteria may change without notice.
- Tax refund advances are offered as explained above each tax season on Federal tax returns that are filed prior to March 1st.
- Some clients may qualify for a pre-season tax refund advance. Please refer to our FAQ on pre-season tax refund advances.
MetaBank requires us to provide the following notice;
The Refund Advance is an optional tax-refund related loan provided by MetaBank® (it is not the actual tax refund) at participating locations. The amount of the loan will be deducted from tax refunds and reduce the amount that is paid directly to the taxpayer. Fees for other optional products or product features may apply. Tax returns may be filed electronically without applying for this loan. Availability is subject to satisfaction of identity verification, eligibility criteria, and underwriting standards.