What is an RAL and How Does It Work?
An RAL Loan is a Refund Anticipation Loan which is a loan you receive and repay with your tax refund. With iTax Advance an RAL (Refund Anticipation Loans) works a little differently which allows us to better protect your information and give you more benefits.
No Office visits necessary to receive an RAL!
It is so simple; You apply online, receive approval online and get funds deposited into your personal bank account. You never visit an office to receive an RAL from iTax Advance.
Your Personal Information is Kept Safe by Keeping it in Your Own Hands and Off the Internet!
In order to keep more of your personal information safe and secure you are never asked for copies of your tax returns and you are never asked for more information then we need to get you approved for the loan. Since we don’t require copies of your tax returns we must use your current employment information in order to get you approved for the RAL.
You get the Lowest Rate Possible!
iTax Advance has a select group of direct lenders that are used to approve your RAL Loan. We take the information you provide and use it to match you with the best lender to get you the lowest loan rate possible. Once you are approved by a lender, you will be automatically redirected to their loan document which will clearly show the amount of the loan you will receive, the terms of the loan and the cost of the loan.
No Obligation Application!
Once you are redirected to the loan document you can review the terms and cost of the loan and if you are not satisfied with those terms or the loan cost then you can contact the lender via their provided phone number and try to negotiate a different term or rate or you can simply close your browser and not electronically sign the loan document and it will cost you absolutely nothing. By electronically signing the loan document you agree to the RAL loan terms and the loan approval can then be finalized between you and the lender.
When will the Loan be Due?
The lender you are matched with sets the loan repayment date which is clearly visible on the loan document you must electronically sign before getting the loan. You can accept the repayment date and sign the loan document and/or you can call the lender to work out a different repayment date. Most RAL loans are due to be repaid within a couple to a few weeks.
How do I Receive the Loan Funds?
Once everything is finalized between you and the lender the RAL funds are electronically transferred to the bank account you provided. Most borrowers receive the funds by the next business morning. Once you receive the RAL funds into your bank account you are fee to spend them as you see fit.
How do I Repay the RAL Loan?
The loan repayment date was set on the loan document you electronically signed but that date is not set in stone and can be changed through an additional agreement between you and your lender. You can contact your lender or your lender will normally notify you 24-48 hours before the loan repayment is due to explain how you can extend the loan if you do not wish to repay the loan on the due date. If you do not request an RAL loan extension then the lender will draft the loan repayment from the bank account where the funds were deposited, on the due date. In rare cases some lenders require you to contact them to request repayment of the loan principle so check with your lender to be sure exactly how they process loan repayment. It is up to you to make sure you deposit your refund, once you receive it, into the bank account used for the loan process or to extend the loan if your refund does not arrive on time. For your protection RAL repayment dates are normally set on your pay date to allow you to choose to repay the loan with your pay check if you so choose.
iTax Advance Offers More Options and More Protections
As you can see iTax Advance does things in a way that allows for more tax refund recipients to receive RAL loans and does a better job of protecting your personal information by keeping that information safe with you. If you are satisfied with how iTax Advance does it’s RAL loans then click to Apply for an RAL now.
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