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Should I Take an Advance on My Tax Refund?

Owe IRSWith tax season on the horizon, early filers can apply for a loan based on the amount of their anticipated refund. Caution, however, is the byword. Some of these loans are not what they appear to be.  Several tax preparation services are offering low interest loans , some with attractive finance charges to those filers eligible for tax refunds. If you can apply for either credit and need quick cash, you may want to consider filing your income tax return early and applying for an advance on your tax refund.

To request a tax refund loan, you will need to have your tax return prepared in an office. You will not be able to complete the return online by yourself. Because you will have your return done in an office, you will likely pay a tax preparation fee, which they will typically deduct from your refund. Another condition required to apply for a tax refund loan is, of course, eligibility for a refund. Certain tax preparers may require refunds to be of a certain amount, and these amounts vary by company. Once you apply for such a loan, obtaining the cash can be very quick, often within 24 hours.

While tax refund loans may appear to be great, you should be wary. If you are looking for a smaller short-term loan, you may end up paying an astronomical fee. For example, if you need a $500 loan to pay for a car repair and the tax preparation fee is $200, you could end up with an APR that is over 500 percent. That is much higher than even payday loans. Be sure to analyze the tax prep fee and make sure the loan makes sense before agreeing to anything.

An alternative to a tax refund loan is available to vehicle owners. Car title loans are a short-term solution when you require smaller amounts of money in emergency situations. Embassy Loans has assisted tens of thousands of customers with loans for a few hundred dollars up to a few thousand dollars. The application process is very easy and, on many occasions, car title loans can be processed and completed in as little as an hour. An auto title loan is a great way for those with poor credit to secure funds in a time of need. There are no credit checks, and borrowers still retain possession of their vehicles while they repay the loan. It’s possible to repay most car title loans within 12 to 14 months.



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.