7 Reasons You Might Have Been Turned Down For A Refund Anticipation Loan

Shutterstock Tax season officially opens on January 29, 2018, and that means that the rush to benefit from a tax refund has already started. The law now requires the Internal Revenue Service (IRS) to hold refunds tied to the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until at least February 15. There may be additional delays: Factoring in weekends and the President’s Day holiday, the IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on February 27, 2018. With that in mind, some taxpayers use a tax Refund Anticipation Loan (RAL) to bridge the gap between the first of the year and mid-to-late February. But not all efforts to secure an RAL are successful. Sometimes, you’ll get turned down even if you think you’ve done everything right and even if you’ve had no problems in prior years, and you may not know why. If you’ve been turned down for a tax…

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