Minimum Qualifications

• To apply for a rapid refund anticipatory loan you will need to e-file your federal taxes. You have to be at least 18 years of age and, if you are filing jointly, your spouse must be 18 years of age, also. You must be receiving a refund of at least $200. You cannot have declared Chapter 7, 11 or 13 bankruptcy in the prior six years. You cannot owe back child support or be delinquent on a student, VA or HUD loan. You must not be in arrears with a food stamp program. You must also show income from someplace other than sources found on the IRS form Schedule C. You and your electronic refund originator will also have to fill out and sign the appropriate portions of your lender's application form. Finally, all filers will need to provide two forms of identification. One of these must be a form of legal photo ID.
  
  

Pros

• If you are approved, you may get your money as quickly as 24 hours after filing your application with the lender. Your tax preparer can build the tax preparation fees into your loan fees. This way you will not have a separate tax preparation bill.
  
  

Cons

• These loans have high interest rates and may have hidden fees. If you are denied your tax refund for any reason, then you are responsible to pay this loan back to the lender anyway. If you receive only part of your anticipated tax refund, you will be responsible for paying the entire amount of the loan back to the lender.
  
  

Another Option

• If you are eligible to e-file, you can do so online with the IRS. If you also opt for direct deposit, you can receive your refund within three weeks from the date you file. You can find links to free e-filing software on the Internal Revenue Service's website.