TaxSlayer's Refund Advance Product

TaxSlayer does offer a refund advance, called TaxSlayer Refund Advance. This is a short-term loan against your expected tax refund. You receive the money within one to two business days of approval, and the loan amount is repaid directly from your refund when it arrives from the IRS.

The advance is not free. TaxSlayer charges a fee for this service, which varies depending on the loan amount and your state. The fee is deducted from your refund along with the loan principal. You do not repay TaxSlayer separately—the IRS sends your refund to TaxSlayer first, TaxSlayer takes the loan amount and fee, and the remainder goes to you.

This product is designed for people who need money before the IRS processes their return. The IRS typically issues refunds within 21 days of accepting your return, but TaxSlayer's advance gets you the money much faster if you meet their requirements.

Key Takeaways

  • TaxSlayer's refund advance is a short-term loan that deposits into your account within one to two business days of approval.
  • The loan amount and a service fee are repaid from your tax refund when the IRS sends it, so you do not make a separate payment.
  • You must have filed your return with TaxSlayer and been accepted by the IRS before you can request an advance.
  • The fee amount depends on your loan size and state, and TaxSlayer shows you the exact fee before you confirm the advance.
  • If your refund is smaller than expected or you owe taxes instead, you may owe TaxSlayer the difference.

Who Can Get a TaxSlayer Refund Advance

You must have filed your tax return through TaxSlayer and received confirmation that the IRS has accepted it. TaxSlayer will not advance money on a return that is still being processed or has not been submitted yet. You also need a valid bank account in your name to receive the deposit.

TaxSlayer performs a credit check as part of the advance process. The company does not publish a minimum credit score requirement, but people with very poor credit or recent defaults may be denied. TaxSlayer also verifies your identity and income information before approving the loan.

There are income limits in some states. TaxSlayer's terms vary by location, so the maximum loan amount and may be able to access rules differ depending on where you file. You can check your state's specific rules on TaxSlayer's website before you file.

How Much You Can Borrow and What It Costs

The loan amount is capped at your expected refund, minus the fee. TaxSlayer will not lend you more than the refund you are projected to receive. Most advances range from a few hundred dollars to several thousand, depending on your refund size.

The fee is a percentage of the loan amount, and it varies by state and loan size. TaxSlayer shows you the exact fee before you accept the advance—you see the loan amount, the fee, and the net amount you will receive before you confirm. The fee is typically between $15 and $100 for most refunds, but this varies.

If your actual refund turns out to be smaller than TaxSlayer's estimate, you are responsible for the difference. For example, if TaxSlayer advanced you $1,500 based on an estimated $1,800 refund, but your actual refund is $1,600, you owe TaxSlayer $100 plus the original fee. TaxSlayer will collect this from your bank account or pursue collection.

How to Request a Refund Advance Through TaxSlayer

After you file your return and TaxSlayer confirms the IRS has accepted it, you will see an option to request a refund advance in your TaxSlayer account. Click that option and TaxSlayer will show you the estimated refund amount, the maximum loan you can borrow, and the fee for that loan.

You then enter your bank account information (routing number and account number) where you want the advance deposited. TaxSlayer verifies the account and performs the credit and identity checks. If approved, the money deposits within one to two business days.

The entire process happens online through your TaxSlayer account. You do not need to call or mail anything. Once the advance is approved and deposited, you are done—TaxSlayer handles the repayment when your refund arrives.

What Happens If Your Refund Is Delayed or Smaller Than Expected

If the IRS delays your refund for any reason—such as a math error on your return, missing documentation, or identity verification—TaxSlayer still expects repayment of the advance. The loan is not contingent on the IRS processing your return on schedule. You remain responsible for the full loan amount plus the fee regardless of delays.

If your refund is smaller than the advance, you owe the difference. TaxSlayer will attempt to collect it from the bank account you provided. If the collection fails, TaxSlayer may report the debt to a collection agency or pursue legal action, depending on the amount owed.

If you discover an error on your return after receiving the advance, contact TaxSlayer when ready. Amending your return may change your refund amount, which could affect what you owe on the loan. TaxSlayer can explain how an amendment affects the advance repayment.

Alternatives to a TaxSlayer Refund Advance

If you need money before your refund arrives but want to avoid a loan fee, you can straightforward wait for the IRS to process your return. The IRS typically issues refunds within 21 days of accepting your return, and many refunds arrive within 10 to 14 days. This is free but requires you to wait.

Other tax preparation companies offer similar refund advance products. H&R Block offers a Refund Advance Loan, and some local tax preparers also offer advances. The fees and terms vary, so comparing options before you file can save you money if you know you will need an advance.

If you need money urgently and do not want to borrow against your refund, a personal loan from a bank or credit union may have a lower interest rate than a refund advance fee, depending on your credit. However, a personal loan requires repayment over time, whereas a refund advance is repaid in one lump sum from your refund.

Frequently Asked Questions

Can I cancel a refund advance after I request it?

Most refund advances can be cancelled before the money is deposited, but once the funds hit your bank account, cancellation becomes difficult. Contact TaxSlayer when ready if you change your mind. After the advance is deposited, you may still owe the fee even if you do not use the money, depending on TaxSlayer's terms.

What if I owe taxes instead of getting a refund?

If your return shows you owe taxes rather than receiving a refund, you cannot get a refund advance. TaxSlayer will not approve an advance on a return with no refund. You would need to pay your tax bill separately to the IRS.

Does the refund advance affect my credit score?

TaxSlayer performs a credit check, which may appear on your credit report as a hard inquiry. This can lower your score slightly. However, the advance itself is not reported to credit bureaus as a loan, so it does not affect your credit history or debt-to-income ratio.

How long does it take to get approved for a refund advance?

Approval typically takes a few minutes to a few hours. TaxSlayer performs when ready verification checks for most applicants. Once approved, the money deposits within one to two business days. The entire process from request to deposit usually takes one to three business days.

What happens if TaxSlayer cannot collect the loan repayment from my refund?

If your refund is smaller than the advance and TaxSlayer cannot collect the difference from your bank account, the company will pursue collection through standard debt collection methods. This may include reporting the debt to a collection agency, which can damage your credit score and result in collection calls or legal action.