Last year, like many other people around me, the year was very harsh for me financially. I had just graduated from college and was starting my new job. Unfortunately, I didn’t know that in December, my job would fire me and my source of income would be gone. I had to begin finding freelance jobs or anything I could and nothing was found for two months. Once a found a job, it was great. Now I had another problem to deal with; how was I going to pay my taxes? I had to dip into my savings and nearly ran out of money. It was hard for someone who lives alone, has no other financial support and is paying the bills by himself.
At this point, I had barely just enough money to pay my taxes. The good news was that I was expected to get a fairly high tax refund for my status; the bad news however was until I got my tax refund, it would really hard for me to pay my bills on time and I was afraid to go into debt. So after a little thought I decided to go to a tax professional about what I should do. He began to discuss with me something I had yet to hear of: the tax refund loan, which is also known as a RAL.
I heard this and began to learn what it was. Essentially, these tax refund loans are given to people such as me based on how much I earned and what is expected. Once I got my actual refund back, the bank would then take that loan and use it to pay back my tax refund loans. At first I was concerned about the whole process: what would happen if I did not get the refund? And how long would it take to get the loan? On the other hand, I also needed it badly otherwise I wouldn’t be able to pay the rent.
So I took out the tax refund loans and I was approved for the loan within the week. I just got back my refund and paid back my RAL. If I did not get that loan in March, I probably would be on the street now and my life would have been much harder now. I am now debt free and thanks to the help of my tax preparers, do not need to worry about my finance for the future.