2406331
I was approved for an advance while filing and it said for an amount range of $2500 to $3000. On my TurboTax home page, it says "Check back soon for an update on your $500 Refund Advance application." $500? That is way off from the at least $2500 I was quoted. Is this a glitch? Typo? I'm a bit confused. The Advance amount approved was a deciding factor on continuing to file with TurboTax or eat the cost and file with another company. I almost feel like I was tricked. However, I will wait and see what happens.
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You need to read the fine print in the contract you signed ... you may be pre approved for the advance when filing but once the bank gets the application they can reduce or decline the offer ...
If you are receiving a federal refund of $500 or more, you could be eligible for a Refund Advance, a loan provided by First Century Bank, N.A., Member FDIC, not affiliated with MVB Bank, Inc., Member FDIC. Refund Advance is a loan based upon your anticipated refund (minus any stimulus payment credit, also known as a Recovery Rebate Credit) and is not the refund itself. 0% APR and $0 loan fees. Availability of the Refund Advance is subject to satisfaction of identity verification, certain security requirements, eligibility criteria, and underwriting standards. This Refund Advance offer expires February 15, 2022, or until available funds have been exhausted, whichever comes first. Offer and availability subject to change without further notice.
The money for the loan is not given to you until the IRS ACCEPTS your e-file. The IRS will not begin to accept e-files until late January or early to mid-February.
You cannot apply for the refund loan. It has to be offered to you, and you have to agree to the terms—-which have changed since last year——so read some information——and pay attention to the details in the fine print in the contract.
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