MetaBank Refund Advance Criteria [Learn The Facts]

Tax season can leave us a little… stressed. You may find yourself paying a lot of tax, which you’ll be refunded for – but not yet. As you can imagine, this can cause problems. 

You’re reasonably sure that you’ll get your tax refund, but when? You might need that money now, but you simply don’t have access to those funds just yet. 

This is where tax refund advances come in. Many financial companies, including MetaBank, offer these advances. But what is a MetaBank tax refund advance – and are you eligible for one? 

Let’s find out. 

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What Is MetaBank?

MetaBank is an alternative financial service, designed for users with poor or no credit who don’t wish to be tied to traditional banking systems. MetaBank is one of the leading providers of prepaid cards in the US. They specialize in prepaid cards for all occasions – travel cards, gift cards, automobile payments, cards for agricultural or business purposes, borrowing, and much more. 

Since MetaBank doesn’t require credit checks, just about everyone is eligible for a MetaBank account. However, this also means that your MetaBank account and any subsequent transactions don’t impact your credit score in any way – for bad or for good. 

Prepaid cards allow for an extra feeling of security, as you can rest assured that you won’t accidentally spend more than you intended. This no-credit scheme is what makes MetaBank accounts suitable for people with no credit or bad credit. 

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MetaBank’s optional direct deposit system, which you can sign up for when you open an ACE Flare account, allows users to receive deposits up to two days early, and also eliminates the need for handling paper checks.

What Is A MetaBank Refund Advance? 

A MetaBank tax refund advance is an advance given on your expected tax refund. While a tax refund doesn’t technically count as a loan, you are borrowing money in advance from MetaBank, which will be paid back when your official tax refund arrives. 

Refund advances are not your tax refund. It’s an official way of getting access to some of your money before your official, a governmental tax refund is processed and paid to you. If you take out a MetaBank refund advance, they will take their owed fees out of your refund when it arrives. 

These fees include the money you borrowed, as well as any interest or extra fees. These fees should be made clear to you before you take out the refund advance. 

MetaBank offers refund advances to both individuals and business owners. Since the amount you can borrow is based on what your refund will actually be, you don’t need to worry about credit checks. 

How Do I Qualify For a MetaBank Refund Advance? 

To be eligible for a MetaBank refund advance, you must be able to show evidence that you are owed a tax refund of a certain amount. This usually requires that you file your taxes online. 

You must have your taxes prepared and filed by the company which offers the loan – in this case, MetaBank. MetaBank also uses tax preparers like H&R Block and Jackson Hewitt. There’s also a “minimum amount” criteria that your expected tax refund should meet.

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While there may be other criteria attached to your personal circumstances, this is all that most people need to qualify for a tax refund advance. 

It’s worth noting that having your taxes prepared can be expensive. There’s usually a tax preparation fee, as well as interest on the refund advance itself, and any additional charges. 

In short, tax refund advances may not be as financially savvy as you might hope. 

Frequently Asked Questions

Dealing with tax is stressful, and many users might find themselves confused, or with unanswered questions. Here are a few questions that you might worry about when applying for a MetaBank tax refund advance.

  • Why might I be denied a MetaBank Refund Advance? 

If you don’t fit the basic criteria for a refund advance (the minimum amount, tax prepared by the company offering the loan, or any other requirements) then you’ll be rejected for a tax refund advance. However, there can be more serious issues preventing you from qualifying. 

MetaBank doesn’t do credit checks for tax refund advances, so bad credit won’t stop you from getting an advance (although other companies may have different policies). However, earning too much or too little money can get in the way of your refund. 

Also, if you owe money, in certain circumstances, the federal government may seize your tax refund to pay for the debt. In that case, you won’t be able to borrow money against your tax refund, because you will not be getting your tax refund!

  • How can I check on the status of my Refund Advance?
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You can visit MetaBank’s website and sign in to online banking to check on the status of your refund advance. Once you’ve been properly approved for a refund, getting your money should be a fairly simple transaction. If you have any problems, contact the MetaBank customer service department. 

The Bottom Line

Believe it or not, tax season doesn’t have to be a headache. Paying taxes every year and then waiting for your refund can seem like a real waste of time, especially if you need that money in the meantime. 

Tax refund advances can provide a less predatory type of “payday” loan, only with the assurance that you will definitely be able to pay it back when your real tax refund rolls around. In the long term, tax refund advances do mean that you won’t get as much money, as fees and interest will be taken off your refund. 

However, if you’re dealing with an emergency situation and you need your tax refund now, advances can be a literal lifesaver. Many businesses also go in for tax refund advances, to cover their costs while they wait for a refund.