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Liberty Tax Service tax refund advance review
Extended application deadline — but be prepared to pay a fee equal to 35.99%.
Bottom line: Liberty Tax may be a useful option if you expect a large advance and don’t think you’ll qualify for a personal loan. For everyone else, you may pay less and be able to borrow more by using a different tax preparation company. Read our full review.
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Details
| Product name | Liberty Tax Service Easy Advance |
|---|---|
| Maximum advance amount | $6,250 |
| Minimum advance amount | $500 |
| APR | 35.99% |
| Turnaround | As soon as one business day — direct deposit may take longer |
| Tax preparation fee | Varies |
| Application deadline | February 28, 2021 |
| States serviced | Available at participating locations |
| Requirements | File taxes through Liberty Tax, meet additional underwriting criteria |
Pros
- High maximum advance amount of $6,250
- Available until February 28, 2021
- Upfront about potential financing cost
Cons
- High interest rate of 35.99%
- No online advance application
- Unclear eligibility requirements
How Liberty Tax’s tax refund advance works
You can apply for an Easy Advance at a Liberty Tax branch when you file your taxes. Depending on your refund, you may be eligible for an advance between $500 to $6,250.
Your advance may be available within 24 hours of IRS acceptance of your tax documents. If you choose direct deposit, it could take multiple business days for Liberty Tax to process your request.
How much does it cost?
Unlike similar tax refund advance services like Intuit TurboTax, Liberty Tax charges a finance fee. The exact amount you pay will be based on the amount of your advance — but will result in an APR of 35.99%. Here’s how it breaks down:
$500 | $15.79 |
$800 | $25.24 |
$1,300 | $41.03 |
$2,500 | $78.90 |
$3,000 | $94.68 |
$4,750 | $149.91 |
$6,250 | $197.25 |
How to qualify
Liberty Tax only discloses one requirement: You will need to file your taxes through its service — and the only option is to meet with a representative at a Liberty Tax office. However, you will also need to meet some underwriting criteria set by Republic Bank & Trust Company, though it doesn’t state what those are.
You can check to see if you’re eligible by filling out Liberty Tax’s online form, but there’s no guarantee that you’ll be approved once you visit an office.
Will applying affect my credit?
It may. Liberty Tax doesn’t state outright if applying will affect your credit, so be sure to ask before you fill out an application.
Liberty Tax reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | D- |
| BBB customer reviews | 1 out of 5 stars, based on 8 customer reviews |
| Trustpilot Score | 3.2 out of 5 stars, based on 1 customer reviews |
| Customer reviews verified as of | 08 February 2021 |
Liberty Tax doesn’t have many reviews listed on its Better Business Bureau (BBB) page — and those that are there aren’t recent. But there is a large volume of past complaints that you should be aware of before filing your taxes. You may also want to find recent reviews of your local branch to see what others in your area thought of its service.
Compare tax refund advances like Liberty Tax Service
Check out how Liberty Tax Service holds up against other tax refund advances.
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How do I apply?
You need to apply at a Liberty Tax store when you meet with a tax adviser to files your taxes. However, you can see if you’re potentially eligible online by following these steps:
- Visit the Liberty Tax website and navigate to the Easy Advance page.
- Select how you plan on filing.
- Enter your full name, Social Security number, date of birth, email and phone number.
- Enter your estimated 2020 tax refund.
- Review your information and click Submit.
If you’re eligible to apply for an advance, you’ll be able to make an appointment at a participating Liberty Tax branch to file your taxes and finalize your application. However, just because you’re eligible doesn’t mean you’ll ultimately get approved.
What documents do I need to apply?
You won’t need much to see if you qualify online, but you’ll need more information when you file your taxes at a Liberty Tax branch, including:
- Date of birth
- Social Security number
- W-2s and other tax forms
- Last year’s tax information
If you aren’t interested in the high interest rate charged by LibertyTax — and the less-than-clear requirements — you can browse more tax refund loan options or look into our list of tax refund advance alternatives.
Frequently asked questions
Our answers to more questions you might have about Liberty Tax.
Will I be able to get a refund with just my pay stub?
No. You will need to file a full tax return with the IRS to qualify for an advance.
Do I need to file my taxes through Liberty Tax to qualify?
Yes. You must file your taxes through Liberty Tax and meet with a Liberty Tax adviser to apply for the Easy Advance.
Review by
Kellye Guinan
kellye.guinan@findercrew.comKellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
Expert review
Liberty Tax offers the largest advance amount of the providers we’ve reviewed — but it’s also the only one that has a finance charge equal to an interest rate of 35.99%. That’s where most personal loan providers cap out. This means if you have good or even fair credit, you might be able to qualify for a better deal by taking out a personal loan instead.
Liberty Tax’s process isn’t transparent, either. Information like concrete eligibility requirements and how you’ll receive your funds isn’t available on its website. And you’ll have to visit a store to file your taxes and apply — it doesn’t offer an online application.
If you’re interested in a lower interest rate, you may want to compare other refund advance services.