What happens if I have a remaining balance on a Fast Cash Advance loan from a prior year?
If you received a Fast Cash Advance refund advance loan last tax season that was not repaid, the balance may be deducted from your tax refund the following 1 or 2 tax seasons.
How does it work?
For example, if you received a Fast Cash Advance in 2024 and your tax refund amounts for 2024 were insufficient to pay what you owe, and you either receive a Fast Cash Advance or Refund Transfer from sbtpg in 2025 or 2026, we will deduct any remaining balance of your 2024 Fast Cash Advance loan from any or all of your 2025 or 2026 tax refund, including principal and interest, before deducting any amounts you owe for a 2025 or 2026 Fast Cash Advance loan.
This means that your tax refund in 2025 or 2026 may be used to repay your 2024 Fast Cash Advance loan before the refund is applied to your balance on your 2025 or 2026 Fast Cash Advance loan.
Please refer to the Fast Cash Advance Loan Agreement that you signed last tax season for more details.
Fast Cash Advance is an optional tax-refund related loan provided by First Century Bank, N.A., member FDIC (it is not the actual tax refund) and is available at participating locations. The amount of the loan and applicable interest will be deducted from tax refunds and reduce the amount that is paid directly to the taxpayer from the refund. Fees for other optional products or product features may apply and will be disclosed at the time of application. Tax returns may be filed electronically without applying for this loan. Loans are offered in amounts from $500-$7,000 and are offered both pre-IRS acknowledgment of the tax return and post-IRS acknowledgment of the tax return. All loans have an Annual Percentage Rate (APR) of 35.99%. For example, for a loan of $2,000 with a repayment period of 30 days, the total amount payable in a single payment is $2,059.16 including principal and interest. Not all consumers will qualify for a loan or for the maximum loan amount. Offer and terms subject to change at any time without prior notice.
Fast Cash Advance is an optional tax-refund related loan provided by First Century Bank, N.A., Member FDIC (it is not the actual tax refund) and is available at participating locations. The amount of the loan will be deducted from tax refunds and reduce the amount that is paid directly to the taxpayer from the refund. Fees for other optional products or product features may apply and will be disclosed at the time of application. Tax returns may be filed electronically without applying for this loan. Loans are offered in amounts of $500 and $2,000 and are offered upon IRS acknowledgment of the tax return. All loans have an Annual Percentage Rate (APR) of 0%. For example, for a loan of $2,000 with a repayment period of 30 days, the total amount payable in a single payment is $2,000.00. Not all consumers will qualify for a loan or for the maximum loan amount. Offer and terms subject to change at any time without prior notice.