The Express Refund Loan is our unique, low-cost alternative to the pricey refund anticipation loans (RALs) offered by paid tax preparers.
With the loan, eligible taxpayers will receive their federal refund in 1 - 2 business days.
We partner with banks and credit unions to offer the Express Refund Loan and free accompanying savings account, regardless of your history.
Please note that a limited number of Express Refund Loans are available this year.
Find a tax clinic that has the Express Refund Loans and Savings program.
Almost anyone is eligible for our Express Refund Loan and Savings program — as long as you agree to open a savings account with one of our partner credit unions or banks. You are not eligible if a portion of your refund will be garnished to repay debt (IRS or other), or if you have been previously disallowed from claiming the Earned Income Tax Credit (EITC).
If you have a savings account that is still open, then you must use that account to receive the Express Refund Loan. If you closed your bank or credit union account, then you must open a new account.
Savings accounts will be opened regardless of your credit history. However, a credit check will be run once you visit the bank or credit union to “officially” open your new savings account. The purpose of the credit check is to see what other services you might qualify for (i.e. checking account, debt card).
When you file your taxes with AccountAbility Minnesota, you will not be required to use your refund to pay off past debt to a bank or credit union.
However, if you do owe money to another bank or credit union, then you would most likely have to pay that off to obtain additional services financial services from your loan provider, such as a checking account.
Generally, it takes 4-5 days for the state refund and 9-15 days for the federal to be deposited into your account. Electronic direct deposit is a fast and free option available to anyone filing a tax return that has a checking or savings account.
Although a previous disallowance doesn’t necessarily mean that your EITC will be denied or reduced again this year, your eligibility to claim the credit is highly scrutinized by the IRS. Even if you are eligible for the EITC in 2010, the approval process months. Therefore, we cannot offer you an Express Refund Loan due to the uncertainty of when the IRS will give you your refund and because there is no way to verify right now how much your will be getting back.
If you have IRS debt we cannot offer you an Express Refund Loan. Neither AccountAbility Minnesota nor our financial institution partners have any way of knowing exactly how much money will be deducted from your anticipated refund, so we cannot offer a loan. You can, however, open a new savings account and your refund (whatever remains after garnishment) will be direct deposited.
No. You cannot receive an Express Refund Loan for their property tax refund (rent paid). We cannot electronically file the M1PR, and therefore, cannot verify with the MN Department of Revenue (MNDOR) whether or not you have any state debt. You can, however, directly deposit your refund into your bank account.
No. You cannot receive an Express Refund Loan for a state refund. We cannot verify with the MN Department of Revenue (MNDOR) if there is any state debt. You can, however, directly deposit your refund into your new savings account.
No. You cannot receive an Express Refund Loan for a previous year (anything prior to 2009). These returns must be submitted by paper – we cannot e-file and subsequently verify with the IRS whether or not you have any debt. You can, however, directly deposit your refund into your new savings account.
