Small Tax Refund This Year? Here Is How To Get A Little Extra Cash

Receiving a small tax refund when you already made plans for a larger one that may include some essential spending can throw anyone off. Each year, people wait in anticipation of their tax refund while planning how they are going to spend that big tax refund that they hope to receive.

But we are here to explain your options if, instead, you get a small tax refund. We’ll explore how you can cover those expenses that you really hoped to cover and how to get a bit of extra cash through non-borrowing options and payday loans in South Carolina.

You May Receive A Smaller Tax Refund This Year

In 2022, it is anticipated that Americans may receive a smaller tax refund than anticipated. This is due to the expansion of the child tax credit system that began in June 2021. So, if you received a child tax credit, then your tax refund may be smaller. 

Another reason for receiving a small tax refund this year could be related to receiving unemployment benefits in 2020. Additionally, there are other factors that may impact people differently. But it can be assumed that the tax refund for 2021 may not be as big as it was for 2020.

Your Options For Supplementing Your Incoming Cash

1. Using Non-Borrowing Options

If you want to make up a bit more cash to supplement the sum of money you get from a small tax refund without borrowing any money, then you do have a few options that you can rely on.

For many, looking to increase their hours at work can do wonders. Many businesses, particularly in the service industry, are lacking in staff right now. These companies would likely prefer their current staff to cover a few extra hours. It saves on training. 

Alternatively, you can consider taking advantage of freelance work online, which is in big demand right now. There are many sites that you can use. Get registered for them, and you could be earning cash as soon as today!

2. Utilizing A Payday Advance

A payday advance is an option for those that need to borrow cash now. If you were relying on a tax refund to help cover an emergency expense and it was too small to fully cover it, then a payday advance could potentially make up for the shortfall.

A South Carolina payday advance will allow you to borrow a sum of cash, between $100 and $550, with the intention of it being paid back with your next paycheck. 

These loans can be incredibly fast to obtain. With Carolina Payday Loans, Inc., you could have access to cash as soon as the same day or the following business day.

Getting fast cash isn't the only benefit to a payday loan either. Here at Carolina Payday Loans, Inc., we also welcome all credit types, and we make sure to help you understand every step of the process for payday loans.

The process itself is fairly headache-free too. We know that many of those that opt for a payday advance are in urgent need of cash, so we ensure that our process is streamlined.

When Should You Use A Payday Advance?

If you were planning on using your tax refund to cover some extraneous expense that you don't really need, then using a payday advance isn’t your best option. However, these loans can be best used for expenses such as:

• Important medical expenses.
• Late bills.
• Car repairs.
• Home repairs.

Basically, you should only borrow cash if you need the cash urgently for an essential expense.

How To Get A Payday Advance From Carolina Payday Loans, Inc. 

In order to receive a payday advance from Carolina Payday Loans, Inc., you will need the following documents:

• A government-issued photo ID.
• A blank check from your active checking account.
• Your most recent paystub.

Once you have these documents, getting through the process should be fairly quick. You can get started by filling out and submitting the online payday loan form.

Once you have filled out and submitted that form, we will call you to have a quick explanation of the rest of the process. We will ensure that you know what a payday advance is, as well as give you the opportunity to ask any questions. When we wrap up the conversation, we will schedule an appointment at your closest Carolina Payday Loans, Inc. storefront location.

Your next step is to head to this location and make sure that you bring along the documents needed to qualify. After a quick evaluation performed by a loan representative, we will be able to determine if you qualify.

If you are approved and after you have signed a few forms to finalize the process, you will receive your money. It will normally take one working day, but if you are approved for a payday advance early on in the day, you may receive it on the same day.

Had Big Plans But Got A Small Tax Refund?

Many Americans rely on their tax refund to cover emergency expenses that they have been putting off for a while. This can make it disappointing when you receive a small tax refund.

This doesn't make those emergency expenses disappear, though. If you need a bit of additional assistance to cover those emergency expenses, a payday advance could be an option. Submit the online form to get yours today!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.