What To Do When You Owe Taxes


Tax Day has come and gone, and with it, it’s taken your hard earned cash. When you owe on your federal income taxes, it can be frustrating to say the least, but when you have to clear out your savings in order to pay off your debts, it can be downright scary. You’re suddenly living life without a safety net. What would have been a simple bill, purchase, or repair before Tax Day is now a serious financial emergency.

What To Do When You Owe Taxes

There’s no way around it. You’ll just have to build up your savings from scratch, just like you did after the indulgent holidays wiped out your savings last. You know you can do it; it’ll just take time. But until then, do you know what you’ll do if you get slapped with a bill and you still have nothing but a big, whopping zero as your account balance? Consider outside assistance from a Credit Access Business (CAB).

A CAB is a fully licensed lender that facilitates small dollar loans on your behalf, and a small dollar loan is made for just this kind of situation. It provides essential financial assistance when you can’t cover an unexpected emergency on your own. Typically, when you apply for your very first loan from a CAB, they limit both its size and repayment terms. In what ways will depend on the lender you choose.

Some will insist on a strict payment schedule that requires the full principal plus all associated fees and interested paid by the date of your next paycheck. This kind of assistance works best when you know your payday’s large enough to cover the repayment and all of your usual responsibilities.

For many Americans, a full repayment would jeopardize their ability to pay for their typical monthly purchases, like rent or groceries. Luckily, these individuals can turn to CABs that offer convenient installment loans. When you secure one of these loans, its repayment coincides with several pay periods, so you aren’t promising so much of one paycheck to your loan. By offsetting your payment schedule to weeks or even months, you won’t have to choose between paying off debt and buying groceries.

You can get an installment loan online as long as you can provide basic contact and financial information. Within minutes you’ll know if your application qualifies for help, after which your choice of CAB will review your profile before determining your candidacy for assistance. In some cases, you can receive your installment loan in as little as one business day.

Knowing you have quick access to cash can be a huge stress relief, especially when you’re still reeling after taxes. Take the time to research your choice of CAB and read up on the rates, terms, and conditions they offer. When you find a lender that fits, they can offer assistance that acts as a perfect stopgap as you redevelop your savings.

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