Early Refund Advance was a no fee, 0% APR loan that was available to clients when they brought their pay stub or other income verification to a participating FAITH UNION location. Early Refund Advance loans ranged from $200-$400.

If you had valid forms of income verification, you were able to apply for the loan.

If you were approved and chose to have your Refund Advance disbursed via a prepaid card, you received the loan amount within minutes to 24 hours; or if you chose Direct Deposit, you received the loan amount in one to five business days.

Loans were disbursed via a prepaid card or directly deposited into a qualified account of your choosing.

If you obtained a No Fee or a Faith  Refund Advance, the amount you owed was deducted directly from your tax refund so you didn’t need to worry about writing a check to repay your loan amount.

There were two kinds of Refund Advance loans. The first was the No Fee Refund Advance, which had no fee and 0% APR. The second was the  Faith Refund Advance, which had much larger loan amounts than the No Fee Refund Advance.  Faith Refund Advance had a fixed APR of 35.9% for the life of the loan, and interest charges were capped at 45 days.

Prequalification is no longer available.

>No Fee Refund Advance loan sizes were $200, $500, $750, $1,000, $1,500 and $3,500 for qualifying clients.

>Faith Advance loan sizes were $1,000, $1,500, $2,000, $3,000, $4,500, $5,000 and $7,000 for qualifying clients.

>With Early Refund Advance, qualifying clients were able to access between $200–$400 of the No Fee or Go Big loan.

The cost varied based on how many days passed between when the client received the loan to when it is was paid back from their tax refund. On average, our clients had a loan for 24 days and our clients were never charged for more than 45 days. The table below shows how much each loan amount would cost for 24 days.

 

Loan Size                 Estimated Finance Charges* (based on 35.9% APR)

$1,000                       $23.61
$1,500                       $35.41
$2,000                       $$47.21
$3,000                       $70.82
$4,500                       $106.22
$5,000                       $118.03
$6,000                       $141.63
$7,000                       $165.24

Estimated charge based on a 24-day term

Go Big Refund Advance was a loan provided by SunriseBank<sup>®</sup>that had a fixed APR of 35.9% and was available at participating FAITH UNION locations. Clients were able to get between $1,000 and $7,000.