Coming through for consumers when the IRS is too slow

DEL PLAINES, IL, February 08, 2024 /24-7PressRelease/ — “The federal tax refund is very important to millions of American families,” says Nicole Horton, senior director of online lending services for online lender SAIL Loans.

“A recent study by Intuit Credit Karma found that the IRS refund check is the largest check many families receive all year,” she continues. “So it’s easy to see that when a refund is delayed, it can put a great deal of stress on a family’s budget.

“SAIL Loans is proud to offer a lending solution that gets families the cash they need now as they await their refunds,” Nicole adds, “and helps them move toward a more stable financial situation for next year.”

Staffing issues continue to slow the IRS’s processing of refunds

The past several years have seen delays in the processing of federal income tax returns and the issuing of refunds. Staffing challenges and other factors pushed the date the IRS began accepting and processing returns back to January 29.

As the more than 168 million anticipated individual returns pour in, many will encounter delays. Among the reasons:

• The Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) are two return entries that will delay a refund. The IRS is not permitted to issue refunds for returns that include these credits before mid-February. The agency’s website states that such refunds should be available by February 28, 2024.
• Electronic filing speeds the processing and the issuing of refunds. But millions of families mail their returns, which significantly slows the process. Mailed returns can take four to eight weeks for the IRS to process.
• When the IRS determines that a tax return requires further review, indefinite delays can occur.

A lending solution that puts consumers on the path to financial stability

“The Intuit Credit Karma report found that three in four Americans expect to receive a tax refund this year,” notes Nicole. “That’s a lot of families awaiting much-needed funds that may be delayed for weeks.

“For families that don’t have savings on which to draw,” she continues, “this delay can put them behind on paying holiday bills and meeting financial necessities.

“The savings and installment loan from SAIL Loans,” Nicole states, “helps Illinois consumers set sail to a better financial situation so they’re able to handle unexpected expenses.”

Cash for today, savings for tomorrow

With SAIL Loans’ innovative savings and installment loan, Illinois customers get the money they need for immediate expenses while they build savings that provide greater financial stability.

A portion of the loan amount goes directly into a secure savings account that accrues interest as the customer makes regular installment payments on the loan. Once the loan is repaid in full, the customer gets full access to the funds in the savings account.

“When the loan is paid off in full,” says Nicole, “customers find themselves in a more stable and secure financial situation. They now have savings that provide some cushion and enable them to meet unexpected expenses without derailing the family budget.

“Customers can then continue moving toward increased financial stability,” she adds, “building on their savings and giving themselves more and more financial security.”

Loan features that are stacked in favor of the customer

Illinois customers can apply for a SAIL Loans savings and installment loan up to $4,000 by visiting the SAIL Loans website, downloading the convenient app or by calling 833-700-7245 to speak with a lending services representative.

SAIL Loans customers can take advantage of:

• a quick and easy application process
• same-day funding
• the choice of a 12-month, 15-month or 24-month installment plan (which offers lower installment payment amounts)
• the chance to build their credit history as they pay off their loans

Coming through for families when the IRS is too slow

“Waiting weeks and weeks for a delayed tax refund can cause a lot of stress,” says Nicole. “At SAIL Loans, we want to reduce that stress in the short term and help families improve their financial situation in the long term.”

About SAIL Loans

SAIL Loans, headquartered in suburban Chicago, gives Illinois consumers a simple, easy way to build savings and get funded for an installment loan of up to $4,000, online and via the downloadable app.

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