I am a contractor and need to make payroll on Friday (need $5000). I have a ta

  1. profile image45
    Julian Camachoposted 7 years ago

    I am a contractor and need to make payroll on Friday (need $5000).   I have a tax return of...

    $9000  deliverable around December 14th.   Can I borrow money on the tax return?

  2. Mbshine profile image61
    Mbshineposted 7 years ago

    First, be wary of pay day loans and "tax return" loans that sometimes have usurous fees and charges. The sad thing for some banks is that they  will lend money only  to are those who don't need any. However,,,some  big "If's"....
    IF.... you are known in your town or neighborhood as a good guy and honest contractor...small towns have an advantage here...and
    If, you have an established commercial checking account, payroll account, mortgage, or other relationship with a local bank or branch of a large bank..
    and IF you are even lucky enough to know the Manager...

    Walk in, tell him or her the problem, and see if they will give you not a loan but an established LINE OF CREDIT for say $25,000 that you can use as needed, starting Friday, at low interest.

    give it a shot.....there is little or no downside in asking. Good luck to you.

  3. krishubpages123 profile image32
    krishubpages123posted 7 years ago

    you can not get it from IRS but in other source or loan agency you can do it though.