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