H & R Block?

Question

Does anyone know if H & R block is going to offer than loan program this year? They offered it last year...they let you take out a loan and ti gets deducted from your income tax return.

I know they started early last year...i received something in the mail saying i can take out part of my tax return in december of 2006...do you know if they will offer that same program?

Answer 1

No, none of the major tax prep players are doing those any more. The bank that actually loaned the money, HSBC, has pulled out of the business. There was so much fraud involved that even at the sinfully high interest rates that they were charging they wound up losing a pile of money on it.

If you e-file your return for direct deposit, you could get your refund as early as late January but that's about it.

You could opt for a "Refund Anticipation Loan" at most of the commercial tax prep mills but you have to have a W-2 and actually file your return to get that. The interest rates on those loans is INSANELY high, though -- I've seen them as high as 2,300% APR so unless you are about to be evicted or need to buy formula for the baby they are a TERRIBLE idea. In many cases you could wind up giving them half of your refund just to get your money a week or so early. Pretty dumb, IMHO, unless you're about to be evicted.

Answer 2

hi, i heard that h&r block are not doing the early loans too , but call h&r block and they will tell you the end of november..so who knows i would love to know i want the loan for the day after thanksgiving..

Answer 3

They aren't planning right now to offer the before-Christmas loans. The bank that handled them has discontinued them.

Answer 4

it every year......... it a big money maker for them