I have not yet called. Last year I I rremember taking my pay check stub in, and getting a early loan on my taxes. Does any one know for sure when there suppose to be starting this? Allot of people are saying december 10 and others the first week of december??
2007-11-25 05:54:30 · 7 answers · asked by laura O 1 in Business & Finance ➔ Taxes ➔ United States
H&R Block is going to be offering a line of credit beginning on Dec. 10. The credit limit is up to $500, with no credit check for prior clients. Even if you're not a prior client, you can get a mastercard with $5 on it. You also have the ability to turn this into a year-round line of credit, similar to a credit card, only not really. Your tax profesional can explain that in more detail.
This is not a term loan, it is a revolving line of credit. You can choose to pay it down with your tax refund, however, just like last year. The difference is that there will be a minimum payment due in January (again, similar to a credit card).
You'll need to take in your most recent pay stub, photo ID, and information about any dependents you plan to claim on your tax return.
If you are interested, you might want to make an appointment now. I know that in my area we are swamped with calls and appointments already. E-mail if you have further questions.
Edit: About theinterest rate: It is a small fraction of the type of interst that would be charged for, say, a payday loan type place. When you run the numbers, using a $500 loan or line of credit, you'll pay around $350 to borrow from them, and around $60 with the line of credit. That's for the same time frame, and with all fees included. When you run the calculations on those types of loans, they can have interest rates of up to 425%APR. Ours will not go above 36%. If you have other options, with lower interest, use them. H&R Block does not want to encourage people to get into bad cycles of debt. But if you, like me, don't have another option at this time, it just might be the best of your options.
2007-11-28 02:30:28 · answer #1 · answered by Katie Short, Atheati Princess 6 · 0⤊ 1⤋
HSBC bank, who previously funded these loans, has backed out of doing them due to people not repaying these loans. H&R Block opened their own bank last year so they are able to offer a similar product for their clients only. Contrary to other people's lack of knowledge of the product, the interest rate doesn't exceed the federal maximums. You must have had H&R Block prepare your tax return in 2005 or 2006. The line of credit is for $500 and there is a charge for it. It starts around December 10th. Check your local office for details
2007-11-26 15:55:27 · answer #2 · answered by Fool in the Rain 6 · 1⤊ 0⤋
The product this year is a line of credit, not a loan. Interest is charged only on the amount borrowed from the line of credit. The interest rate is low compared to products in prior years. However the line of credit is also low, $500, and available only to prior year clients (2005 and 2006).
More details at hrblock.com, or call your local office.
2007-11-27 03:14:06 · answer #3 · answered by ninasgramma 7 · 0⤊ 0⤋
Block offices open to the public on Dec. 10. Last year's "IMAL" is not being offered this year, but a pre-holiday loan up to $500 is going to be offered. You will have to qualify for it and if you qualified last year and nothing has changed then you have a good chance of qualifying this year.
Check with Block prior to Dec 10 to learn which offices will be open. As always the fees are stiff for this type of arrangement, but you at least can buy some things for Christmas.
2007-11-25 17:42:03 · answer #4 · answered by Othniel 6 · 0⤊ 1⤋
The broad scale loan program offered last year by Block and other tax prep mills and funded by HSBC is dead. Some franchise offices may have other sources of funds, including local in-house funding of those loans. You'll have to call and ask.
Bear in mind that you will pay loan-shark rates for any loans offered, either in advance of filing or as a Refund Anticipation Loan against a filed return. It's not unusual at all to see half of your money go up on smoke with these loans as the fees and interest rates often exceed 2000% APR. I would only recommend these loans if you are facing immediate eviction or if you need food for your children. If you need it for Christmas presents, celebrate a late Christmas this year and spend ALL of your refund on your loved ones, not half to some faceless bank and half for your family.
2007-11-25 15:10:24 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 2⤋
They aren't doing exactly the same thing as last year, but if they've got signs up it sounds like whatever they are doing, they've already started. Call them and ask.
Be aware though that you will be paying a lot for that short-term loan, in fees and interest. Consider changing your W-4 so you get more money in each paycheck instead of lending it interest-free to the government for the year.
2007-11-25 14:36:03 · answer #6 · answered by Judy 7 · 1⤊ 2⤋
how much will you pay foran early christmas loan from hrblock for 1000 dollars
2013-11-23 14:19:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋