This is good for consumers, as the expensive loans that preyed on low-income families are now obsolete
Good question and the answer is: it depends. There are some companies who claim to give anticipation loans without a credit check (like Jackson Hewitt, for example) others will require credit checks and some may charge higher fees if you have bad credit.
If you’re planning on getting an anticipation loan, your best bet is to simply call and ask the tax prep service provider you plan on going to about the details beforehand.
Who Offers Refund Anticipation Loans?
Thanks to refund anticipation loan regulations over the past few years, many of the companies who formerly offered refund anticipation loans no longer do.
However, there are some companies that do still offer anticipation loans, although they look much differently than the expensive ones of the past.
TurboTax Refund Advance
TurboTax Refund Advance can give you up to $3,000 in less than a day! They estimate that most loans will be closed within 3 hours of IRS acceptance of the tax return. Even better, you can get the advance with $0 loan fees and 0% APR.
The refund advance is available in in amounts of $250, $500, $750, $1,000, $1,500, $2,000, $2,500, and $3,000. The amount you can get is roughly 50% of your expected tax return amount.
Your loan will be available on a Turbo® Visa® Debit Card issued by Green Dot Bank. You can get an online confirmation and use the online funds immediately.
H&R Block Emerald Advance
H&R Block Emerald Advance – H&R Block seems to have departed from traditional refund anticipation loans and now offers the Emerald Advance starting as early as November each year.
The Emerald Advance is a line of credit of up to $1,000 issued before the Christmas season and that must be paid back by February 15 th the following year. As long as the loan is paid back by Feb. 15 then loan holders may be eligible to keep their line of credit for the entire year. Continue reading “This is good for consumers, as the expensive loans that preyed on low-income families are now obsolete”