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Additional Details
I live in kansas and is there anywhere online that i can find a chart that i can print out?... |
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crzy_mthr | H & R Block question? |
How does it work when you borrow against your tax return? And what is it called through H & R Block? |
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Soror Kate ART VT
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There are two products that you could be referring to. Currently H&R Block is offering the "Emerald Advance" - a line of credit for up to $500 that can be repaid with your tax refund if you so choose. It is offered in all states except WV, but WV residents are welcome to apply in other states. This is not technically a loan against your refund, but a line of credit that allows you to only pay for the money you actually use. You must:
Have been an H&R Block client (in-office, online, or with TaxCut e-file) in one of the past two tax years.
Have an anticipated refund of $1000 or more.
Have expected 2008 income of $10,000 or more.
Be over 18 with state-issued photo ID.
Call any office and they will be able to tell you which offices near you are offering this.
Second, you can take a loan against your refund during tax season, with what we call a "Refund Anticipation Loan". With these products, you can get money before you leave the office, or within 24 - 48 hours, depending on what you choose. This is what many folks call "Rapid Refund".
If you have any questions, feel free to e-mail. Hope this was helpful! |
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wartz
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STOP! Don't even look for a refund anticipation loan. It is about the worst deal you can find and just made for suckers. Save a bunch of money by efiling and having direct deposit of your refund in about two weeks. |
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Mathew
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They prepare your return and send it off to the IRS. The IRS acknowledges that you are a real person and everybody on the return has a SS#. With that information processes an application for a loan against the anticipated refund. They are called a Refund Anticipation Loan (RAL). The interest is very high but you get your money the next day. The maximum interest is $95 (a little less if the loan is smaller). It normally speeds up you receiving your refund money about two weeks. On top of that the bank charges you a processing fee of about $30. All of this is on top of whatever the H&R Block fees are. It is not uncommon to walk out with about $300 of your refund gone to interest and fees. If you can do your own return on line it will cost something between nothing and $80. But if you have no idea what you are doing and you have any thing other than the simplest return the IRS penalties could be thousands if you make a couple of mistakes. However the RAL is a bad idea unless you really need the money tomorrow. By the way you can't do any of this untile Jan. 11th. |
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heavenlea_7
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Rapid refund...i never did it but they charge a couple of hundred dollars i always wait to get all my money. |
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pokedonut
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You "borrow" against your tax return? You mean, once they calculate what your refund may be, H&R Block will let you "borrow" against that? Why not just be patient and wait till the check/direct deposit arrives?
Certainly, as an intelligent person, you have enough outside of your investments in cash for emergencies such that you don't need to borrow from such a windfall as your tax refund. |
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Pimpin John
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Emerald Advance. Please do not do this unless you're about to be put out on the street. |
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LEW
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Mathew is mostly correct. There are 2 options--one's an IMAL--Instant refund anticipation loan. You get your calculated refund less a bank charge and interest. The bank charge is about $30. The interest rate used to vary, but is always very, very high. These bank fees actually go to HRBC Bank--not to H&R Block. H&R Block will deduct your tax prep fee, as well, so you don't have to shell out cash. It's a convenience you'll pay a lot for. Also, depending on what HSBC decides, they may divide your refund into 2 payments--one you get instantly and one usually the next day. The 2nd choice is a RAL, and is the same thing except you get your refund (less fees) in a couple of days. They are slightly less expensive than IMALs. Remember both are loans and have to be repaid. If you, for instance, owe for back student loans or child support, be especially cautious because the refund you expect to use to repay these may not be there. If you can wait for your money, do so. These are good only for dire emergencies. |
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BRI
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IMAL is not offered this year.
IRAL and RAL will be offered for the 2008 tax season.
RAL (Refund anticipation loan)
~ Loan (by HSBC) secured by clients anticipated federal income tax refund
~ available from Jan. 2nd- May 31st
~ fast, but not same day, 1-2 days after application is approved
~tax prep fees & product fees withheld from loan proceeds
~$29.95 Refund account fee + 36% APR Finance Charge
(add $20 if check)
IRAL ( Instant Money Refund Anticipation Loan)
~ Loan, available at time of tax preparation to an amount equal to all or part of the clients anticipated refund, minus fees
~ Same day, if approved
~available from Jan. 11th- April 30th
~ partial or full loan
~$29.95 Refund account fee + $24.95 Instant Surcharge + Finance Charge
(add $20 if check)
Also you will have to go to H&R Block to get your taxes done and you need an anticipated refund, to get approved for RAL or IRAL.
There's also the EMERALD ADVANCE CARD (line of credit)
as i am not a fan of credit cards i will not go into details. if you need more information click here: http://www.hrblock.com/bank/emerald_advance/index.html?pgnavp=bank_tax&pgnavc=bank_tax_emer_adv |
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wat
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I believe that H&R calls it cash back. I think the deal is that you take your return to them, they prepare it and if you have a refund they "buy" it from you. They give you a certain percentage (not 100%) of what your refund will be and then you sign your refund over to them. They then get your total refund. The difference between what you get and the 100% represents their fee for doing your return and a little bit of interest for fronting you the money. |
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