Both new and existing customers of Jackson Hewitt Tax Service will be able to apply for an Early Refund Advance by mid-December. Just in time for the holidays, the Early Refund Advance enables people who use Jackson Hewitt for tax preparation to receive a loan of up to $700.
The company says that customers may be able to qualify for the holiday loan with only a paystub. Returning clients can start the process on Dec. 14, while new clients can start the process on Dec. 17. The first step is to check online to see if you prequalify for the loan. If so, you may schedule an appointment to start your tax refund preparation.
The Early Refund Advance Loan is available from December 14, 2020, until January 17, 2021. As part of requirements for the Early Refund Advance, the No Fee Refund Advance Loan will be available from January 2, 2021, until February 21, 2021, at certain Jackson Hewitt locations.
Does Jackson Hewitt have a Christmas loan?
The Jackson Hewitt Early Refund Advance is available in December before people receive their W-2 from their employer. Customers who are approved for an Early Refund Advance may receive $200–$700 against their tax refund. The funds are accessible prior to the new year, which makes it effectively a “Christmas” loan.
Anyone who applies for an Early Refund Advance loan must also apply for a No Fee Refund Advance Loan. There is also a Go Big Refund Advance available in some areas.
The Early Refund Advance and the No Fee Refund Advance Loan don't have any fees associated with them. Also, there aren't any finance charges. The Go Big Refund Advance does charge 2.5 percent of the loan amount as a financing fee. Loans are repaid from your upcoming tax refund.
How long does a Jackson Hewitt refund advance take?
A refund advance from Jackson Hewitt happens fairly quickly. Loan amounts are available within 24 hours if you choose disbursement on a prepaid American Express Serve card. Alternately, customers may choose a direct deposit to their bank account. For the second option, it may take 1–5 business days for the funds to reach the account.
Which tax companies offer holiday loans?
Jackson Hewitt isn’t the only tax preparation company that offers holiday loans to customers. H&R Block and Intuit TurboTax are two of the best-known companies that provide this service. Most of the companies require a minimum of $500 estimated total tax refund to qualify.
With any of the tax-refund advance loans, it’s important to consider the cost of using the service to prepare your tax paperwork and whether the loan is a good fit for you.
H&R Block offers a holiday tax refund advance loan through Metabank. The offer is available beginning January 4, 2021. The H&R Block advance is a zero-percent loan of up to $3,500. Usually, the funds are accessible on the day of approval.
TurboTax offers a tax refund advance loan issued by First Century Bank. Borrowers receive a Turbo Visa Debit card with the loan amount preloaded. The company's website says that the funds are usually available within three hours.
Other companies that offer tax advance loans include Tax Advance, ETaxLoan, and TaxNet Financial.