admin answers:

HSBC bank, who previously funded these loans, has backed out of doing them due to people not repaying these loans. Therefore, Jackson Hewitt and Liberty Tax service are unable to offer any type of holdiay loan or even the paystub loan. H&R Block opened their own bank last year so they are able to offer a similar product for their clients only. They are limiting the loan to prior clients only because it’s less risky. More than likely, if someone has been a prior client, they will return and repay the loan. 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. And the interest rates are not above the federal maximum. It starts around December 10th. Check your local office for details.

admin answers:

H&R block charges …i believe 40-60 $ to do your return. You walk out with the cheque within hours on the same day. Very convenient if you need the funds asap. Jackson Hewitt…………….. ? Don’t know. I use H&R block.

admin answers:

They probably don’t want their fees made public – but it really does depend on how many forms they have to process.

They charge a big interest fee for the loans, so try to stay away from those…

admin answers:

H&R Block tax associates are paid on a ‘draw vs comission’ basis. You are paid an hourly rate, which varies based on where you live, the experience you have, and how long you’ve been with the company. You are also paid a percentage of the price of each tax return. So, for example, if your percentage is 10% (I use easy numbers so I don’t have to do math), and your total ‘sales’ were $50,000, your portion of that is $5000. If at your hourly rate, you earned $3000 during tax season, you would then get a ‘bonus’ of $2000. Your hourly rate can (and usually does) increase from year to year, which again depends on the complexity of the returns you do and the number of clients you serve. (More complex returns are more expensive).
The initial hourly rate for first-year tax professionals varies greatly depending on the area in which you live. Where I am, the $7.50 we pay is appreciated – it’s higher than other similar positions. But $7.50 in New York or San Diego would drive employees out the door.
Call your closest office and ask to be contacted by the District New Hire Coordinator or District Manager. They’ll be able to tell you what the rate is in your area. Or, e-mail me and I’ll be happy to answer any further questions you might have.

admin answers:

You probably need to have a very high credit rating. There were so many defaults on these loans last year that they may not be offered, but if they are, you will need excellent credit.

Avoid taking this kind of loan or any ‘rapid refund; or Refund anticipation loan. It is a rip-off with extremely high rates of interest. Just wait for the IRS to send your refund. It only takes about two or three weeks if you file electronically and have the refund deposited into your bank.