H&R Block Emerald Refund Advance Loan

Do you believe that you’ll receive a tax refund this year? You might have heard that to stop tax fraud, refunds are going to be held longer.

This applies especially to the Earned Income Tax Credit (EITC). But with H&R Block, you can get the money you need right now.

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What is a Refund Advance Loan?

H&R Block emerald advance loan

A refund advance is something several tax platforms offer. You apply for a refund in advance, and the money is loaned to you.

Instead of paying it back, the money is taken from your tax refund instead. Essentially, you’re just getting your refund earlier than everyone else.

This year H&R Block is offering refund advances from January 4th to February 28th. So, you don’t have much time to apply.

How Much Can I Claim as Part of My Refund Advance?

H&R Block operates a robust application procedure, so you’re never going to be able to take out more than you expect to get back as part of your refund. See how much your tax refund is with the free tax refund calculator from H&R Block.

These loans are not supposed to be large. You can claim five different loan amounts, which are: $250, $500, $750, $1,250, $3,500.

Remember, this is still a loan. It’s not your tax refund.

Why Have I Never Heard of This Before?

This tax-filing season is a special tax season because this is the first time that the H&R Emerald Refund Advance program has been available to online users.

Previously, you could only get a refund advance if you applied in an H&R Block store.

Understandably, for many taxpayers who didn’t live in major cities, they didn’t have this option.

That’s why the rolling out of this program is a great counter to the extended waiting period for tax refunds.

What are the Interest Rates?

What makes the H&R Block refund advance a standout option is the interest rates are different. The big change is that there’s no interest charged on refund advances.

This may come as a shock for many because practically every other tax platform does charge interest on the refund advances, they give out.

To be honest, if you must pay interest on money you’re already entitled to, it makes sense to wait instead of taking out a refund advance.

But with H&R Block’s scheme, now you can get a refund advance without paying more.

How Do I Get My Money?

Once you have been evaluated, you should find that the money has already been deposited into your account on the same day.

Take note that this money will never be placed in your bank account. It will be placed on the prepaid H&R Block Emerald Mastercard.

You can use this in the same way as any other type of credit card. However, there’s no overdraft protection, so make sure you have a high enough balance prior to making a purchase.

What’s the Approval Process?

There are no credit scores to worry about when you deal with H&R Block. Axos Bank is the lender, in this case. The approval process works differently from a conventional personal loan.

The main piece of criteria is how much you’re entitled to based on your tax return. All you need to provide is evidence of your refund through your taxes and appropriate identification.

It’s a different type of loan because it’s a type of advance. And the loan time usually only lasts a couple of months at the most.

Who Should Use the H&R Block Emerald Refund Advance?

You should always consider whether a refund advance is right for you. Even though this is a ‘no risk’ loan because you can’t spend more than your loan amount and the interest rate is 0%, you still need to figure out if this is the correct move for you.

We always recommend thinking about whether you really need the money right now. Unless you have an emergency expense to take care of, you may decide that it’s not worth applying for a refund advance.

It’s widely expected that refund advances will be far more popular this year, though, due to the additional waiting time for receiving refunds. However, you can’t truly decide until you have a rough idea of how much you could get back through your taxes this year.

How to File with H&R Block Today

H&R Block doesn’t just offer a refund advance loan with no application fees and 0% interest. They also offer a tax platform that can be used by most American taxpayers.

They have a range of forms that are available for Americans with simple to complex tax affairs. It couldn’t be easier to create an account and get started with them today.

It only takes minutes to start on your taxes, and it’s even faster if you’ve used them in the past because you can simply import your previous information.