Times are pretty tough for us this year and my husband heard that HR Block is doing holiday loans starting December 2nd. I read that this is only if you filed through them last year. We filed through Jackson Hewitt. Does anyone know if they do the same type of holiday loan? And do they take it out of your tax refund? Is there a lot of interest to pay back? I fear getting one of these loans to help us get through the holiday and then it end up screwing us even worse financially. We have a new baby coming in March and just can’t afford to get even deeper in the hole. Any advice would help. Thanks.

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3 Responses to “Holiday loans from HR Block or Jackson Hewitt?”

  1. Mathew says:

    Jackson Hewitt’s program ended already. It is true that approvals for none Block customers has always been very low and they seem not to be interested in new customers. In either case the interest and fees are very high. For example on one program I saw you got $575 and paid back $740 if you paid it on time. They are normally paid with tax refunds directly. The best advise is don’t do it.

  2. jlf says:

    Those loans are bad deals – stay away from them. And stay away from the tax prep services, which are overpriced. Unless you have really complicated finances, TurboTax or other such software can do the job much cheaper. A lot of people are financially squeezed right now and "the holidays" is one of the first places you should cut back on spending. Going into debt for that is just foolish.

  3. Get Real People says:

    It is true that JH’s program is already over and that Block’s product is only for prior clients. I did want to add one thing though that jlf is incorrect about. With times being so tough I would say that it is more important than ever to go to a tax professional or CPA to make sure you receive every penny you deserve. As someone in the industry but not someone that prepares taxes, I can tell you it is very easy for a trained professional to find more than the average consumer or software package can. The software is cheaper but factor in what you get on the backend and what looks foolish is being cheap.

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