Jackson Hewitt: Advance Loan Options For Taxpayers

Jackson Hewitt offers tax refund advance loans at the beginning of the tax season. To qualify for the loan, you must have your taxes prepared by Jackson Hewitt and apply in person at a branch. The loan amount you are eligible for is determined by the size of your federal refund, minus fees and underwriting costs. The company offers two types of loans: the No Fee Refund Advance Loan and the Early Refund Advance Loan, the latter of which comes with an APR of 35.53% and a financial charge of 7.3% of the loan amount.

Jackson Hewitt's No Fee Refund Advance

Jackson Hewitt offers a No Fee Refund Advance as part of its tax-related services. This is an attractive option for those who are expecting a tax refund and need access to cash quickly. The No Fee Refund Advance is an interest-free loan, which means there are no additional costs or finance charges. It is a convenient way to get an advance on your tax refund, and the process is straightforward. Here is how it works:

When you file your taxes with Jackson Hewitt, you can apply for the Refund Advance at the same time. There is no extra application process, and it is as simple as checking a box on your tax return. The advance is offered based on your expected refund amount, and you can choose to receive the loan in the form of a prepaid debit card. The card can be used immediately upon approval, giving you access to your cash right away.

One of the key benefits of this loan is that there are no hidden costs. Jackson Hewitt does not charge any fees for this service, and the loan amount you receive will be deducted from your tax refund once it is processed by the IRS. This means you are not paying any interest or additional charges, making it a cost-effective option compared to other loan types. It is important to note that the loan amount offered is usually a percentage of your expected refund, so the actual amount may vary.

While this service is convenient, there are some eligibility requirements. You must have your taxes prepared by a Jackson Hewitt tax professional, and the company will assess your tax situation to determine if you qualify. Additionally, you will need to provide proper identification and meet certain income requirements. The loan amount you are approved for will depend on your tax refund amount and other factors assessed by Jackson Hewitt.

The No Fee Refund Advance is a great option if you need quick access to cash and are confident you will receive a tax refund. It can help cover unexpected expenses or provide a financial cushion until your refund arrives. However, it is important to remember that this is a loan, and you are responsible for ensuring your tax refund covers the amount borrowed. If your refund is less than expected, you may owe additional money, so it is essential to carefully consider your financial situation before applying.

Overall, Jackson Hewitt's No Fee Refund Advance is a unique offering that provides an interest-free loan with no additional costs. It is a convenient and fast way to access cash, especially for those who rely on their tax refunds each year. With no hidden fees and a simple application process, this service can be a helpful financial tool for many taxpayers. However, as with any loan, it is important to understand the terms and conditions and ensure you meet the eligibility requirements.

Application process

To apply for a Jackson Hewitt tax refund advance, you must visit a participating Jackson Hewitt store or Walmart in person. There is no online application process. You will need to file your taxes and fill out the advance application form in-store.

Before applying, you can check online if you prequalify for a Jackson Hewitt tax refund advance. This will give you an idea of the loan amount you are eligible to receive. The loan amount is based on the size of your federal refund, minus any fees and underwriting costs.

Jackson Hewitt offers interest-free refund advances of up to $6,500 with direct deposit or a prepaid card option. There is also an option to receive an additional $1,000 if you are willing to pay a fee. If you choose to receive your refund on an American Express Serve Card, the funds will be available within 24 hours. Otherwise, it can take up to five business days to be deposited into your bank account.

It is important to note that there is a tax preparation fee for using Jackson Hewitt's services, which starts at $25 for the 2023 tax season and may vary depending on the complexity of your taxes. Additionally, the Early Refund Advance option has an APR of 35.53% and a financial charge of 7.3% of the loan amount.

Eligibility criteria

Jackson Hewitt, in partnership with Republic Bank & Trust Company, offers No Fee Refund Advances of $250, $500, $750, $1,000, $1,500, $2,500, $3,500, $4,500, or $6,500. These loans are available from January 2, 2024, to February 11, 2024. There is no fee or interest charged on these loans; however, you must file your taxes with Jackson Hewitt and meet certain eligibility criteria.

To be eligible for a refund advance from Jackson Hewitt, you must meet the following criteria:

• File your taxes with Jackson Hewitt: You are required to file your taxes through Jackson Hewitt or at a participating Walmart store. This is a mandatory requirement to be eligible for the refund advance.
• Verify your income: If you are self-employed, you must provide verification of your income. This verification helps determine your eligibility for the refund advance.
• Loan amount determination: The size of your federal refund, excluding fees and underwriting costs, determines the loan amount you can receive. Jackson Hewitt offers loan amounts ranging from $250 to $6,500, depending on your refund amount.
• Application process: To apply for the refund advance, you must visit a Jackson Hewitt branch or a participating store/Walmart. They do not accept online applications for these loans.
• Tax preparation fee: Jackson Hewitt charges a tax preparation fee for their services, which starts at $25 for the 2023 tax season. The fee may vary depending on the complexity of your taxes.
• APR and financial charges: The Early Refund Advance loan comes with an Annual Percentage Rate (APR) of 35.53% and a financial charge of 7.3% of the loan amount. For example, a $100 refund advance costs up to $7.30, while a $1,000 refund can cost up to $73.
• Additional $1,000 option: Jackson Hewitt offers an additional $1,000 on top of the standard $6,500 loan amount, but this option incurs a fee.
• Direct deposit and prepaid card options: Jackson Hewitt provides direct deposit and a prepaid card option for receiving your loan funds. Direct deposits can take up to five business days to reflect in your account.

Cost of advances

Jackson Hewitt offers two types of tax refund advance loans: the No Fee Refund Advance Loan and the Early Refund Advance Loan.

The No Fee Refund Advance Loan is available in the following amounts: $250, $500, $750, $1,000, $1,500, $2,500, $3,000, $3,500, $4,500, or $6,500. This loan does not come with interest or fees, but you must file your taxes with Jackson Hewitt and apply in person at a branch. The size of your federal refund, minus fees and underwriting costs, determines the loan amount for which you are eligible.

The Early Refund Advance Loan, on the other hand, has an APR of 35.53% and a financial charge of 7.3% of the loan amount. For example, a $100 refund advance costs up to $7.30, while a $1,000 refund costs as much as $73.

In addition to the cost of the loan itself, you will also need to pay a tax preparation fee to use Jackson Hewitt's services. This fee starts at $25 for the 2023 tax season but can vary depending on the complexity of your taxes. One customer reported being charged $600 in tax preparation fees.

It is important to note that to qualify for any of Jackson Hewitt's tax refund advance loans, you must do your taxes with the firm. This may be a drawback if you are already comfortable with another tax preparer or prefer to do your taxes yourself.

Customer experience

The customer experience with Jackson Hewitt's tax refund advance loans can vary. Some people are pleased with their experience, but there are also customers who report being charged high tax preparation fees, being denied loans, or encountering errors on their taxes. One customer claimed to have been charged $600 in tax preparation fees, which they would have avoided if they hadn't needed the refund. This fee is in addition to the cost of the refund advance itself, which can be up to $7.30 for a $100 refund, $21.90 for a $300 refund, $36.50 for a $500 refund, and $73 for a $1,000 refund. Jackson Hewitt's tax refund advance is offered in partnership with Republic Bank & Trust Company, and the company does not disclose exact requirements for qualification. However, they consider certain criteria, including income verification for the self-employed, to determine eligibility.

To apply for a Jackson Hewitt tax refund advance loan, customers must visit a local branch and apply in person. They will need to bring various documents, including their Social Security card, a government-issued photo ID, their most recent pay stub or evidence of income, and information about other income and debts. This process can be time-consuming and may require multiple visits, depending on the completeness of the provided information. Jackson Hewitt then determines eligibility for the loan and, if approved, customers can receive their funds within 24 hours on an American Express Serve Card or within one to five business days via a bank deposit.

The repayment process for the loan is convenient, as Jackson Hewitt automatically deducts the loan amount from the customer's tax refund once the IRS processes it. This means there is no additional action required from the customer to repay the loan. The No Fee Refund Advance option does not incur interest or fees, making it an attractive choice for customers. However, the Early Refund Advance option has an APR of 35.53% and a financial charge of 7.3% of the loan amount, which can increase the cost of borrowing.

Overall, the customer experience with Jackson Hewitt's tax refund advance loans can be positive for those who need quick access to cash and are willing to incur the associated costs. However, it is important for customers to carefully consider the fees, eligibility criteria, and application process to make an informed decision about whether this financial product aligns with their needs and financial situation.

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