What types of Tax Loans does Jackson Hewitt offer?

Jackson Hewitt offers several tax loan options to help customers access their anticipated tax refund early:

1. Rapid Refund® Loan
This is a refund anticipation loan (RAL) that allows you to borrow against your expected tax refund. You can get your refund money in as fast as 24 hours after IRS acceptance of your tax return.

• Interest rates and fees vary by state and loan provider but typically include a finance charge ranging from around $35 to $110 depending on the loan amount and terms. The Annual Percentage Rate (APR) may range from approximately 36% to over 100%, depending on the loan structure and repayment period.

2. Refund Advance Loan
A short-term, no-interest loan up to a set amount based on your expected refund. This advance allows you to receive funds quickly without waiting for IRS processing.

• These advances generally come with no interest and no fees, but there may be eligibility criteria based on your expected refund amount and creditworthiness.

3. No Fee Refund Transfer
While not a loan, the Refund Transfer service allows you to pay your Jackson Hewitt tax preparation fees directly from your refund, eliminating out-of-pocket filing costs upfront.

• There is no loan involved and therefore no interest; the service fee is deducted from your refund and varies by location but typically ranges between $35 - $55

Who is eligible for Jackson Hewitt tax loans?

Eligibility depends on factors such as your expected federal tax refund amount, state regulations, and credit history. Typically, you must have a federal tax refund expected, have your tax return prepared by Jackson Hewitt, and meet any state-specific requirements.

How do I apply for a tax loan through Jackson Hewitt?

You can apply directly during your tax preparation appointment at a Jackson Hewitt office. The tax professional will discuss loan options, terms, and eligibility, helping you choose the best loan product for your needs.

What are the risks of taking a tax loan through Jackson Hewitt?

Tax loans are short-term, high-cost loans that must be repaid when your refund arrives. If your refund is less than expected or delayed, you could be responsible for repaying the loan out of pocket. Always read and understand the terms and conditions before accepting a loan.

Can I pay back my tax loan early?

Yes, many Jackson Hewitt tax loan programs allow early repayment without prepayment penalties. Paying early can reduce the amount of interest you pay.