Tax refund loans are quickly becoming a popular option for those of us waiting on that big refund check. The premise is simple, companies are offering a 0% interest short term loan on a portion or all of your tax refund in exchange for doing your taxes.
With the government taking three to six weeks to issue refunds, it’s becoming a popular benefit for those of us who didn’t go to law school to get that degree needed to understand our crazy tax code.
Here’s a quick breakdown of the best offers in 2020:
H&R Block
- Fees: Start at $59 and up
- Offered: Jan. 4 through Feb. 29
- Tax Refund Loan Levels: $250, $500, $750, $1,250, $3,500
- Get Paid: Same day on a Mastercard
- Requirements: A participating H&R location must do your taxes + credit review
Jackson Hewitt
- Fees: Start at $48 and up
- Offered: Dec. 16 through Feb. 23
- Tax Refund Loan Levels: $200, $300, $500, $750, $1,250, $3,200
- Get Paid: Same day or up to 5 days for a bank account transfer
- Requirements: A participating JH location must do your taxes and you will need pay stubs or a W-2 to prove income (you should be taking those things anyway 😉
TurboTax (Do-it-yourself software)
- Fees: Free to $90
- Offered: Through Feb. 7 (they might extend depending on funds given out)
- Tax Refund Loan Levels: $250, $500, $750, $1,000, $1,500, $2,000
- Get Paid: Same day or up to 5 days for a bank account transfer
- Requirements: File with TT, approved for a Turbo Visa
- Not Available: If you file Illinois, North Carolina, Rhode Island or Vermont state tax returns
