Everything about Jackson Hewitt Holiday Loan You should know
You can’t wait for your tax refund and need cash in hand for your holiday expenses. Recognizing the long refund process of the IRS, Jackson Hewitt has launched an advanced program that supports you access money without interest rate. Learn more with us about this program and the requirement for eligibility.
What is a Jackson Hewitt Holiday Loan?
Jackson Hewitt Holiday Loan - another name as Refund Advance tax loans is one of the programs from Jackson Hewitt that provide you a loan as a way of financing your urgent need. People who are eligible for this return tax program from the company can receive an advance of $1300. Apparently, every deal will need requirements to achieve. You will get a higher opportunity to qualify for this program when the IRS and Jackson Hewitt evaluate the possibility of receiving a tax refund from your current income.
The money provided in advance doesn’t come from Jackson Hewitt tax preparation company. This amount is from a bank partner of the firm, and from Jackson Hewitt is Metabank. There are three options that are available for this program including No Fee Refund Advance Loan, Early Refund Advance Loan, and Go Big Refund Advance. Normally, with the basic option, there is no interest applied for your loan but when going for a bigger loan, the interest rate of MetaBank will be provided.
This program is valid for a certain time starting from November to February next year. It would be better if you apply for this loan before your tax return because the holiday loan is only eligible on the tax return of the previous year. For example, for the holiday season 2021, the 2022 Jackson Hewitt Holiday Loan allows in advance up to $1300 of your tax refund.
Type of Jackson Hewitt Holiday Loan
When you apply for Refund Advance tax loans, you can consider one of these three options: No Fee Refund Advance Loan, Early Refund Advance Loan, and Go Big Refund Advance.
No Fee Refund Advance Loan
Same as its name, this is a program with no fee for the application. The advance money will be offered by MetaBank®, N.A without an interest rate. This is a program only for Jackson Hewitt customers so anyone who uses tax services from Jackson Hewitt can receive a loan of 0% APR. This program will run from January through late February. Before applying for this program, you should check the requirement carefully for the necessary documents.
Early Refund Advance Loan
This option is a perfect way for you to get advance money for the holiday season. The required proof of income and a pay stub should be submitted for the application. The program will allow you to access certain money with 0% APR from MetaBank before January. The maximum amount of loan is $700. Based on your current income, you can receive $200 and $300 accordingly.
Go Big Refund Advance
When you file tax in January, you can also apply for a bigger loan from Jackson Hewitt. There is an extra fee for the application and the interest rate for the loan is also offered for the appropriate advance amount. You can get a maximum of $6000 but sometimes when your profiles can’t meet the demand of Metabank and the firm for the maximum amount, the tax refund in advance for you might be about $1000. For new clients, the maximum loan is $2500. According to the latest data, the interest rate will depend on the loan duration. For example, for a loan of a month, you will have to pay 30.42% APR.
How to qualify Jackson Hewitt Holiday Loan
To ensure the ability to pay for the loan, Jackson Hewitt always checks the profile of customers whether they have enough standards for the program or not. Even if you apply online, the necessary documents will be asked during the launching time. Here are the general requirements that you need to qualify:
- Customers must be above 18 years old
- A citizen in the US or a permanent resident of the US
- Currently in a job or be employed for at least 90 days
- Have an income of $1000 each month after tax
- Must have an authentic checking account under your name.
The guide for online application is also the same. You can sign in to the official website of the firm or log in on their app and fill completely the needed information to the inquiry form. Then Jackson Hewitt will find the creditor or lender matching your current income. When the list of creditors is given, you can check the conditions and terms of the loan. The lender will directly call you for extra documents such as your paystub and other proofs of your income. Your holiday loan will be deposited into your account right after the lender approves your request.
How much does a Jackson Hewitt Holiday Loan cost?
The fee for the program is determined through your chosen Refund Advance loan. If you choose Early Refund Advance and No Fee Refund Advance, the finance fee is not required. Other programs such as Go Big Refund Advance will charge you a certain additional fee. Due to the policy of Jackson Hewitt on the Go Big Refund Advance program 2020, the finance fee for each qualified candidate is 2.5% of the amount of the loan. For example, the fee for a $1500 Go Big Refund Advance loan is $37.5. You can calculate your fee accordingly. Besides, as you know that, when you are eligible for this advance loan, your loan will be associated with the effective APR which is provided through the duration of the loan. Bear in mind that there is no responsibility of the firm to pay this fee for you, make sure that your tax return can cover all of the loans to avoid the additional rate.
How long does an advance of a Jackson Hewitt Holiday Loan take?
When your request for a Refund Advance loan is approved, the loan will be deposited to your account within minutes to 24hours via an American Express Serve Card. It will take a longer time for about one to five business days when you choose the transfer option to Direct Deposit.
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If you are considering asking for a tax refund advance for your holiday season, Jackson Hewitt is the ultimate option that can let you access the money in the fastest way through simple steps. Diving into the available program of Jackson Hewitt and you can take advantage of these financial aids. It would be better if you book an appointment for the tax professional advice, don’t forget to apply for a Jackson Hewitt discount to save more.