Question about the Instant Money Advance Loan from H&R Block?

Question by october g: Question about the Instant Money Advance Loan from H&R Block?
On their website it states that you can get your refund with a money advance loan check up $ 2500 if you file now before you get your W2’s. I have done my taxes on TurboTax.com (have not filed anything yet) and estimate that I should get back about $ 3800. So if I go to H&R Block and do the advance loan thing and they do determine that my refund is around $ 3800 do they give you a loan check for $ 2500 and send a check for the remainder of your refund after you take in your W2’s? Any tax experts know how this would work out?

Best answer:

Answer by nrsldy04
no. what happens is they estimate, using your last pay stub of the year, how much you will get as a federal refund when you do file. based on that they give you a loan through the same bank that does the RAL. if the loan is for, say 2500, the fees are taken from that so you may only get a check for about 2390 or something. then, when you get your w2(this is the nice part)you can either file through them or efile or file the paper way. then, you pay back the 2500 loan. you keep the difference. again, they do not file your taxes now, they just use the pay stub as a guidance to know you will be able to afford to pay them back once you get your taxes. you have until feb. 19th to pay them back.

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