Tax Refund Advance loans have ended

The Early Refund Advance was available at select locations December 11, 2023 until January 14, 2024.
No Fee Refund Advance will be available as early as January 2, 2024 at most locations until February 11, 2024.

The Early Refund Advance is a convenient way to access money to use for the holiday season. An Early Refund Advance is a loan with a 35.53% Estimated Annual Percentage Rate based on a loan duration of 75 days. This equates to a 7.3% finance charge from Republic Bank & Trust Company that you could get with just a pay stub(s) at participating Jackson Hewitt locations. So, unlike other Refund Advance loans, this is a way to access money before your W-2 is available in January (or later).

No Fee Refund Advance is a no fee, 0% APR loan provided by Republic Bank & Trust Company available at most Jackson Hewitt locations. Clients can apply for a No Fee Refund Advance loan when they file taxes at Jackson Hewitt from January 2, 2024 through February 11, 2024.

If you applied for and received an Early Refund Advance loan, you are also required to apply for No Fee Refund Advance loan. To complete your No Fee Refund Advance application, you must file your taxes with your W2(s) and other tax documents by Feb 11, 2024. Your No Fee Refund Advance funds will be disbursed by the same method selected for Early Refund Advance.

It depends on which Refund Advance loan you choose.

The Early Refund Advance Loan had a 35.53% Estimated Annual Percentage Rate based on a loan duration of 75 days. This equated to a 7.3 % finance charge of the loan amount. It was available December 11, 2023 until January 14, 2024.  Outlined below are examples of credit terms for the Early Refund Advance Loan.

The amount of the loan and any interest is deducted from  a tax refund reducing the amount paid to a client.

No Fee Refund Advance Loans are offered at no cost to you. Loan amounts are between $250 – $6,500. The loan amount is deducted from your tax refund reducing the amount paid to you. No Fee Refund Advance Loans are available after you have filed your tax return starting on January 2, 2024 through February 11, 2024.

The amount you owe is deducted directly from your tax refund, if sufficient, to the extent allowed by applicable state law. If your tax refunds are insufficient to pay your loan in full, tax refunds from returns filed in the following tax year with Jackson Hewitt may be applied to repay the outstanding loan balance, if applicable.

Loan amounts are subject to change from season to season. In tax season 2023:

• Early Refund Advance loan sizes were $100, $300, $500, and $1,000 for qualified clients.
• No Fee Refund Advance loan sizes are $250, $500, $750, $1,000, $1,500, $2,500, $3,500, $4,500, and $6,500 for qualifying clients.

For tax year 2023, the Early Refund Advance is no longer available. No Fee Refund Advance loan options will be available at most Jackson Hewitt stores.

Loans may be disbursed via direct deposit to a bank account of your choice, or a Serve^® American Express^® Prepaid Card.

If you were approved for a Refund Advance loan and chose Direct Deposit, you will receive the loan amount within one to five business days; or, if you chose to have it disbursed via a Serve^® Card, you will receive the loan amount by the end of the day but many clients receive them within minutes.

Early Refund Advance Loans are offered December 11, 2023 through January 14, 2024, prior to filing your tax return. You would not be required to provide all documents necessary to file your tax return to apply. Clients should provide their most recent pay stub(s), proof of other income, license of government issued ID, and Social Security card(s) of all individuals on the return, so Jackson Hewitt could most accurately estimate the clients tax refund.

If you applied for and received an Early Refund Advance loan, you are also required to apply for a No Fee Refund Advance loan. To complete your Refund Advance loan application, you must file your taxes with your W2(s) and other tax documents before February 11, 2024 at Jackson Hewitt.

No. There is no impact on your credit score if you apply for a Refund Advance.

Clients can be approved for a Refund Advance loan even if they do not have a credit history or if they have been denied credit from other institutions in the past. Loan approval is subject to Republic Bank & Trust Company’s underwriting criteria that is based in part on the size of the client’s tax refund.

When you apply for a Refund Advance loan, underwriting is performed by Republic Bank & Trust Company They consider criteria such as:

• Identity verification
• Payment history with the IRS
• Status of education loans, child support, tax liens, etc.

If you qualify for an Early Refund Advance, you could get up to $1,000 as early as December 11, 2023. No Fee Refund Advance is available to qualified applicants starting January 2, 2024.

For tax year 2023, all you need is your pay stub(s) to start preparing your taxes at Jackson Hewitt. As early as December, you could bring your latest pay stub to your appointment and see if you qualify to apply for an Early Refund Advance of up to $1,000. In January, you can provide your W-2 and other tax documents to complete filing your taxes and apply for a Refund Advance loan until February 11, 2024.

When the Refund Advance loan program is active, you can apply for an Early Refund Advance loan by bringing in your latest pay stub(s) for all income sources and any unemployment documents so we can most accurately estimate your expected tax refund and determine if you are eligible to apply for a loan.

• Early Refund Advance Loan: How does a holiday loan work?
• How an Early Refund Advance can help as an emergency loan in 2023 and 2024
• No Fee Refund Advance: What is it, and how does it work?