How does the Emerald Advance Work?

Emerald Advance lets you enjoy the freedom of having access to money exactly when you need it the most. With a year-round line of credit, you could have the power to borrow and repay funds — up to $1,000, based upon Bank approval.

How do you qualify for Emerald advance?

To apply for the Emerald Advance, clients must bring a current earnings statement (e.g., paystub), valid, unexpired government-issued photo identification (e.g., a driver’s license) and their Emerald Card if they have one, to a participating H&R Block tax office.

Do you have to pay back Emerald advance?

The outstanding balance of your Emerald Advance including fees and accrued finance charges must be paid down to zero by the end of each annual Resting Period (i.e., by February 15 of each year).

Does Emerald Advance affect credit score?

Their website says, “If you apply and qualify for an Emerald Advance, H&R Block Bank may report information about your account to credit bureaus. … If you’re unable to repay the lender (usually a bank), the bank will report the unpaid debt to a credit agency which will negatively affect your credit report.

What is the emerald advance based on?

The Emerald Advance is originated by Axos BankRM. Upon application, the bank will determine approval based on standard underwriting criteria. Approved applicants typically leave the office with the first draw already loaded to their Emerald Card.

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Why would you get denied for a refund advance?

If your tax preparer can’t put together your return, they may not be able to justify offering you a loan. 4. … If you don’t make enough money, your ability to claim certain tax breaks, like refundable credits, could be limited. Again, your tax preparer knows this and a lack of earned income could result in an RAL denial.

Is refund advance based on credit?

A tax advance loan is based on your actual refund so there is no credit check and no upfront fees to pay. All tax advances are $1,200 less tax preparation fees and $0 finance fee even if your actual IRS refund is delayed. A Tax Advance Instant Tax Loan is not your actual refund.

Can you overdraft your Emerald Card?

A bank could charge as much as $45 for an overdraft fee! With an Emerald Card you won’t risk an overdraft fee. You can also see the fees clearly explained on the H&R Block website.

Can you get a second Emerald advance?

After the end of each annual Resting Period (i.e. beginning on February 16), you may again obtain advances on your Emerald Advance if you are eligible for and qualify under the Unsecured Method, the Savings Secured Method or the Partial Savings Secured Method.