Financial Products

Financial Products

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Pioneer
Posts: 1
Registered: ‎11-24-2017

Emerald advance lacks full disclosure

More than a little disappointed with the lack of information on the H&R website, as well as from the local office, on all the specifics related to an Emerald advance.    I called the number listed in my invitation email and was directed to a local office.  I wanted to get an idea of what fees are involved.  I was advised that if approved, $45 is held back from the loan amount for fees to the bank.  Makes sense.  Then, if the loan was not repaid by April, I would have monthly payments of $25/month.  Hmmm.  Banks don't loan money with some expectation of repayment at the onset, not several months later.  So I asked for clarification, "Are you saying that I can get a $1000 loan, if I qualify, for a minimum investment of $70 until April when the remaining amount is due?"  The answer, "Yes."  I was still skeptical, but could tell the H&R rep was busy and trying to get off the phone, so I went ahead and made an appointment.  Giving the benefit of the doubt.  I then went on-line and saw it said the loan due date was 2/15 of each year. Wait, they make a loan that has to be paid back in two and a half months?  Seemed strange, but figured I'd clear it up at my appointment.   I get to my appointment this morning and found out that because I file my taxes with H&R on-line and do not use the services provided by the office locations, I would be considered a new client and could only qualify for $350.  What?  No where, and I mean, NO WHERE does it state in the email I received, or on the H&R website does it state that H&R users of online only services would not be considered returning clients no matter how long they have used them.  I used this product when is was still Kiplinger's Tax Cut. Maybe twice in the last 20 years have I not use the Kiplinger's/H&R on-line tool. What a slap in the face to a long-term loyal customer.  My taxes are fairly simple and I don't itemize deductions so this next year I think I'll just do them the old-fashioned way and dust off the calculator and sharpen up the pencil.