www.airforcetimes.com/money/financial_advice/military_s -
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Published on: 3/31/2008
Last Visited: 3/31/2008
But when you calculate it on 11 or 12 days, that's what makes it high," said Ken Treat, senior vice president for field operations for H&R Block's U.S. tax services.
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H&R Block is offering this loan, Treat said, because "we didn't want to pull the rug out from under our men and women in the military."
Treat said H&R Block offices that don't offer the loans are reporting that troops who can't get them are upset.
"Many, after the holidays when they overspent, are waiting for the refund anticipation loan," he said."Now, they're having to wait a little longer for the money."
Treat said that in some cases, troops may be deploying within the next few weeks and want to get their money so they can pay off debt or bills before they leave.
Other people simply "want to be finished," he said."They get their taxes prepared and don't want to wait 14 days for the refund."
H&R Block employees always inform people that these loans are expensive, Treat said, and suggest alternatives."If they don't need them, we advise them not to get them," he said.
So think hard - really hard - about why you can't wait two weeks to get your tax refund.And remember that if you don't get the refund you expected, you'll still have to repay the loan.
If that happens, Treat said, H&R Block's bank will work with you to get the loan repaid.
Consider other options.Contact your military relief society - Army Emergency Relief, Navy-Marine Corps Relief Society, Air Force Aid Society or Coast Guard Mutual Assistance.