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Jackson Hewitt Go Big Refund Advance Loan – Full Rating and Review
Jackson Hewitt offers what they call the “Go Big Refund Advance Loan” which does include a fee. Who doesn't want to “Go Big”? Below is more detailed information regarding this loan.
The Go Big Refund Advance is a loan, between $1,000 and $6,400, provided by MetaBank® and is available at participating Jackson Hewitt locations. There is a good reason why the replaced the “No Fee” words with the “Go Big” words. The Go Big Refund Advance loan has a fee of 2% of the loan amount. For example, with a $2,500 loan, the total amount payable from your tax refunds is $2,550 including the fee. Depending on the loan duration, the effective APR of the loan would vary. Based on a loan duration of 25 days, the 2% fee would translate to a 29.2% APR. This is not a good APR rate. There are tons of credit cards out there with better interest rates than this.
The Go Big Refund Advance Loan amount is inclusive of any Early Refund Advance loan amount you have received. The Early Refund Advance loan amount ($200-$500) is not subject to the 2% fee.
Important Consumer Note!
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(Sponsor Link)
The Go Big Refund Advance is available beginning January 2, 2020 and the program ends on February 2, 2020.
The Go Big Refund Advance loan sizes can be $1,000, $1,500, $2,000, $2,500, $4,500, $5,500, and $6,400 for qualifying clients. If you needed $3,000 you would have to take out the $4,500 loan which would leave you paying interest on money you didn't need. Not a good idea.
How long will it take to receive my loan?
If you are approved, loans can be received within 24 hours if disbursed via an American Express Serve Card. Be careful of fees if you decide to use the American Express Serve Card. Or, within 5 business days if you choose to have the loan amount directly deposited into a qualified account of your choice.
We suggest having your loan amount deposited into a Chime Bank Account so you don't get hit with fees.
Related Visa Card to Compare to American Express Serve Card (works like American Express Serve Card but with No Fees):
Chime is a new Visa card that is amazingly free (unless you use the card outside of their large ATM network). This is best alternative to a prepaid card that we've seen in 5+ years and offers all of the benefits of traditional bank account.
It's a real Visa card (not a prepaid debit card which usually have a lot more fees) and people with poor credit can apply too as there is no credit check. Chime can be managed entirely from your smartphone. No overdraft fees. No minimum balance. No monthly service fees. No transfer fees. No Chex Systems. Over 38,000 fee-free ATMs, plus 30,000+ cash-back locations.
And for a limited time, earn a Cash referral bonus of $50 when you tell your friends and family members about Chime and they sign up (and they'll earn $50 too)- details within the app after you apply! Click for more info.- you can apply online in just 2 mins with no obligation. Start by simply entering your email address and clicking “Get Started”– over 3 million customers couldn't be wrong. 🙂 (Referral Link)
Will applying for a Refund Advance loan impact your credit score?
Jackson Hewitt says no. There is no impact on your credit score if you apply for a Refund Advance.
Do you need good credit to qualify?
Important Consumer Note!
The Refund Advance Loans do NOT help you improve your credit. 🙁
If you do not know your credit score, Credit Soup offers your credit score (the new TransUnion Vantage Score® 3.0) for free (no gimmicks and no credit card required). Sign up in just mins- very short form- and it won't hurt your credit.
Also, based on your score, you will be matched with legit card offers that you are likely to qualify for – that can help you build your credit- not prepaid cards.
If you are trying to get a higher credit rating (which is very important), we strongly suggest you consider the no annual fee Capital One Secured MasterCard (apply online in mins- if you have poor credit or no credit, this card will to help you rebuild or build your credit).
No annual fee (unlike almost all prepaid cards), and all the credit building benefits with responsible card use.
26.99% APR (interest rate)
Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the 3 major credit bureaus
You will get an initial $200 credit line after making a security deposit of only $49, $99, or $200, determined based on your creditworthiness
(Sponsor Link)
Bottom Line:
Jackson Hewitt tries to trick you by throwing out a low number of 2%. But be careful, 2% of the loan amount could add up to be more than what most credit cards offer as an Annual Percentage Rate APR. So if you decide to go with this loan just be careful how you decide to pocket the loan money. We suggest having it directly deposited into a checking account such as Chime so you don't get hit with fees. And remember you will have to file your taxes with Jackson Hewitt so you will have to pay them what it cost for their 2019 tax return on top of the 2% of the loan amount. All in all, we find this to not be the best option out there.
Other Related Reviews and Resources That Might be Helpful:
Still not finding the right Card to fund using your Refund Advance Loan? Click HERE to go to our current reviews on our Main Prepaid Card Page.
Click HERE to read our reviews of the Jackson Hewitt Prepaid American Express Serve Card
Click HERE to read the Review of the H&R Block Advance Tax Refund Loan up to $3,500
Editorial Note!:
“The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, including this review and the reviews written by actual cardholders below.”