The H & R Block Holiday Loan Program is a year-round line of credit that allows consumers to borrow and repay between $300 and $1,000 numerous times, depending on bank approval. As of 2015, the loan becomes available on November 23. When the program approves an applicant, it places funds onto an H & R Block Emerald Prepaid MasterCard, and the funds are then available for use throughout the year.
Borrowers must pay the card off in full by February 15th of the next year, and cannot use the line of credit between January 27th and February 15th unless they qualify. Credit is subject to approval and some fees may apply. Not all H & R Block offices offer the loan.
To apply for the Holiday Loan Program, an applicant must provide a current earning statement such as a pay stub, a valid government-issued photo ID, and proof of a current address. Minimum monthly payments on the loan are 4 percent of the balance or $25, whichever is greater. Borrowers can make payments by check or debit card or using by using MoneyGram cash payments. They can also use tax refunds solely to pay down the debt and not for monthly payments.