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Loans from tax prep chains? Demand up
Emerald Loan popular at H&R Block
Updated: Thursday, 09 Dec 2010, 6:39 PM EST
Published : Thursday, 09 Dec 2010, 5:20 PM EST
WYOMING, Mich. (WOOD) - Tax season won't be underway until January, but there was a big line Thursday in front of one H&R Block branch.
The company has been pushing its line of credit called the Emerald Loan. Typically, the market for these products are low-income earners who often get tax refunds that can be used to pay off the loan, consumer groups say.
But there is some concern customers may be purchasing expensive tax preparation services they can't afford, or digging themselves deeper into debt.
H&R Block targets all taxpayers, not just the ones struggling, a representative said, adding that there's no obligation to buy tax services.
Bankruptcy Attorney David Anderson said he hasn't seen anyone get in trouble with these particular loans, being pushed by tax prep services, but he can understand why they are attractive.
"The people who are getting these things are in desperate straights, and they will do anything they can to get the cash that they need to get over the hump -- or to get to the next month or the next year, perhaps," he said.
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