H&R; Block to Change Refund Loan Program
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H&R; Block said it no longer will own any part of the loans it offers clients awaiting tax refunds, a move expected to cost the company $50 million a year in revenue.
The change is part of a one-year pact between Block and the company that provides the loans, Household Tax Masters Inc.
In the past, the lender has paid Block a fee for each refund loan. Block also retained as much as a 49.9% interest in the loans.
The arrangement has been criticized in lawsuits, but Block says the change was not prompted by legal action.
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