Mellon Bank Corp. Wednesday began syndicating a $1.25 billion credit for H&R Block, which is once again gearing up to offer tax-refund loans.

The Mellon loan, which is structured as a one-year revolving credit, will provide liquidity to the Kansas City, Mo.-based tax preparer for its so-called "Rapid Refund" program. By offering refund anticipation loans, H&R Block lets taxpayers collect their refunds within days of filing.

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