You've probably seen the ads for instant or rapid refunds from your taxes. It's about getting what's yours as quick as you can.

But before you try to cash in beware -- these short term loans could cash you out.

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“There's been a lot of them that have come in saying ‘I need the money as quick as I can get it, how quick can I get it?’” Liberty Tax preparer Maureen Hussong said.

About half of her clients are signing up for RALs -- or Refund Anticipation Loans. But taking out this bank loan comes at a high price.

They charge you minimal fee of $30.95, a fixed finance charge based on the size of the refund is tacked on for a 24- or 48-hour refund.

At Liberty that can run from $4-$95, still low by industry standards.

“Some tax preparers take advantage of the instant tax refund and charge what would be an effective interest rate over a year of 50 to 500 percent,” Eric Jacobson of the Better Business Bureau said.

According to the IRS, the average cost of a RAL is $191. All that money can be saved according to the IRS by waiting just a few more days.

“If you efile you can get your refund in as little as eight days if you choose direct deposit,” IRS tax specialist Kathy Howell said.

A better way to save your hard earned money is to do a little comparison shopping of the different rapid tax refund loans.

Link: Compare loans

(KGW-Portland Business Journal Reporter Joe Smith contributed to this report)