Many are turning to ?rapid tax refunds" for fast cash in these tough economic times, but the option may end up costing more in the long run.

Many tax filing specialists offer refund anticipation loans for those who want their refunds immediately. Experts say these loans often carry yearly interest rates in the 200-400 percent range though.

Sam King, of Hempstead, says he had to spend a couple hundred dollars in interest to get his $2,500 refund right away.

Carolyn McCormack, of Safe Guard Credit Counseling, says IRS tax refunds only take a couple of weeks to come through after electronic filing. She says taking a refund anticipation loan with high interest rates may not be the smartest choice.

?They really shouldn't be an option,? McCormack says of the loans. ?If you are really desperate and you need the money, talk to a friend, talk to a family member, see if you can work out a deal.?

Experts expect more refund anticipation loans filings this year because of the economy.

LI firms and agencies offer free tax help

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