CLEVELAND, Posted 7:22 a.m. February 5, 1999 -- Most people want instant gratification, and it's no different when it comes to getting a federal income tax return.

NewsChannel5 reports instant gratification -- or rapid refund for a lot of people during tax time -- may not be the best route to take.

Rapid refunds are actually loans against your anticipated federal income tax return, according to H&R Block's Maria Tripodis.

Tripodis says most people can get $500 in a couple of days.

"The rest comes in two and a half weeks when IRS releases their funds," she says.

This money, however, is actually a loan with high-interest rates, WEWS reports.

For example, 160 percent interest on $1,000 refund and 337 percent interest on $400.

Nancy Deevers, of Consumer Credit Counseling, says if you need the money to pay off another bill find another way.

"Your rate on any credit card is probably less than that for a rapid refund," says Deevers.

She also believes that if you actually need to use a rapid refund service, you are a candidate for consumer credit counseling.

For More Information:

• Quicken Tax Information