Our goal is to provide strong, solid financial advice to our clients. Instant refunds are neither. An “Instant Refund” actually is a loan. If you work out the fee you pay for this loan as an annual interest rate, most average more than 100%. Some have even been reported at over 400%. Since the period of the loan is usually around 10 days, it may not seem as significant to pay this type of fee.
Alternatively, if you e-file your return, and have the refund direct deposited, you can have ALL of your money in as little as 8 days. Most e-filed refunds are deposited within 2 weeks. Its your money, wouldn’t you rather keep it?