The Internal Revenue Service (IRS) headquarters in Washington, D.C. Janhvi Bhojwani | CNBC

Getting an advance on your tax refund may seem like a more attractive proposition this year — yet it's not a move to make lightly. A growing number of consumers have been using financial products at tax time that promise to advance them part of their tax refund. In 2017, taxpayers took out more than 1.7 million so-called refund anticipation loans, or RALs, up from 1.5 million the year before, according to a 2018 report from the National Consumer Law Center. (Another 20.5 million obtained a refund anticipation check, or RAC, up from nearly 19 million in 2016. Such transfers don't speed up your refund, but rather act as a loan of the tax prep fees, which the preparer deducts from the refund when it arrives.) Part of that swelling demand stemmed from new anti-fraud regulations that took effect last year, delaying refunds until mid-February for consumers claiming the earned income tax credit or the additional child tax credit.

Analyze borrowing costs

If you're leaning toward a refund-advance product, do thoroughly investigate the price tag at various preparers before you schedule a tax-prep visit. Today's refund-advance products are largely different than those available years ago, which advocates had warned of as "high-cost, high-risk loans." National tax chains, in particular, tend to promote their offerings as free advances. Just because a refund-advance product isn't called a loan, or doesn't have an interest rate, doesn't mean it's free, said Scott Astrada, director of federal advocacy at the Center for Responsible Lending. Carefully read the terms and conditions, and ask plenty of questions. "Do a rigorous assessment of what the cost is," Astrada said. "It takes just one payday loan that's unaffordable to trap you in a debt cycle," he warned.

Depending on the product and provider, there could be fees for applying for the advance, checking your credit and transferring the money to you, said tax attorney Kelly Phillips Erb of Taxgirl.com. Last year, the National Consumer Law Center estimated, costs for a refund anticipation check ranged from $29 to $65 for a federal refund, and up to another $10 for a state refund. Attached products such as a prepaid debit card typically carry plenty of fees, too. "You get eaten up by paper cuts," she said. Then there are fees related to preparing and filing your tax return, which might be more than what you could otherwise pay if you weren't focused on finding a tax preparer who could offer an advance, said Erb, who is also a managing attorney at The Erb Law Firm in Paoli, Pennsylvania. Many of the consumers who use refund-advance products could qualify for the IRS Free File programs.

It's a loan in anticipation of you getting a refund at a certain time. You want to make sure you're not signing up for something that's tying you to an unanticipated government schedule. Kelly Phillips Erb Tax attorney

With concerns of refund delays, pay particular attention to product terms that hinge on timing, she warned. You'd want to know if there are fees or a penalty APR that kick in if circumstances delay the arrival of that refund (and in turn, your repayment of a loan). "It's a loan in anticipation of you getting a refund at a certain time," Erb said. "You want to make sure you're not signing up for something that's tying you to an unanticipated government schedule." A shutdown-related refund delay doesn't release you from an obligation to repay that loan within the agreed-to timeframe, she said — or keep the lender from tacking on interest or fees for those extra days the government keeps you waiting.

Compare other options

Once you have a sense of the cost of a refund advance, compare it to other financial products available to you, said Astrada. Paying a $35 refund anticipation check fee to defer a $350 tax preparation fee for two weeks is equivalent to a 174 percent APR, points out the National Consumer Law Center. "Shop around as much as possible to the options that are open," Astrada said. Many community banks and credit unions offer small-dollar, short-term loans, he said, and those terms may be less expensive and friendlier overall. Consumers with good credit may find that personal loans or zero-percent credit card offers are worth assessing as a short-term bridge, too.

The situation is complicated this year because of the government shutdown. It does put a fly in the ointment of all the advice we've given in the past to just sit tight instead of taking an advance. Bruce McClary Spokesman, National Foundation for Credit Counseling

If you're worried about a particular bill, being proactive with creditors could also help you reduce the need for a refund advance or avoid one altogether, McClary said. Utilities are often willing to offer no-cost or low-cost extensions, and medical providers may be able to set up no-cost payment plans (Furloughed federal workers in particular may be eligible for special-rate loans, waived fees and other aid.) Slashing your budget or selling unneeded items could also help generate a little income to bridge the gap between filing and receiving your refund, McClary said. "That can help give you some breathing room," he said.

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