Arleene Barrios-KFOX News Reporter

EL PASO, Texas -- The slumping economy has some El Pasoans rushing to get their tax returns as quickly as possible, even as quickly as getting their money in an hour.

"We've had a lot of people coming in wanting to get a RAL Advance. If they qualify they can get a portion of their refund within an hour," said Roger Everhart, owner of Liberty Tax Services at 3737 N. Mesa St.

Everhart said he's seen a 25 percent increase in business this January compared to January 2008. He said 50 percent of those who have filed their taxes already have opted for the Refund Anticipation Loan Advance, or "money in an hour" as many call it. Everhart said that's three times the number of requests he’s had for RAL Advance in the past two years collectively, when only a handful of people chose RAL Advance.

However, getting your money right away costs a pretty penny, and in a tight economy, many are willing to pay the added cost for quick cash.

“(They have to qualify) it's a loan. It's based on your credit history, just like any bank application, bank fee, or bank loan that you get. You're refund has to be a certain amount, and you only get a percentage of whatever your refund is. So, the maximum that people can get is $961 (on the spot)," said Everhart.

The Internal Revenue Service takes about a week or two after taxes have been filed to mail out the check. Everhart said in previous years, almost everyone was willing to wait.

"Right now I kind of need it (my tax refund) really bad because I'm trying to get myself a new car, and to help me out with my apartment," said Chris Snow, of west El Paso.

Like many El Pasoans, Snow is strapped for cash, but the thought of losing out on his full refund has him thinking twice about getting money in an hour.

"I rather just stick it out and wait for the full amount. I really don't want anyone taking a chunk out of my pay," he said.

Everhart said he anticipates a busier February month than what he’s seen in other years. In the past, the rush has typically comes right before the mid-April deadline.