And if that’s not enough to make your head spin, 12 million Americans take out payday loans each year, and those who borrow pay an average of $520 in fees on an average loan of $375. That’s nutsHow do payday loans work? If you apply for one of these awful predatory loans, the lender will check to see if you’re employed and have an income. We link to external websites where they contain relevant information for our visitors. We’re not responsible for the content of these websites, or any infringement on your data rights under data protection regulations by any external website provider. Payday loans can drag you into a debt trap due to high costs. It’s easy to rely on those loans, and you may even be able to roll over a single loan multiple times to delay repayment. But easy access leads to an expensive habit, and the money you spend maintaining those loans will prevent you from getting back on your feet. I currently have one loan with thinkcash and 8 other loans with internet lenders.