Payday loans may offer access to quick cash, but they can easily turn into a long-term financial trap. Sakchai Vongsasiripat/Getty Images

When money's tight, taking out a payday loan can feel like an easy fix, especially if you're dealing with some credit issues. After all, payday loans are quick, easy to get and generally don't require a credit check, which makes them appealing in certain circumstances. However, they also come with some of the steepest borrowing costs around. With annual percentage rates (APRs) and fees that can surpass 400% , even a small loan can snowball into a massive balance if you're not able to pay it off right away.

And the reality is that most payday loan borrowers aren't able to repay what they borrowed, at least not right away. The majority of payday loan

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