Many people living paycheck to paycheck fall into a financial tailspin for lack of $500 or $1,000. A desperately needed but unanticipated car repair is enough to start a family on a collision course with financial ruin. PayDay loans are so expensive that customers often end up simply revolving the balance for months, paying weekly or bi-weekly fees to renew the loan and over the course of a year end up paying multiples of the original loan principal–sometimes without ever paying off the loan.