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What is the truth about payday loans?

I heard that they try to make poor people even more broke, but I just want to know what exactly that scam is all about.

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Payday loans are for people who are desperate for money. They charge an exorbitant interest rate for a small term of loan and prey on people who have no other choice. In reality, you should NEVER use them. Ask for help from any other source.

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It's pretty obvious. They give a loan with paycheck as collateral, and when the person gets paid, they pay off loan. Then they don't have the money for bills, so they need another loan.

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