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A debt cycle is when repeat borrowing leads to an ever-increasing debt that may demand even more borrowing to manage it.

According to 2014 research from the CFPB, four out of every five payday loans are reborrowed after the initial two-week term. The CFPB's research also shows that most borrowers end up owing more in fees than the original loan amount.

That was the case with Shannon. Though her initial loan was $140, she eventually paid $500 in fees while making little progress in paying down her principal loan amount.

The quick turnaround time on payday loans is part of why they're so hard to repay, says Clark. Chances are, if you're short on cash when you borrow, you'll still be short on cash two weeks later when you have to repay the loan in one lump sum plus the interest you owe.

If borrowers can't repay, they may be able to renew the loan depending on their state. However, renewals require an additional fee, making it that much harder to catch up when the loan comes due again.