(Daily Finance) — The Center for Responsible Lending has released anew reportabout payday loans, and the picture it paints is seriously depressing. What’s worse is that the report published Thursday actually understates the grim reality facing payday borrowers today. For the uninitiated, a payday loan is a particularly expensive way to pay bills. In principle, the idea is simple: The company lends the borrower money for whatever their immediate need is, charges a fee, and then a few days later, on payday, the borrower pays the loan back in full. If that were all that happened, it would be hard to see the harm. That’s why the industry markets itself as a type of very short-term credit. The industry’s trade group counsels: “[A] payday advance is inappropriate when used as a long-term credit solution for ongoing budget management.” But the report found that only 15% of payday borrowers were one-time users.