The payday loan industry has been coming under increased scrutiny for allegedly preying on low-income borrowers and trapping them in a cycle of debt by charging exorbitant fees.

The loans enable consumers to quickly get their hands on a small sum of cash, which is typically around $375 for borrowers in the U.S., according to public-policy nonprofit Pew Charitable Trusts.

Supporters of the loans say they are a necessity for cash-strapped families that might need an extra couple hundred dollars every once in a while to help pay for groceries or electricity bills.

And it's easy to qualify for one: All you need to get a payday loan is a driver's license, a Social Security card, proof of income and a bank account number.

But the fees charged by the lenders are so high — up to 574% in some states — that many borrowers can't pay back the loans in time and instead end up taking out a second loan to pay the interest, entangling themselves in a damaging cycle of debt, according to a new report by the nonprofit think tank Milken Institute.

We've compiled some of the most shocking facts about the payday loan industry from the Milken Institute report below: