Despite the negatives overshadowing payday lending, often seen as predatory, primarily because of high interest rates that hover around 400%, one survey paints a different picture of payday borrowers.

"It is thought that the nature of the payday loan market creates a vicious cycle where borrowers' financial limitations make it incredibly difficult to repay the loans on time, at which point they are slammed by outlandishly high APRs. Borrowers must then take out another payday loan to pay off their previous payday loans, and a cycle of unsurmountable debt is initiated," Mike Brown at Research Analyst at LendEDU, said. The Hoboken, N.J.-based research firm.

According to the CFPB, payday loan companies collectively raked in roughly $3.6 billion in fee revenue in 2015. The CFPB also estimated that there are 15,766 payday loan stores throughout the U.S., slightly more than the country's 14,350 McDonalds.