A new Pew Charitable Trusts report demonstrates the surprisingly high number of Americans who utilize payday loans.  These payday loans are generally short-term, high-interest cash advances that average $375.  The typical borrower takes out eight of these loans each year and spends $520 on interest.  The report states that 12 million Americans use payday loans annually.  69 percent use these loans for everyday expenses, such as credit card bills, mortgage payments, groceries and the like, whereas only 16 percent take out a payday loan to cover unexpected expenses such as unanticipated medical costs or car repairs.  The most common borrower is white, female and between 25 and 44 years old, but the study also found five other groups of Americans that are more likely to take out these loans: those without a college degree; Africans Americans; home renters; those who earn less than $40,000 a year; and those who are divorced or separated.