Consumers may view payday loans as a quick and easy way to get them through a crisis, but the high fees and interest rates, and the way the loans are structured can make it virtually impossible for the borrower to pay them off once that paycheck arrives.

The Consumer Financial Protection Bureau moved to rein in the payday loan industry’s more predatory practices, but the current administration has worked to reduce the CFPB’s effectiveness and moved to gut rules related to the payday industry.

And the industry may have found a way to eat away at curbs even further: fundraising for President Trump and other Republicans.

A 48-minute webcast obtained by the Washington Post features Michael Hodges, who says he’s one of Trump’s biggest fundraisers, saying the way to gain access to the administration is through fundraising.

“Every dollar amount, no matter how small or large it is [is important],” said Hodges, founder of Advance Financial, one of the country’s largest payday lenders.

Hodges, who said he has made more than $1 million in Trump campaign contributions since 2016, told a Sept. 24 webinar sponsored by Borrow Smart Compliance he’s been able to call the chairman of the Republican National Committee to smooth the way for access to the White House.

“She’s been able to call over to the White House and say, ‘Hey, we have one of our large givers. They need an audience. … They need to be heard and you need to listen to them.’ So that’s why it’s important,” Hodges said.

The payday industry currently is awaiting new rules that could weaken Obama-era regulations, including rules requiring lenders to make sure consumers have the ability to pay back their loans. The lenders complained the rules developed by consumer advocates are too complicated and will drive them out of business.

“When Trump was elected, the needle moved in our favor — finally,” Max Wood of Borrow Smart Compliance said during the webinar, adding that if Sen. Elizabeth Warren, D-Mass., were elected president, it would be a disaster for the industry. Warren helped set up the CFPB.

“Part of the RNC’s job is sharing what we hear from supporters across the country with party leaders,” Mike Reed, an RNC spokesman told the Post. “We often will connect our supporters with other Republican officials when they have a message they would like to pass along. Democrat policies would destroy millions of jobs, and that is not something our supporters and our organization will ever be shy about communicating.”

Payday loans essentially are an advance against one’s paycheck and borrowers often are asked to leave a post-dated check to repay them plus fees before the funds are deposited directly into a bank account. If the due date comes and the borrower cannot clear the debt, a rollover can be secured with more fees added on.

Finance charges range as high as 30% for the period of the loan, meaning the annual rate could head into triple digits.

If it becomes impossible to repay the loan, the consequences are the same as defaulting on a credit card or other unsecured debt. Criminal charges also are a possibility.

A study by the Pew Charitable Trusts indicated 12 million Americans take out payday loans annually, spending $7 billion on loan fees. The typical borrower earns less than $30,000 a year and many don’t quality for credit cards.

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