A staggering 86 percent of payday loan customers can't afford to repay their loans from their monthly household budgets, according to a new study from Pew Charitable Trusts.

Payday loans are marketed as a short-term solution to a cash crunch, but the high costs and short repayment times make them months-long liabilities for most borrowers, Pew found.

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"How Borrowers Choose and Repay Payday Loans," released Wednesday, builds on an earlier Pew study that found the average borrower of a two-week payday loan spent five months in debt and ultimately paid $500 in fees.

Payday borrowers ultimately pay off loan debt by borrowing from family or friends, pawning possessions, taking out another type of loan or using a tax refund.