High-cost financing, including payday loans and pawn shops, has grown in the last two decades to the point that nearly one in four Americans have used them, reports the National Bureau of Economic Research. This type of borrowing, often is plugged as a means of filling a shortfall between paychecks, typically carries steep fees. According to the Consumer Financial Protection Bureau, annualized percentage rates often exceed 300 percent. The median amount borrowed was $350, based on the agency's findings. This new research is emerging while U.S. regulators prepare to issue new rules for banks that offer short-term, high-interest loans tied to direct deposits. Proposed regulations could restrict borrowers from taking out more than one of these loans each month; but the rules would not affect loans offered by storefront vendors, pawn shops, and other services. Researchers recommend that high schools add courses in financial literacy to help future consumers understand the interest rates and terms of such loans.