A recent report by the Center for Responsible Lending found that more than 25 percent of bank payday loan borrowers are Social Security recipients. A series of recent findings show that today's seniors are carrying more debt than ever. Payday loans can bear annual interest rates of up to 300 percent that can send borrowers into a cycle of debt. They require a source of regular income, which often means Social Security benefits in the case of older borrowers. When lenders take the full amount of a Social Security check as payment for the loan, seniors often have to take out another payday loan -- or continue a cycle of debt by paying only the interest and fees. To make matters worse, Social Security payments are now disbursed through an electronic deposit to seniors' bank accounts, which some say gives payday lenders first dibs on the money. "They get their Social Security in the bank, the payday lender, as soon as it gets in there, they scrape it up," according to Joe Sanchez of AARP in Texas. He says his organization is so alarmed about the trend because "financial security really is a key component of what goes on for people who are 50 and older. If people don't have financial security, then what do they have?"