Payday loans often receive bad press, maligned as a dangerous debt trap awaiting unwary consumers. This is in part due to what, at first glance, seems to be a high APR, or annual rate of interest. However, when it comes to payday loans, it is important to look beyond the media and find out all of the facts before making a decision about whether or not this loan opportunity is right for you.

The rate of interest per year is almost irrelevant, as a payday loan is a short term loan, generally extended for the typical time period between paychecks -- about 2 weeks. In addition, as with any type of credit, the interest is, in a sense, what you pay for the convenience of getting the cash when you need it.

For those needing a small amount of money, up to about $1500, a payday loan can be the most readily accessible and convenient option. That is particularly true of those who have a less than stellar credit history and those who have not yet established a firm credit standing.

It is, however, possible to get into an unpleasant and expensive debt situation via payday loans. That can occur if the initial terms are not met and the loan is extended. Then, interest charges can add up to a quite hefty sum.

Therefore, when taking out a payday loan, it is important to be sure that you will be able to repay the loan within the agreed upon time period. In that way, the quick convenience of a payday loan remains affordable.

There are numerous situations in which an emergency payday loan is the right option for many consumers, as long as the loan is used as it was designed to be -- as a short term loan option. If repayment within the initial agreed upon period is not a sure thing, then perhaps other credit options should be considered.

There are some that say payday loans target and trap lower income people in debt. The fact is that lower income people often do have restricted access to credit. Often, a payday loan is one of the few options available to those with low income or damaged credit.

In the face of an unexpected expense, such as an automotive repair or an emergency trip to the vet for the family pet, a payday loan can be a welcome option. Even those with low income or damaged credit can get the vehicle repaired so they have transportation to and from work or can make sure that the children's beloved pet gets the treatment it needs and can come home safe and sound.

The often middle-class and above payday loan critics frequently fail to take into consideration the perspective of those who don't have a lot of credit options at hand. Damage to a credit score can happen for a variety of reasons -- divorce, illness, corporate down-sizing resulting in job loss, etc. -- and to assume that those with a damaged credit history are automatically irresponsible is insulting. When used responsibly, a payday loan can be the right option to meet a need for quick, hassle-free cash.

Payday loans, when used responsibly and as they are meant to be used -- a short term cash loan -- are not a debt trap. For responsible borrowers, a payday loan can be a welcome solution to an unexpected expense or other immediate cash need.