A payday loan is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday, and is never intended to be a long term solution. This is what the media isn't focusing on: these loans are a very convenient way to get the money you so desperately need until your next paycheck - that's it, nothing more.

When I say nothing more, I mean that it really should be for money you need desperately for something urgent like medical bills, or auto repairs. These loans are not meant to buy a car or go on vacation.

The amount of these loans typically fall anywhere between $100 and $1500, and can easily be paid back with most people's weekly, or bi-weekly, salaries. The fees for these loans tend to vary, but are usually very minimal - some lenders may charge a flat fee while others raise or lower the interest rate depending on the length of the payday loan.

It's always best to pay your loan off as fast as possible, and most people agree on this; this is what makes the payday loan industry so popular. The fees that can add up when you extend your loan can be quite huge and then cause you more financial difficulty than you had before.

Many people, from all walks of life, choose payday loans because they are quick and easy to secure, especially when compared to a typical loan or credit card application, which can take several days or even weeks to be processed. With a payday loan, most borrowers receive cash within an hour (try saying that for your local bank).

Another benefit of these loans, as opposed to the typical bank loan, is you're not stuck paying off a loan for months, or even years, to come. Payday loans are a great alternative to having to bounce a check, pawning your favorite and very personal property, or borrowing money from your family or friends - leading to their thinking that you have become irresponsible.

Some consumers also use paycheck advances to avoid late-payment penalties. So you see, there are a lot of positive reasons to secure a payday loan, but some media sources try to convey the option of a payday loan as a negative one when in actuality can help you in many ways.

The media can take the high interest and say that it is unbelievable that anyone would charge that. What they don't tell you is that those high fees are for short term loans.

Over the course of just a couple of weeks, that interest rate isn't so bad. Extend your loan for many more weeks after that and yes, it can be quite high and very expensive.

What the media is also not telling you is that the borrower has become irresponsible in paying their loan back. Payday loans only become a problem when the borrower isn't able to pay the loan back in the term specified.

Lenders are usually very clear what the repercussions are if the loan isn't paid back quickly. So don't let the media put a bug in your ear that twists the truth of the service payday loans offer.

As long as you borrow responsibly, all will be well.