Payday loans. They're a constant source of debate - standing firm on one side of the issue are consumer groups that feel as though the escalating interest rates on such loans simply add to one's financial doldrums. Others, however, see cash loans as helpful resources for getting out of debt in a hurry.

What are the pros and cons of these options? We're so glad you asked ...

- CONS: The APR on a payday loan can be in the triple digits. High in the triple digits. We're talking about as much as 400%. In other words, you better not delay the repayment process for too long! Those that ask for constant rollovers on their loans may fall deeper into debt than they were before they had applied for this sort of fiscal assistance.

- PROS: Where else can you, legally, obtain $500 in 24 hours? Whether you're dealing with rent, car repairs or credit card bills, it can often help to make a quick, significant payment. Thanks to a payday loan, this can be easily accomplished.

There's no right or wrong answer to this question. Certainly, applicants should be aware of the interest rates involved and do all they can to not fall too behind on their payments. If you're an organized individual that just needs a quick budgetary boost, this could be a path worth considering. Find out more about it before deciding either way.