Loki always seems to have two sides to his personality and actions, almost like a person who is bi-polar. He is married to Sigyn, who by all accounts is a loving and caring wife and mother,( I honor her myself), and has two children, Nari or Narvi, and Vali with her. This seems oh too normal until you get to the next paragraph in Gylfaginning, when it tells of his three other children by the giant Angrboda. These were not normal children but the monster Fenrir, The Midgard serpent Jormungand, and Hel. Actually I do not think I would characterize Hel as a monster. She is not truly evil and appears to be simply the caretaker of the dead. She even agrees to release Balder, from Niflheim, if everthing in the world will shed a tear for him. But his children, like Loki himself, are on both ends of the spectrum of good and evil.
Loki's evil is not always blatant either. When a builder came to Asgard to build a stronghold around Their world, the Gods agreed as long as it was built in just one winter. The bargain was struck and the builder's reward was to be Freyja, and the Sun and the Moon. What the Gods did not bargain for was Loki granting the builder the use of his mighty horse, Svadilfari. To shorten a long story the Gods threatened Loki when it appeared the builder would finish on time. So Loki turned himself into a beautiful mare and, "distracted", Svadilfari so it did not get done on time. Out of this, "distraction", Loki gave birth to the eight legged horse Sleipner. So he turned, once again, a bad situation into one that was beneficial to the Aesir. This theme runs through almost all of Loki's stories in the Eddas.
Loki also kidnaps Idunn, and steals her apples, cuts Sif 's hair off, and kills the son of Hreidmar, who was in the shape of an otter. The last story on that list has Loki, Odin and Hoenir being captured for the killing and before they were released they had to agree to pay a huge amount of gold to replace the life of Otter. But once again, as in each of these stories, it is Loki who averts disaster and fixes the situation with his cunning. Though in the story of Otter the gold they paid was cursed and cost the lives of all those who owned it !
Even though the Gods have so many problems with Loki they still invite him along on many of their trips, where he invariably causes more trouble. Maybe the Gods are using the old saying, " keep your friends close and your enemies closer", in dealing with Loki. And he is of course the blood brother of Odin. The telling of that story is sadly missing from the Eddas.Odin even made his own son, Vidar, get up and give his seat to Loki in the great hall because of a promise Odin had made to him. And Vidar poured him a drink as well ! By one of his actions he made the Dwarves make Sif 's new golden hair, Skidbladnir, and Odin's spear Gungnir. By wagering his head to another Dwarf he also obtained for the Aesir the boar with golden bristles, the gold ring Draupnir, and of course the iron hammer Mjollnir.
But in the end all his good deeds are outweighed by his final act of deception when he finds out, disguised as an old woman, from Frigga, that only mistletoe can harm shining Balder. It is by his encouraging hand that Hod throws the mistletoe dart at Balder killing him. And it is believed that Loki, as Thokk, the old woman, " who will cry dry tears for Balder", seals Balders fate and keeps him in Niflheim till Ragnarok. This is of course the last straw and the Gods capture Loki and tie him with his son Narvi's entrails to a rock in a cave. It is from here that he will be released to lead the forces of Chaos when the Earth trembles and shakes during Ragnarok.
So what do we make of Loki !? Some in our religion honor him, some ignore him, and some downright hate him. The American Vineland Association even goes so far as to say that Loki worshippers need not to apply for credentials for a ministers license. Myself, I fall into the ignore category. I do not honor him, but I do not dishonor him either. I like to think of him like a pitbull that lives next door. I just walk on the other side of the street; trying to pet him would just be stupid !
Go with Odin's wisdom, Freyja's love and Thor's protection !