Although not a solution for everyone, payday loans can be your last resort for quick cash if you’ve already tried other methods like borrowing from family and friends, selling personal property or getting a bank loan.

Shop around when deciding which payday loan company to use because there are differences in requirements and fees. Since most grant you the loan by holding a check for the loan amount, you will need a checking account to get the loan. Remember that a payday loan is a short term loan with very high interest. If you are unable to pay the loan off on the designated day—usually your next payday—you will have to “rollover” the loan, which is borrowing the same amount again for an additional fee. People get into trouble when they roll over the loan for many pay periods and are unable to pay it off.

If you really need the cash and want to get a payday loan, here are a few things to keep in mind. Check several companies and choose the one with the lowest loan fees. Borrow as little as you can while still meeting your needs. Make sure you pay the loan amount by the due date, and never borrow from more than one payday loan lender at a time. The fees can add up very quickly.

Payday loans are controversial and are developing a bad name because people feel taken advantage of during hard times. But no one forces a person to take a payday loan and they do fill a need for some people who have no other means of getting emergency cash. Several states have now enacted stricter regulations on payday loans, so check to see the rules for whatever state you live in before applying.