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While expensive, payday loans provide a short-term solution to borrowers who don’t qualify for anything else and who may not have a bank account. They can be quite predatory, so be careful if you need to borrow them.

Most payday lenders won’t check your credit and offer loans up to $500. Since brick-and-mortar lenders offer checks, you may be able to get your loan within a few hours.

Still, payday loans should only be used as a last resort because the cost is steep — often well over 300 percent. You will also have to repay what you borrow by the next payday or face hefty fees if you choose to extend the loan term.

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As the name implies, these loans do not require a credit check. However, they come with steep interest rates to offset the risks they pose to the lender. This means you could get a monthly payment that doesn’t work for your budget and end up in a cycle of bad debt.

Some lenders will stretch out the loan term on these loan products to give you a lower, more appealing monthly payment. And while it can help make the loan more affordable month-to-month, you will pay more in interest over the life of the loan.