A payday loan can seem like a lifesaver when you're stuck for cash and still have a few days, or even weeks, until your wages are due. Although it's not wise to rely on borrowing to support your lifestyle, we all need a helping hand every now and again.

If an emergency strikes just when you are thinking how tight your finances are, a payday loan might be the ideal solution – especially if you won't have any problems repaying it in a few weeks time.

As with all types of borrowing, there are some do's and don'ts that are worth reading before you apply and we’ve highlighted some below.

For further information or to get some friendly advice, go online.

Do

• Think about the cost: although a payday loan might seem like your only option you must remember to pay it back. If you don't think you'll be able to afford to repay it next month then it might be worth exploring another avenue.
• Check out the lender: there has been a surge in the number of payday loan companies in recent years so it's worth taking a good look at the lender and checking whether they're a legitimate creditor. The internet is a great resource so look for information about the company and user reviews here.

Don't

• Pay late: it's absolutely essential that you are able to repay your loan in full on your repayment date as otherwise you'll end up facing additional fees and charges. Any late payments will also show up on your credit report meaning it could be harder for you to get a credit card or loan in the future.

• Worry about the APR: you might be put off borrowing with a payday loan if you see the advertised APR hitting triple figures but it's worth remembering you will only be taking out your loan for a month or two rather than over a year.

• Borrow more than you need: as payday loans are a more expensive method of borrowing than other forms of credit it's important that you only request the amount you need. If the vet bills are £500 only ask for that and no more. Chances are you will spend any additional cash you borrow and spend more in interest as a result.

In short, payday loans are a handy way to get extra cash when you're facing a big bill before your wages are due but there are things to consider. If you're unsure whether you should apply for a payday loan, look at reputable websites for payday loan information.