Time-stepping
To set up your cloth running at good performance, one more simple concept is important: the time-stepping of simulation. In between 2 rendered frames, there might be several physical sub-steps, propagating the cloth in time. This sub-step size, is set by the parameter Time Step. For example, if your game is running at 20 FPS, each frame needs 1/20 s = 0.05s; with a time step of 0.01s there will be 5 sub-steps per frame.
Additionally, per sub-step you can define the number of Collision Stiffness Iterations - e.g., if you set it to 3 iterations per sub-step, in the above-mentioned example with 20 FPS there will be 3 iterations * 5 sub-steps = 15 iterations per frame.
This is mentioned here, to point out that low values for Collision Stiffness Iterations are crucial, since the number of executions per frame might increase strongly according to your frame rate, increasing the costs for the cloth simulation. On the other hand, the higher the number of Collision Stiffness Iterations, the stiffer your cloth can be - so at the end of the day everything is a trade between performance and elasticity/stiffness.