Payday Loans Rooster FAQs
We have designed this section specifically to answer some general questions that you might have regarding short term loans in general and Payday rooster in particular. If you cannot find an answer to your queries in this section, then feel free to contact us through several methods mentioned in the contact us section of our website.
- I am unemployed. Can I get a Payday/ short term loan?
- How can a short term loan help me?
- How do short term loans work?
- What are the interest rates for a short term loan?
- What will happen if I am unable to repay my loan by the specified time?
- How long will it take for the loan amount to be disbursed after I apply?
- What is the maximum amount I can borrow?
I am unemployed. Can I get a Payday/ short term loan?
When you submit a short term loan application with Payday Rooster, lenders in our network review it and special attention is paid to your ability to repay the loan. Short term loans often known as payday loans are normally paid on the day you receive your next pay check. In order to qualify for a short term loan from the lenders it is important that you have a steady income source without which your application will be rejected.
How can a short term loan help me?
The entire concept of short term loans has been devised to assist you in case you have a financial emergency of any type. Before filling out the application for a short term loan on our website, you should try to analyse your situation and make sure that you have the financial stability and the means to repay the loan before the due date with the interest amount. Also you need to make sure that you have enough funds left after repayment of the loan so that you can cover your current financial expenses. You should try to redistribute your daily expenditure accordingly. Also you need to understand the fact that short term loans are not a solution to any long term problems that you might be facing.
How do short term loans work?
A short term loan or a payday loan is a financial instrument to aid you in situations of financial crisis that require emergency funds to handle a sudden yet important expense. Short term loans rarely take into account your credit history. The main criterion to provide payday loans is your ability to repay the loan which is determined by the fact that you have a steady source of income. Normally customer needs such short term loans to pay their larger than expected bills, do repair work, handle medical expenses etc. Payday rooster connects the customers with its large lender network which can help you in getting small loans to handle such difficult financial situations.
What are the interest rates for a short term loan?
Interest rate for short term loans varies according to the case. The interest rate can vary depending upon several factors like residential province, your credit history, the money that you are borrowing, your source of income, your lender, your current financial state and lastly on your lender and his lending policies etc. Before you sign any documents you would be informed about all the involved charges of your loan and the amount to be paid at the end of the due date. Make sure that you have gone through all the details before you sign any papers.
What will happen if I am unable to repay my loan by the specified time?
If you feel that your income is not enough for covering the loan amount then you should immediately contact the lender and tell him about your situation. You must directly approach the lender as Payday Rooster will not be able to help you in such a case. Your lender might push the date forward but will charge some penalty or additional interest will be levied on the withstanding amount. You can request the lender to provide you an extension on the loan; however they would not provide you with any rollovers. Try and make a conscious decision when applying for a short term loan and only apply for an amount which you know that you can comfortably payback when the due date comes.
How long will it take for the loan amount to be disbursed after I apply?
Once you have completed the application procedure for the short term loan our lenders would review your application. Our lenders are chiefly concerned with your capability of repaying the loan within the given time period. Majority of the applications are reviewed and approved within a 24 hour period. After approval, you are required to provide the signature electronically, following which your lender will deposit the approved loan amount in your bank account. If you get your loan approved between Monday and Thursday, you would get the funds on the next business day. In case you receive the approval on a Friday you would get the money in your account by Monday. If your loan is approved on a weekend, then the processing will be completed on a Monday and loan amount released on Tuesday.
What is the maximum amount I can borrow?
The amount that you can receive in the form of a loan will vary according to a lot of factors and will be decided by the lender. The foremost criteria for deciding the amount will be your ability to repay the amount. Some lenders might even approve a loan amount of $1000, however such large loans are provided to very few.