Can I Get A Loan Without A Payslip?

Can I Get A Loan Without A Payslip?

May 19, 2023

Any lending organization has the right to know your loan repayment ability because nothing comes for free in this world. Documentation formalities remain on the top whenever you are applying for any loan. The process sometimes makes you feel bored, but you can’t ignore it to be eligible for applying and getting loans.

It can only be possible when you show your income proof that rests assured your money provider, they are not at a loss by offering you money. Also, you must meet their lending criteria to get loan approval.

What if you don’t have a payslip to show them then? Don’t worry about it because this article will be beneficial for you to get loans without a payslip. You only need to stick with the article reading until you get the solution.

No salary slip – not an issue

The most important thing for any lending institution is whether you can repay your loan on time. Thus, they want you to meet the lending criteria to rest assured of their fund repayment on time.

Many things are considered under the lending criteria, such as salary slipsIdentification proof and a stable source of income. Your credit score also matters because it is pivotal in getting loan approval.

By the way, having a payslip will help you get loans. You can prove other sources that certify an income to pay off your loan on time.

Also, based on your assets, you can apply for a loan and get approval with no salary slip.

What to do if I don’t get a payslip?

Your financial status must be upfront to get a loan relating to your income. Apart from that, what else you can manage for the loan repayment will matter most. No problem! If you cannot show your payslip, other documents might prove your income to your money provider and how much you make.

You can find some lenders who accept your ID and other essential details. You can also apply for loans even if you don’t have a bank statement. But the only condition is you must get your salary with cash on your payday.

Or else you may have to open a bank account to submit a one-month bank statement. It depends on with whom you are applying for the loans.

What to consider before taking out a loan when unemployed?

Lending institutions consider certain things, including your income, debt-to-income ratio, and credit history. These are taken into consideration whenever you decide to apply for any loan. In another case of unemployment, you are required to look at a few things, such as collateral loans. These types of loans are also known as secured loans without needing any income proof.

You get a loan against what you have valuables in exchange for security purposes. Such loans can be risky too for losing if you are not repaying them on time. Lenders recover their losses by using your valuables.

So not having a job is not a problem, but you must ensure you can afford the loan amount ahead of time. If you miss payments, your credit score is affected negatively, making you helpless to get loan approval ahead.

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What are loan types that need no payslip?

These are alternatives to loan acquiring without payslips. Various types of loans don’t need any payslips. You will experience the reality after you decide to switch to such loans.

You can’t find such loan options anywhere where you don’t need to show any payslip while applying.

  • Pawn loans: These types of loans are based on the value of your valuables, so you have to take what is most valuable to the pawnshop lenders. You can get funds in exchange for your items. Remember, you can return your valuables as soon as you pay off your debts. If you cannot pay off what you owe, pawnshop lenders have possession of your item.
  • Car title loans: Here, too, you don’t need to show any bank statement or any payslip. You need to give a title to your vehicle. It can be any vehicle, including a car, truck or motorcycle. One of the most important things is you may have to pay a fee to your lender that turns out to be very expensive. If you don’t repay their money what you have to pay then your vehicle can go away from you.
  • Peer-to-peer loans: A primary method to visit banking institutions and apply for loans, whereas you may need to be approved under their verification process. They will decide how much you need rather than you have your own choice to choose the loan amount. A peer-to-peer lending option is fit for everyone with no hassle of showing a pay slip. Yes, you must show all that when looking for a considerable amount.
  • Personal loans: Applying for personal loans can be a great decision because all personal loans don’t need borrowers to show their payslips or bank statement of any type. You can apply for the loans by providing income proof to your lender. Your excellent credit history can also help you by applying and getting instant approval to meet your needs.

Is there any risk behind taking out a loan without payslip?

Yes, when you don’t have a payslip to show for taking out a loan, several risky factors come your way. Getting loans this way leads you to pay high-interest rates, so you must keep it in mind.

Lenders consider you highly risky borrowers just because you don’t have a payslip or the presence of any income. What you can do is you can put some collaterals if you have them. But you may lose them if you don’t repay your loan on time.

Using the MoneyStar, you may get from R100 to R35,000 in just 5 minutes.

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Applying won’t affect your credit score

About Author

Micah Sedres

Contributing Writer, Staff Content Editor
MoneyStar expert Micah strives to navigate finance niches like credit cards, loans, and mortgages easily. She helps hundreds of readers in credit building and provides money management tips. After regularly working for brands like, she joined the team as a staff writer to develop credit product reviews and comprehensive guides mainly focused on credit scores and loan/card offers.