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How do you Get a Loan Without Pay Slip in South Africa?

Whenever a South African applies for a loan, he or she must satisfy certain requirements. Before anything else, any lender will want to check the borrower will give the money back and pay for the service properly. In order to do so, most lending companies ask for pays lips and bank statements to check on the applicant monthly income. After all, that’s one of the main factors considering when deciding on a loan approval. Next, I’ll delve into loans available to citizens without pays lips and how can you get them

Is it possible to get a loan without pays lips and bank statements?

Although they are more difficult to find, there are useful loans that can be issued without presenting pays lips. Actually, you might find several loan proposals easy to get and with no paperwork, but not all of them are trustful. For this reason, I advise you to read along this article so you can recognize what loans can you trust on.  You can get them online or in person, depending on which one you choose.

Can I get a loan without having to provide 3 bank statements?

There are workers that get salary slips when they’re paid, but they get the money on their hand. This means, they don’t own a bank account, so their pay isn’t deposited in it. As bank statements show a lender not only how much you earn but also how you spend that money, banks almost always ask for them. However, you might find some smaller but trustful lending companies accepting just your SA ID and salary slip.

Another group of workers taking advantage of this are those who have just started working. Banks will tell you to wait 3 months before applying to get those 3 bank statements. Although you should always try to wait until you are financially stable, if you need to, some companies are willing to accept just 2 bank statements or just your proof of income.

As you can see, it’s not impossible to get a loan without bank statements in South Africa.

What kind of Loan can an unemployed person in South Africa take?

Being unemployed and looking for a loan is a situation hard to deal with. As you’re asked to prove you have a permanent income, banks reject you from start. Yet, there is a type of loan who is granted without needing to present documents to verify your income. I’m talking about collateral loans. But not any loan accepting a collateral will do, just Pawn Loans. Why? Because they work like this: you reach to the pawn shop to ask for your loan but you must have a valuable object to present as security. Then, the lender will study the object to calculate the monetary value and tell you how much money can you take in exchange.

Of course, you need your South African ID and maybe a proof of address, but how much money you earn is not under the radar for pawn loans. Once you get the cash, you leave your possession and that’s it! When time passes by, you pay the instalments back to cancel the loan. Once it’s completely paid out, you’ll have your object back.

Although this is an easy option for unemployed South Africans, you must be sure of having the money to repay it in order to avoid losing your possessions because if the loan is not cancelled, the lender becomes the owner of it.

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Is it recommended that unemployed South Africans get Emergency Cash Loans?

I have told you about pawn loans, which is a way to get an easy cash loan with no job. All the same, I wouldn’t recommend you to go into a loan contract if you don’t have an income of some sort. No matter what happens, you will have to pay the loan back on due time. Sometimes, applicants only focus on getting a loan offering same day payout and don’t stop to think carefully about how to cancel it later.

Who grants loans to start a business for unemployed citizens?

If you don’t have a job and you have always dreamed of starting your own company, you must be wondering how to get a bank lending you money to accomplish your goal. Despite everything, as I told you, banks will never grant a loan without checking the applicant’s source of income. As a result, it might be difficult to get a loan to start a business unless you can present enough possession or savings as collateral. All the same, the loan approval will be deeply studying by the entity.

How can an unemployed get Loans with Low Interest?

If getting a loan when you’re unemployed is not a piece of cake, getting a low interest rate loan it’s almost impossible. If you find a lender willing to trust on you, he or she will charge a higher rate to compensate for the risk he or she is taking. The only way you can get a fair rate is by restoring to collateral loans, which I’ve explained later.

4 tips to get an Instant Loan without proof of income

Basically, you have very few options of loans without having to prove your income in South Africa, but you have to take care of checking who is lending you money. I’ll summarize on this list, 4 tips you shouldn’t forget before asking for a loan if you can’t present pays lips:

1) Check all your options.

2) Make sure you have funds to repay the loan.

3) Ask for a small amount of money that you know you’re able of repaying it.

4) The most important detail of all, verify your lender is working on legal terms. Remember, many lenders accepting to grant you a loan without documents, tend to issue loan sharks, which we all know they charge ridiculously high rates.

Getting a loan with no job verification in South Africa is not easy business. Luckily for you, I have detailed few options for you to analyze. Besides, you can check the list I showed you before making any decision to avoid unfortunate situation with your loan.  If you want to know more about collateral loans, you might read about Cash Converters.

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Questions and answers

I am looking for a loan without needing to give payslips as I haven't received my payslips because of the lockdown.

If you are looking for a loan and you do not have a payslip to account for your income, you could consider loans at pawn shops. Cash Converters is an excellent option since they are registered with the NCR. With them, you can use a valuable item such as your phone or a piece of jewelry to ask for a loan.

I'm self-employed but due to COVID-19 and the levels we on unfortunately there is no income coming in for last 3 months but will be able to repay a loan bac. Am I able to do so?

What you can do during these times of uncertainty is asking for a loan at a pawn shop, for instance. You can bring a valuable, such as jewelry or an electronic device in exchange for a loan. Then, you can pay the loan back once you start earning money again.

I need a personal loan of R5000 for 4 months will you be able to help me?

If you are looking for a loan of R5,000 without payslip you could consider asking for a loan at pawn shop such as Cash Converters, for example. Also, you could try borrowing money through a P2P platform like Rainfin. At Cash Converters you can ask for a cash advance against your valuables: no payslips needed.

I'm unemployed, but receiving money every month in my account which I would be able to pay the loan every month but i don't qualify even to the 2 banks that I'm using i don't qualify, but they can see money I have every month, so I don't understand why I don't qualify.

I can see why you feel frustrated. Unfortunately, this is the way it works with most financial organizations. Most of these companies prefer to lend money to people who are permanently employed and that receive a payslip that can prove this. If you have been rejected at most banks, you could try borrowing money at pawn shops or P2P platforms.

I was working as a domestic worker and the job ended, but I'm a person who work as a prophetess. So what can I do to get the loan?

You could try the financial company Binixo. This company lends money to people who cannot prove their income with a payslip. They let you borrow a maximum amount of R9,000 and you can pay the loan in up to 65 days. The process is done through the internet and you will get a response immediately.

My husband works but his name is not so good. My name is very good. 703 credit score. I dont work but want to take out a loan that my husband will be paying. Where can i go for a loan like that?

Unfortunately financial companies don't lend money to a person and receive payslips from another person. What you can do is to pawn a valuable, for example. There are many pawn shops in South Africa where you can use your car, jewelry, electronic devices and the like to ask for a loan. However, these loans must be repaid in short periods.

I need 50000 so where can I apply for the loan if I don't have a payslip?

There are many options for people like you who don't have payslips. One of these options is the company Loancity. This company allows you to ask for a loan without payslip, and they will only ask you for a stamped letter from your employee saying that you work for them.

Working as a driver at funeral parlor, I don't have a payslip my credit score is lower.

One of the things you can try is asking a loan against a valuable at a pawn shop, such as Cash Converters, for instance. All you have to do is bring an item such as jewelry or a furniture, for example. The pawn shop will evaluate the asset and make you an offer.

Can I get R30000 loan I am not working I have tenants. I get R7500 per month.

There are alternatives to loans for those who do not have payslips to prove their income. One of these options is Binixo, an online platform where you can borrow money without the need to provide payslips. However, these loans can be of up to R9,000 and are short-termed in nature.

I need a loan for my household, only for 3 months, repayment of R5000 loan. Can you help me?

If you apply, for instance, for a personal loan at Binixo you will not have to provide the company with a pay slip, like in the case of Standard Bank. For a period of three months and a R5000 amount, your total repayment would be of R5000 which means that there are no initiation fees charged.

Hi I need a loan of R50.000, can you help me?

The amount that you desire can be difficult to find in South Africa, especially if you are looking for a loan that does not need pay slips. An agency that provides these kinds of loans is Binixo, but it lends loans of a maximum of R9000.It offers terms of up to sixty five days.

I am working but it's a contract that's going to take 5 years, can I get loan?

As long as you have some necessary valid documents established by the company that you pick, you will be able to apply for a loan without any trouble. A company that offers a loan without payslips or even bank statements is FNB Bank. This only applies for temporary loans. It does have some qualifying criteria, but no requirements.

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I need a loan 30000, do I have to pay before having the funds?

When you start the process to be granted the loan, you start by just informing the bank about your credit affordability. Only when the bank confirms your request, will you start the official procedure. There, you will be notified about the fees and rates you must pay for the credit. There’s an initiation fee charged but, it is paid with your instalment, not before you get the money. So, be sure you’re dealing with a trustful entity to avoid be victim of fraud.

I need loan but I don't have payslip and I don’t deposit my money in the bank. However, I have bank account. I sell justine products and, I want the loan to start my on business. Do you thing I can get a loan?

As you have clarified you need the loan to start a company, you would probably get better chances looking for business loans. These credits have special terms and methods to repay the funds that fit with what starting a company demands. The only detail is that you must submit documents supporting a regular source of income. As you don’t have your earnings deposited in a bank account, it may get difficult for you to get through that requirement.

I do money from my salon so, I don’t have payslip. I need a loan and, I can pay all of it within a month. Can I apply?

Of course you can! But, in your case, you will need a bank that grants loans to grow a business, as they know what your needs are. Sanlam can be a fine solution as they offer a lot of products to take care of your business. Thanks to their experience, they’re ready to meet your needs and help you.

Where can I get these loans?

If you’re asking about RCS Group, there are many branches in South Africa where their assistance will help you. Some of them are in Cape Town, for example. Even so, you can also contact them over the phone or sending them an email, if you don’t want to waste time on going to the office.

How and where can I apply for a loan without a payslip?

If you go over Cash Converters options, you’ll find they issue loans against an object of value. This option is called Cash Advance and, you can ask up to R20000. In this particular case, as this company works with short term loans, you would need to give the money and interest back within 30 days. So, you have to really think about being capable of cancelling the loan, unless you want to risk losing the valuable you use as guarantee. It’s a viable alternative but, you must be sure to cancel it on time.

Hi I am working but I don’t get payslip from work. I only get my money via bank account and i just started working this year January, can I still get the loan?

Yes! You still have a chance to get financial help but, it will mainly depend on the type of loan you need. For example, payday loans usually have some basic requirements and, you don’t need to be working for 6 months to be approved. You will surely find an entity willing to help you.

Does every loan need a payslip. How can I do if I want to start a business and I’m not working now?

Even though there are some types of loan that don’t need payslips, they all need to have some sort of financial backup. If you intend to build up a company, you have to think about issues that are different from what a personal loan can offer you. This is why, you must try to apply with banks that have business loans. Some examples are, FNB and Nedbank.

When will I know the interest rate?

Once the application begins

My husband gets paid in cash but he has a bank account and a payslip. Can he still apply for a loan and just insure the money goes into the bank account?

Of course he can! When your husband applies for the loan, the bank will request him certain information about the bank account. Then, he can indicate the bank to transfer the money into his bank account to use it as you need it. Also, the payments can be debited from the same bank account and save a lot of time.

I’m working but I don't get payslip at work. I got cash by hands. Can I apply for a loan?

Unfortunately, even if you have a regular job, if you can’t prove your income, you probably won’t get a loan approval. If you own a bank account, on the other hand, and you can use your bank statements to show the company you how much is your monthly income, you may be accepted

Once my application is approved, when can I get money on my account?

It depends on the loan you requested and, the entity you work with. For payday loans, they tend to transfer the money within an hour from the approval thanks to the simple requirements. On the other hand, for personal loans, due to the complexity of such loan, you will have to wait few days until you have access to your money.

I haven't been working for a couple of months so I don’t have three months payslips, I have only started working again this month. What should I do?

To solve this problem, you have 3 options. One of them, the most responsible, is to wait few months until you can gather the three payslips. Another option is to think about a payday loan that can be cancelled in 30 days. And, finally, you can present a security as guarantee of the loan but, you must be completely sure you will pay off the loan in time in order not to lose that security.

Can I apply by phone?

Sure you can!

Do I have to sign a contract?

Yes you have, the lending agreement

Can I get it today?

It normally takes time to study each loan application and, for this reason, it’s not common loans are granted within the same day of application. There’s an exception but, the applicant needs to be an existing client of the bank they’re asking the loan to. In this case, as that bank is already on possession of the information required to grant a loan, they can decide right away and, transfer the money to the client’s bank account with almost no delay.

Do qualify for a loan of r100 000 if my salary is r2 500 per month and I get paid by cheque every month for one year now by the department of education? I can afford to pay back r1800 every month

When applicants request a loan, the entity sets the terms for such loan having in mind the applicant’s monthly income and expenses to make them capable of repaying the loan properly. To make sure of this, you can use an estimate calculator before applying. This tool will show you, taking into account your finances, how much money can you ask for.

Can I get a loan without payslip?

Sure you can! All you need to get a loan is to have a regular job and, receive the pay through a bank statement. So, even though you can’t present a pays lip, you can show your income through the bank statement for the bank to approve your loan application.

I am self-employed and am starting a small biltong business. I can give a business plan and cash flow forecast. I need cash for a biltong slicer and stock etc. But have no payslips. Can you help me?

A great company that can assist you on this is Nedbank. This lending entity provides their clients with a loan particularly thought for people who want to start up a company. This is a fine option as they can grant you the capital you need to acquire the necessary equipment for your company. Also, you can think about First National Bank and compare both entities. This will help you recognize the one that’s best for you.

I need a loan but I only have bank statements as a proof of payment, is it possible to get a loan?

It is possible with certain companies as, not all of them works without payslips. Two fine options for you are FNB and, Capfin. In the first case, FNB works with self employed workers and, in the second case, Capfin request payslips or bank statements to verify the client wage. Even though most banks ask for payslips, you can find some of them willing to help you without them. Here, we named two of them for you to choose the one you think is best.

Hello, can I get a loan without pay slip?

Hi! If you don’t receive pay slip form your job, there are some other options. One of them is through bank statements that evidence you get that monthly income and, the other may be through a pawn loan. This type of loan allows you to borrow money in exchange of a security. Which means, you leave an object of value and, get it back when you finish paying the instalments.

Do I need pay slip if I have bank statement to apply for a loan?

It depends on the type of loan you want to ask. If we’re talking about payday loans, you have more chances of not needing to present your payslips, as long as you present your bank statements. But, if you need, for example, a home loan, the requirements you’ll find may be more complicated because you’d probably ask for a higher amount. Remember, the bank will always check con are capable of cancelling the debt with your income.

Morning, I need a loan of r2100. I’m permanently working and I get paid on a commission

As you have a permanent job, being approved for a loan will be a little simpler for you. This, clearly, as long as there’s a steady income you get form your job. What I mean is that, any bank will verify you will be getting money for the period your loan lasts to be sure you won’t stop paying your debt. As you need just R2100, you can even repay it in 3 months or less.

What documents do you need if i want a personal loan

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Good day. My name is Nicoleen, can you help me, please? I'm unemployed but I get an income of r5000 every month. Can I take a loan?

Hello Nicoleen. If the bank can check you receive that amount every month legally and that you will continue receiving it, you may qualify for a loan if you have bank statements to present as proof of income. But, ultimately, it depends on the lending entity you choose to work with. Generally speaking, loans for a low amount tends to have simpler requirements so, there’s a chance for you to qualify and get the loan.

Hi, I’ve been working for about 3 years now, and I earn r3800 per month, no payslip but do have bank statement. I need a loan of at least r30000 to buy a car for my business. How much will be my monthly installment if I do get the loan?

I’ll name two options for you. Starting, FNB can help you with a business loan, as the purchase you need to make is aimed to improve your company. Then, Capfin can grant you a loan if you have bank statements. This last company states a term of one year to cancel the loan and, each payment may be around R3072, which leaves a total cost of R36867 approximately.

I need to pay school fees for my child and I can pay 500 every month. How can I make sure the cost of the loan won’t exceed my monthly income?

When you get in contact with the bank, you will be requested to provide them with details about your salary, your expenses and, the amount of money you want to ask. Then, after they study all that information you submitted, they can assist you on the terms of the loan. This is when you have to make sure the monthly instalments they charge you are within your capacity to pay them before signing the contract.

I need a loan but I don’t have pay slip, what can I do?

First, you need to clarify what kind of worker are you. If we refer to self-employed, meaning that you work for yourself, you need a company that issues loans to independent workers. If you have your own business, you need a business loan. In this last option, you need to state the purpose for your loan: to begin your business, to get equipment, to have cash flow. Once you have that point clear, you’ll know which of the business loans will work for you. Two great banks working on this area are FNB and, Nedbank

Need a loan, I don’t have payslip as I am doing private jobs I get paid cash and, I do get a pension

on you to repay such service. The only way to do that is by presenting valid documentation that shows how much money you get per month, or per week. The thing is that, if you are paid cash and, there’s no document showing those payments, the bank can’t check your salary. An alternative to pasylips are bank statements so, if you don’t have a bank account, unfortunately, you find difficulty on being accepted for a loan.

I'm looking for a loan but I don't have a payslip. I do have a bank statement. Can I get one?

You can relax as there’re some companies that grant loans even if you don’t have payslips. RCS, for instance, will accept your application if you show them your bank statements from the past three months and, of course, you comply with the rest of the requirements: age majority, be South African, and earn at least 2 thousand rand per month.

Hi, I need a loan of 50 000. I just started working and I need the loan urgently

The majority of lending companies requests loan applicants to be working for certain time before asking for a loan. You need to prove your job is stable and, so it is your salary. So, if you’ve just started working, banks will sure ask you to wait three months at least to be issued a loan. Even though this may seem negative, you can use that time to organize your expenses and see how much money you spend on basic needs. Then, you’ll know what loan terms can you afford.

Greetings. I need a loan for a business that I'm running but I am not working. However, I have another income from different source. I need to know if I qualify to get a loan without payslip?

Hi! You have chances of finding the right bank for you but, there are certain points that you have to make clear. For example, there’re banks offering business loans that, thanks to their experience, they can assist you with the capital you need to start a business like, Nedbank. Another point is the source of income you have. If you get a pension, you have to search for entities offering loans to pensioner, like FNB. To conclude, you need to decide what type of loan you want and, on any circumstance, you’ll need to prove you have income so, this point will also be key to the loan you can get.

How can I get a loan? I dont have an email but I'm working

If you have a stable job and you can present the documents to verify your identity, you can start by asking for a quote to the bank. Then, if you don’t have an email account there are two options. One of them is using your cellphone to receive SMS and, the other, is to open an email account. You’ll see it’s super quick and, it won’t take much effort.

Hi there, I’m searching for a loan. I get paid weekly but in cash. I have payslips and, I have a bank account but my pay does not go in there. Can anyone help me only with my payslips? I will appreciate it

Of course! If you take out a payday loan, you just need to show your pays lips. Some of them, won’t even require payslips to apply for the money. Either way, I must clarify the quote available for these loans are around R 500 and R 3000 more or less, which means they work when you need money urgently but, not a high amount.

Hi! I'm looking for a loan, I don't have payslip. Are there options for me?

Although having access to a loan without getting monthly salary slips is in fact difficult, it is not impossible. The only detail is that you have to look for a lending entity that allows independent workers to get a loan. One alternative that can be of great help for you is FNB. You will have to present them with bank statements they’ll use to check your income and get your loan terms.

Hello I'm Abel Maponya and I need a personal loan. I don't get payslip but I have bank statement. I need to marry my girlfriend and I need to build a house for my family.

Hi Abel! Even though you don’t receive a payslip, if you meet the requirements, your bank statement is enough to get a personal loan. This is so because the bank statement will show how much you earn monthly and, thanks to that, the bank can decide if your salary will cover the payment of the loan.

Can I get help for a payday loan?

This kind of loan is popular because they are easy to get. You will have rather a short amount of money and, in most of them, you should cancel it in the next month. In some cases, you may find up to 6 instalments, meaning,6 months to cancel it. As the terms are simply and short, the requirements are also simple. That’s why payday loans are easy to get.

In need of a loan to pay off in monthly installments without payslips

I advise you to take a look at Capfin as, you can submit bank statements if you don’t get pays lips from your work. Another option can be FNB as, they work with self-employed South African citizens. In such bank, you also need to present bank statements. Bear in mind, those statements must be from 3 to 6 months previous to the date you request the loan.

I’m self-employed. Can I get a loan?

Yes! There are some financial companies that work with autonomous workers and, you can enjoy their benefits. For instance, FNB accepts self-employed clients if they can present bank statements. These statements have to be from the previous six months before applying for the personal loan. After that, of course, the final decision will be dependent on on your credit score and affordability check.

How much i can sford

Im an uber drive and im driving someone's car now i want to buy my own car if you can help please

You can give me money today?

I need a loan for r 1500 urgently

I need lorn to start my bussness

I have a bank account and i work for a church and i have no playslip i would like to have a short term loan of r3000 I needed a money. Is it possible to get one. I have a south african i. D. My salary is r1500

Can you loan me r6000 i want to give other guy to make me recieved my r100000

I need a loan of 120 000 ,not working have business

Good day i require a loan but do not have payslips as i get paid via petty cash. The company will however supply these slips as well as a letter to confirm my employment

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