If you are looking for where you can get a loan without a payslip, you are the right place. This article will guide you on where and how to get a loan with a payslip.
What are loans without payslips/bank statement
Loans without payslips are those that do not need South Africans to present a payslip or a bank statement in order to be approved for a loan. These documents are required by banks and other financial organizations to determine if you qualify for a loan. These documents are used since they are the best tools for financial analysis.
However, if you are self-employed, you may not have payslips. It’s also possible that you don’t need a bank account and hence can’t produce bank statements.
What are the requirements
To qualify for loan without a payslip/bank statement, you must be;
- You must be 18 years and above.
- Prospective applicants must be a citizen of South Africa with an ID.
- It is necessary to have a bank account.
- Prove of income.
Various types of loans for individuals without payslips
- Personal loans
Some personal loans may not necessitate the submission of a pay stub or a bank statement. You may be qualified for a loan if you can show proof of income. You will also have a higher chance if you have a good credit history.
- Vehicle Loan
A payslip is not required to obtain a car loan in South Africa. Most vehicle dealerships assess your income source as well as your ability to make monthly loan payments.
- Peer-to-peer loans
Peer-to-peer loans are available on platforms where individuals lend to one another. Except for some lenders that want a large sum of money, lenders rarely require payslips or bank statements for this form of loan.
- Pawn loans
These loans are collateralized by things. You can get money for your item if you take it to a pawnshop. You will receive the thing once you have paid what you owe, and if you default, the lender will take control of your item. These loans, however, do not necessitate the production of a pay stub or a bank statement.
Where to get loans with no payslips in South Africa
Here are some South African lenders who offer personal loans with no payslip or bank statement.
- RCS no payslip loan South Africa
Without a payslip, RCS approves loans ranging from R1,000 to R150,000. New clients can apply for a loan of up to R4000 with a repayment period of three months. As a result, your loan limit grows over time, affecting the repayment term. Their payback duration, on the other hand, extends from 12 to 60 months.
- Loan city personal loan
Loan City offers loans of up to R300,000 in total. The loan amount fluctuates according to the loan length – longer loan durations result in greater loans. You can also select the repayment amount and periods that are most appropriate for your financial circumstances.
There are no documents required for loan applications, and you will obtain an approval right away. You merely need to show your source of income for approval – even a letter stamped with your address, not a bank statement or payslip. It is also possible to apply if you have bad credit.
- FNB no payslip loan
FNB Bank is one of the few banks that will approve loans without requiring pay stubs. The loan cap they have offered for this loan is R125,000. Depending on your needs, you can pay off your loan in as short as 12 months or as long as 60 months. They impose an upfront cost of R800 and a service fee of R68.40 in addition to their annual interest rate of 28%.
- Peer-to-peer lenders
P2P lending services like Gumtree, Rainfin, and Peerfin enable you to find loans without providing pay stubs or bank statements. Borrowers can use P2P platforms to discover lenders in a simple and quick manner. Depending on your credit history and reputation.
A brief questionnaire must be completed, and there will be some waiting time involved in the application process. If you require a large sum of money, lenders may request additional documentation.
Binixo’s no salary loan scheme allows South Africans to borrow up to R9,000. Payment terms range from four to sixty-five days. The application process consists of completing a brief questionnaire and waiting for a few minutes. The funds will be sent into your account as soon as you receive the confirmation.
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