Loans without 3 Months Bank Statement

        Loans without 3 Months Bank Statement

Also known as no payslip loans are loans programs structured for South African residents without a payslip. Those who fall in this category are mostly self-employed persons and people with bad credit.


FNB  3
R300 000
Loan amount R1 000 - R300 000
Interest 13 %
Maturity 1 - 60 months

Fast information

Properties of this loan

  • Online loans up to R300.000
  • Term 1 - 60 months

Loan requirements

  • You must be between the ages of 18 and 64
  • Be a permanent SA resident
  • Be permanently employed or self-employed
  • Your salary must be paid directly into your bank account

About company

More information about the company First National Bank

Borrow from R1 000 with interest from the 13 % Moread


RCS  4
R250 000
Loan amount R2 000 - R250 000
Interest 15 %
Maturity 12 - 60 months

Fast information

Properties of this loan

  • Online loans up to R150.000
  • Term 12 - 60 months
  • Decision in seconds
  • Cash in your account within 24 hours

Loan requirements

  • You must be 18 years old and older
  • You must have a South African ID
  • You must earn a minimum of R2000 a month
  • You must hold a bank account
  • You will be required to provide proof of income documentation

About company

More information about the company RCS Group

Borrow from R2 000 with interest from the 15 % Moread
R9 000
Loan amount R300 - R9 000
Interest 0 %
Maturity 4 - 65 days

Fast information

Properties of this loan

  • Online loans up to R9.000
  • Term 4 - 65 days

Loan requirements

  • The borrower’s age should be in the range of 18 to 65 years
  • Users must pass a credit check
  • Requires a current email address
  • Provision of current phone number and Debit card
  • Recent pay slips and Proof of address

About company

More information about the company Binixo Corporation

Borrow from R300 with interest from the 0 % Moread

        Loans without 3 Months Bank Statement

With these loans, you are not required to submit bank statements to prove your income stability to lenders.

Advantages of loans with 3 months bank statement

The downside with these loans is that they are short term. Unlike most personal loans, you’re not always guaranteed of a flexible repayment period like you would expect with low-interest personal loans.

Why it’s a challenge getting a loan with bank statement in SA

Banks are strict when it comes to proving loans without any paperwork. Many lenders want to see your bank statement to evaluate your income level. Self-employed people often don’t have a payslip. In most cases, that disqualifies them from applying for a loan with many financial organizations. Many financial institutions like banks prefer permanently employed citizens.

Some alternative lending companies might ask you to wait for up to 3 months before you can apply for a loan. Within the three months, the lender expects you to have records reflecting financial income for the three months.

Suppose you’re unemployed or you have a negative credit history. It goes without saying that shopping for a loan when in such a situation can give you a rough time. From the very start, banks will reject your application. As for alternative lending options, the loan does not always come with friendly interest fees. You could end up paying expensive fees for a loan when you don’t have a payslip or without a bank statement, preferably three months old.  But that’s understandable as these lending companies have no leverage should when working with such clients. That said - there are fewer lenders willing to work with non-employed locals. Let’s look at two options.

1. Pawn loans

So, your best chance when shopping for a loan with 3 months bank statement is trying alternative lending options like pawn loans. Pawn loans are a different nature of loans where a customer presents an item as security to the lender, and after price evaluation, you get a specified sum of money. It might not be much – the cash you’ll get will depend on your item’s worth.  The lender will hold on to your item until you pay up as agreed in the terms. If you default on making the monthly payments or fail to pay the loan all together, you lose your valuable (s). The lender will resell your item to recover their cash. It’s not the easiest option when looking for a loan but if you’re self-employed and you’re having a hard time getting approved for a loan without a bank statement. Some of the items you can pawn include: jewellery, electronics like TV sets and microwaves, and cars. CashConverters is a good place to start.         

2. P2P lending sites

Another option for you if you don’t have the required financial documents is to search for a loan on peer-to-peer lending sites like Gumtree and RainFin.  Such platforms connect borrowers and lenders. While a bank statement might not apply in some cases, some lenders might ask for a bank statement, plus payslips. With a 3-month bank statement, you have a better chance of getting approved with most lenders.

Some P2P sites to check out:

Final Thoughts 

If you’re finding it hard to get approved for a loan, don’t give up thinking you’re completely out of options. Although there are lenders that can approve you without a bank statement or payslip, the better option is to build your financial reputation. That way, you get to broaden your loan opportunities. Here are several things you can do:

  1. Make sure you have a source of income. Bottom line when going for a loan, whether from a financial institution or from a friend, be sure that you know how you’ll repay the loan. It makes sense to have a source income. And if you don’t have a solid source of income, work towards building one.
  2. See to it the lender is working within the law. Some lenders will give you a loan without asking for documents but they charge clients unrealistic interest charges.
  3. Build your credit profile. Start paying your overdue bills and delinquent accounts. As you pay off your debts and monthly, the records will reflect in your credit history. 

Loans without 3 Months Bank Statement rating: 4.5/5 from 129 votes.
Lincoln Ndirangu Lincoln Ndirangu(LinkedIn)
Lincoln Ndirangu is a professional freelance web copywriter based in Nairobi, Kenya. For over 7 years, writing for the web and engaging the online audience has been primary focus and passion.More information...


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