Applying for a loan without a payslip or bank statement is unlike getting approved for a loan at your bank. Banks and other financial institutions will turn you away if you don’t have the relevant documents required - a valid bank account, bank statements and payslips.

Loans without payslip or bank statement in South Africa replace the old loan types that require a 3-6 month bank statement, payslips, and good credit score. Loans without payslip or bank statements are proving to be resourceful to the South African without a bank account or payslips to reflect their income source. You could be self-employed, and you get paid by cheque or cash.

Let’s say you got self-employed recently. You run small businesses like a salon or a barber shop. However, you don’t have bank statements or payslips. Loans without payslip and bank statements are for locals like you.  

What are loans without payslip and bank statements? 

These are loans that don’t require South Africans to provide a payslip or a bank statement to get a loan. Banks and other financial organizations ask for these documents to assess whether you meet the loan criterion.  A payslip and bank statements are the best tools for this analysis. Those with a permanent job can easily get approved. However, if you’re self-employed, it means you might not have payslips. Also, it could be you have no use for a bank account, so you can’t generate the bank statements reports. 

Financial organizations like banks cannot loan you money if you don’t have a bank account, a payslip or even 3-6 month old bank statements. That said you can always go with alternative lenders who don’t ask for a payslip or a bank statement. 

What are the requirements? 

• You must be 18 years and above.
• You must be a citizen of south Africa with an ID.
• You must have a bank account.
• Prove of income.

Types of Loans you can apply with no payslip and bank statement 

• Personal loans - not all personal loans will require a payslip and bank statement. As long as you have proof of income and you have a splendid credit profile, some lenders are willing to consider you. 
• Car loans - To get a car loan in SA, you don’t need to provide payslips and bank statements. Car dealers care that you have a stable income source, and you can keep up with the monthly payments. 
• Peer-to-peer loans - these are loans offered on peer-to-peer lending platforms. With this nature of loans, lenders often don’t ask for a payslip or a bank statement unless with some lenders when you want a large sum of money. 
• Pawn loans - These are loans offered on items. You take your item to a pawn shop, and get some money worth your item. You’ll collect your item once you pay what you owe, and if you default, the lender takes ownership of your item. These loans too don’t require a payslip or bank statement. 

Where to get loans with no payslip and bank statement in SA 

Here are some go to lenders that provide personal loans with no payslip or bank statement in South Africa.

RCS no payslip loan south Africa

RCS approves loans with no payslip ranging from R1,000 to R150,000. However, new customers can apply for a maximum of R4000 with 3 months to repay. So, your loan limit improves with time which in turn affects the repayment period.Otherwise,their loan repayment period is set at 12 to 60 months. 

Loan City personal loan

At Loan City you can get approved for a loan of up to R300,000.The loan amount varies with the loan duration - a longer loan duration guarantees a bigger loan. Also, repayment amounts and periods are flexible and you pay what you afford. The loan application process does not require any document and you are guaranteed instant approval.To get approved you need to prove your source of income only -  even a stamped letter not necessarily a bank statement or a payslip. Persons with poor credit  can apply.

Peer-to-peer lenders 

You can find loans without payslip and a bank statement by browsing on P2P lending sites like Gumtree, Rainfin, and Peerfin. These P2P platforms provide a simple way for borrowers to connect with lenders. With this option, you can get up to R100,000 depending on your credibility and credit profile. If you need a lot of money, some lenders will ask for bank statements. 

FNB Bank no payslip personal loan 

FNB bank is among the few banks that approve loans without payslips. Their loan limit offer for this loan is R125,000. The loan repayment period is flexible between 12 to 60 months. They charge an annual interest rate of 28%, an initial fee of R800 and a service fee of R68.40.

Binixo

Binixo provides no payslip loans for South Africans ranging from R300 to R9,000. The payment periods range from 4 to 65days. The application process involves filling a short questionnaire and a few minutes wait time. You will receive a confirmation and the money will be credited to your account.