Loans Without Payslip in South Africa

Personal Loans

It’s already hard to get a loan with a payslip in South Africa, so you can imagine how tough it’ll be when looking for loans without payslips.

While popular banks might not be offering such loans, you must know that there are over 6,000 registered and active credit providers in the country. They offer various types of credit solutions and some of them do offer secured loans without needing a payslip.

In this article, we will be listing some of the available loans that don’t need a payslip and how you can qualify for them.

Before we get into the list, let’s first highlight the type of loans that you can get without a payslip.

Types of Loans with No Payslip

There are various loans that one can apply for that do not require a payslip or a bank statement:

  • Personal Loans: You can be considered for this type of loan if you have proof that you have an income, even if you are self-employed or get paid in cash. All you need is a signed and stamped letter that shows the details of where you are employed and the duration of your employment.
  • Car Loans: Car dealers will trust you with a car loan if you have a stable source of income.
  • Pawn Loans: You get a loan for an item, meaning you get the amount that is worth the item that you bring into the pawn shop. When you pay the loan, you get your item back and if you don’t the lender keeps your item.
  • Peer-to-peer Loans: These are only offered on Peer-to-peer lending platforms.

How to Get a Loan Without a Payslip

Obviously, for a loan without a payslip, your options are very few as you will have to prove to the lender that you will be able to repay the loan.

Before even asking for a loan, remember to first review all your options, make sure that you have the means to repay the loan, and verify the lender (to check if they are working on legal terms).

Many lenders approving loans without documents required are mostly loan sharks who charge ridiculous interests, so don’t be desperate and fall into this trap.

It is always wise to ask for a small amount, so you don’t struggle when you must pay it back.

How to Prove Income

To be approved for any loan you will need to reveal your financial status.

If you can’t prove your income with a payslip, you can do so through other documents that confirm how much you earn either through your bank statement, pension /disability fund statements, or a letter from your employer.

Some lenders are willing to offer loans with just an ID and salary slip. Depending on your lender, you might have to open a bank account so you can at least submit a one-month bank statement instead of a three-month bank statement.

Where to Get a Loan Without a Payslip

RCS Loans

RCS is an authorised financial service provider that offers credit assistance. They do offer cash loans from R2000 – R150 000 with flexible repayment options from 12 to 60 months and low interest from 15%.

Their application process is quick and easy, with no paperwork required. If you are approved, your cash will be in our account within 24 hours.

Loan City Personal Loans

Loan City offers personal loans to people with no payslips or blacklisted in South Africa. Their loans are instant and don’t require documents, forms, calls, or 3-month bank statements.

They offer loans of up to R300 000. To qualify, you will have to prove that you have a source of income and that you can pay back the loan.

You can apply for a personal loan online, via their website.

Cash Crusaders Loans

Cash Crusaders offers pawn loans wherein you bring in an item that is worth the money you want. They offer loans of up to R15 000 with no hidden costs, instant pay out, and up to 5 easy extensions.

You can apply for this loan via WhatsApp. No salary slips or bank statements are required, you will need to provide your ID, address, and a picture of the item you want to take in for safekeeping. You will receive an immediate cash pay-out once your item has been checked in-store.

If you can’t repay the loan, then you will have to let go of your asset. Cash Crusader will let you walk away freely and will not request any payment from you.

Binixo Loans

Binixo is act as an intermediary between borrowers and lenders. Their website assists people to get a loan that is convenient for them through the right lender. They offer loans of up to R9 000.

Their application process is quick and easy, all you have to do is select the loan amount, state your payment due date, and your total repayment amount will be determined by how long it will take for you to pay back the loan. For example, if you request R5 000 with 10 days to repay, the total payment will be R5 762.85.

To qualify for a loan from Binixo, you will have to have a South African ID, a card number or bank account, and be older than 18 years.

Easy Cash Loans

Through Easy Cash Loans, you can get a personal loan of up to R150 000 with no payslip. Their online application is simple and quick, it will only take you 30 seconds to fill in the form.

To qualify you will have to be 18 years or above, be a South African citizen, have a bank account, and have a permanent job.

While it is possible and quick to get a loan without a payslip, remember that whatever amount you loan you will have to pay it back with interest, this will help you maintain good financial standing and save you from being excluded from financial assistance in the future.

Before applying for any loan, do thorough research and understand the terms of the loan you will be taking out.