If you have tried to apply for a loan without a payslip or bank account, then you perfectly understand how tough of a task it is to shop for a loan with limited resources.
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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.
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.