No payslip loans in South Africa are available when you need to borrow money but you cannot provide the lender a payslip. It’s not common but there are creditors you can contact to help you get the finance you need without having to produce a payslip.
Questions about payslip loans both online and offline include:
- Can I get an online loan without a payslip?
- Which bank gives a loan without a payslip?
- What’s the best no payslip loan in South Africa?
- How can I get a no payslip loan?
It is possible to borrow money in South Africa without having a job or steady income. The key is to be able to offer a creditor something of value against your borrowing.
So let’s take the four questions above and offer answers and options for this kind of finance.
Can I get an online loan without a payslip?
Yes there is a way you can apply for a loan online without having to produce a payslip in South Africa.
You will be applying for what they call a “Pawn Shop Loan”. You can read more about this finance here: How a Pawn Shop Loan Works in South Africa
Basically what you are doing when you apply for this kind of borrowing is pawning your personal goods.
So you use items you own against the money you wish to borrow.
You can pawn items such as:
- Electronic goods
- Musical instruments
- Sports equipment
Therefore when you apply for this finance all you need are the items you are happy to pawn and a South African ID document.
You can fill out an application online before physically going to the pawn shop to speak to a financial consultant.
You must be over the age of 18 years old and in some cases you will have to produce a proof of your address.
Of course, if you fail to pay your repayments on the loan, you lose the goods you pawn.
This kind of borrowing is good if you want a no payslip loan of R1000, R2000, R3000, R4000 and even up to R5000 at some lenders.
The more money you wish to borrow, the stricter the terms and conditions will be when you have no income.
No Payslip Loans – Which Bank gives a loan Without a Payslip?
This is a good question because people want to know which banks in South Africa offer loans without a payslip.
Banks are governed by certain rules and regulations when it comes to finance.
Lending money to people in South Africa without some kind of proof of income is something the banks simply cannot help with.
The main regulator for South African banks is the Reserve Bank – https://www.resbank.co.za/
They regulate major banks such as:
- Standard Bank
- Capitec Bank
- ABSA Bank
- African Bank
So unfortunately it’s not possible to get a loan from a bank in South Africa without a payslip. You need a steady income and therefore you must provide proof of earnings.
What’s the Best no payslip loan in South Africa?
So now you know there isn’t any no payslip loans available at banks in South Africa we move on to the next point.
What is the best no payslip loan to apply for in South Africa?
Firstly, you can get a loan online from a private lender. Private lenders advertise on sites such as Gumtree in SA.
These lenders usually have no concern about whether you have a steady job and income.
So you don’t have to give payslips or bank statements to borrow money.
Check the website for these private lenders under the “Financial Services” category to see what’s available.
A word of caution: There are loan sharks operating online. Please be very careful who you borrow money from if you get a loan from a private lender in South Africa.
More on loan sharks here: Cape Town Loan Sharks – Don’t Get Eaten!
Because of the loan sharks in South Africa this is not our best choice of lending.
In our opinion the best no payslip loan in South Africa is a pawn loan available at pawn shops throughout the country.
Because this kind of borrowing is safer than trying to get finance from the private lenders.
You can get these no payslip loans in:
- Port Elizabeth
- Cape Town
How can I get a no Payslip Loan?
Now that we know the best type of no payslip loan in South Africa is a pawn shop loan we can look at how to apply.
Applying for a no payslip loan:
- You must be over 18 years of age
- You need a South African ID
- In some cases proof of address
- Personal items you own to pawn
- Visit a local pawn shop
- Speak to a financial consultant at the counter
- Hand over documents and goods
- Sign the agreement
- You get cash or payment into your bank account
In most cases you can get the cash instantly. Other cases where you wish to borrow a larger amount, they can pay the money into your bank account.
However if you default on your loan repayments the pawn shop sell your items to recover the costs. It’s that simple.
No Payslip Loans – Another Option to Get a Loan Without a Payslip
There is another option to get a loan without a payslip in South Africa and that is from friends or family.
Of course this type of borrowing is only available to people who have friends or relatives with the money to lend.
Advantages to this kind of borrowing are:
- Low or no interest
- You can negotiate terms
- Possible payment breaks
- No payslip required
- No bank statements required
However the disadvantages to borrowing money from someone you are close to can cause trouble.
For instance you could end up arguing if you miss a repayment. Or they might have a change of heart and want the money back quicker. Or even charge you interest that you didn’t agree to when the loan was discussed.
When you’ve got no job or income coming in it makes it tricky to borrow money from anywhere.
Most creditors ask for some kind of proof that you are working and getting a regular salary.
They obviously want some kind of security that you can manage your repayments.
However with the advice we offer above you can get no payslip loans in South Africa without a payslip or bank statements.
This information may also be of interest to you: Desperate for a Loan in South Africa? Read This