Updated 28.01.2023

Loans for Unemployed With No Income or Without Payslip

Even though the rate of unemployment in South Africa fell to 32.9 in late 2022, access to funds is still a challenge to most unemployed South Africans. Fortunately, there are loans for the unemployed with no income or payslips that can help you kickstart your career journey.

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Perhaps you are looking to take on your entrepreneurship journey by the horns, but as it turns out, starting a business is proving to be more expensive than you initially thought. A personal loan or loans for the unemployed may be the solution you need when it comes to raising funds for your projects. However, much like any other financial service or product, personal loans come with their own set of rules and regulations that all potential customers must adhere to.

For instance, you will need to prove that you have sufficient income to meet monthly repayments and pay back the loan in full. This is done by reviewing your bank statements or payslip to determine your financial capability or income revenue. But what if you do not have a payslip or are unemployed with no income? If you do not have a payslip or for some reason, you can not apply with your bank statement, some firms in South Africa can grant you a loan without these documents. This type of loan process may be more difficult and some of them may be untrustworthy, as some lenders that accept loan applications for the unemployed without income or payslips in South Africa tend to issue them through loan sharks.

Applying for a loan without a bank statement or payslip is unlike getting loan approval from a bank. Banks as well as other financial institutions will turn you away if you do not present the relevant documentation, such as payslips, bank statements, and a valid bank account. Loans without bank statements or payslips in South Africa are quickly replacing the old loan types that required 3 to 6 months’ bank statements, payslips, and a good credit score. These loans are proving to be resourceful to straining South Africans who have no documents to reflect their income source. 

It is also possible that you are self-employed, or that you get paid by cash or cheque, making it difficult for you to get a loan from a bank or other financial institution. For instance, if you got self-employed recently, you run small businesses such as a barber shop or a salon, however, you do not have pay slips or bank statements, loans without bank statements or payslips are for locals like you.

What Are Loans Without Payslip and Bank Statement?

These are loans that do not require South Africans to provide a bank statement or payslip to get loan approval. Banks as well as other financial institutions require these documents to assess your loan limit or whether you meet a set loan criterion. However, it is not only limited to those without a source of income, those with permanent jobs can easily get approved too. These alternative loan lenders are like a breath of fresh air to those who can not generate bank statement reports.

What Are the Requirements?

  • You must be 18 years and above 
  • You must be a South African citizen with a valid ID or driver’s license 
  • Some lenders require you to have a bank account 

Types of Loans You Can Apply Without A Payslip and Bank Statement 

Here are the types of loans you can apply for in this category.

Pawn Loans 

Pawn loans are loans that are offered on items. You take your item to your preferred pawn shop and get the money that is worth your item. Once you pay what you owe the pawn shop in full, you collect your item. However, if you default for whatever reason, the owner takes ownership of your item. Usually, these items are valued as secondhand goods and thus their price will not be equal to their initial purchase price. These types of loans do not require a bank statement or payslip.

Peer-To-Peer Loans 

Peer-to-peer loans are offered on peer-to-peer lending platforms. This type of loan mostly doesn’t require you to provide a payslip or bank statement unless you want a huge sum of money.

Car Loans 

To get a car loan in South Africa, you do not need to provide a bank statement or payslip. Car dealers only need assurance that you can keep up with your monthly payments and that you have a stable source of income.

Personal Loans 

Not all personal loans in South Africa require you to provide a payslip or bank statement, some lenders are willing to consider you, provided you have proof of income and a good credit profile.

How Do I Prove Income If I Don’t Get a Payslip?

To be approved for a loan, most lenders require you to show your financial status through your income, or what you have available to refund the loan. If you are unable to show proof of income with a bank statement or payslip, you may do so through alternative documents that confirm your income earnings. These documents could be a letter from your employer, pension fund, or disability fund, among others.

Some smaller lenders also accept your salary slip and ID for people that earn salaries in cash to their hands. You might also need to open a bank account and submit a one-month bank statement rather than the usual 3 months, depending on the lender.

Where To Get Loans With No Payslip and Bank Statement in South Africa 

Here is a list of some go-to lenders who offer personal loans without a bank statement or payslip in South Africa.

Loan City Personal Loan 

Loan city provides no payslip personal loans of up to R300,000 for individuals without payslips in South Africa. Blacklisted people are also welcome to apply for their loans. All you are required to do is to prove that you have a source of income and are capable of paying back within the stipulated time frame.

The obligations and restrictions of the loan are enforced by a contract that the borrower is to sign. The borrower may also be placed under additional restrictions known as the loan covenant. To apply for the loan, simply fill out their online forms.

How to Qualify for the Loan City Loan 

  • Proof of income. This usually means a letter signed and stamped. For the unemployed, it may be a pension fund or a disability fund.
  • No credit check. If you are unemployed, your credit score may not be good. Loan City offers you a loan without checking your credit score.
  • ITC blacklisted can apply. Loan City caters to individuals from all spheres of life.

RCS No-Payslip Loan South Africa 

RCS approves loans with no payslips ranging from R1,000 up to R150,000. New customers can however apply for a maximum of R4,000 with a repayment period of 3 months. Your loan limit increases with time which in turn affects your repayment duration. Otherwise, RCS has a standard loan repayment period of between 12 to 60 months with an interest rate of 15%.

FNB Bank No-Payslip Personal Loan 

FNB bank is among the few financial institutions or banks that approve loans without assessing your payslip. They offer loans with limits of up to R125,000. They have a flexible loan repayment period of between 12 to 60 months, depending on your loan amount. RCS charges an annual interest rate of 28%, a service fee of R68.40, and an initial fee of R800.


Binixo offers no payslip loans ranging from R300 to R9,000 for South African citizens. Their repayment period ranges between 4 to 65 days depending on your loan amount. The application process which involves filling out a brief questionnaire is carried out online and only takes a few minutes wait. Once your loan is approved, you will receive a confirmation message and the money will be disbursed to your account.

Peer-To-Peer Lenders 

If you are unemployed with no payslip, you may also get a loan without a bank statement or payslip by browsing through P2P lending sites, such as Peerfin, Rainfin, Gumtree, etc. The P2P lending sites offer a simple way for unemployed borrowers to connect with potential lenders. With this loan option, you may get up to R100,000 in loan approval depending on your credit and credibility profile. If you require a huge sum of money, some lenders may ask for bank statements.

If you are looking to apply for a loan while you are unemployed, there are a few things you may need to take into consideration. Ensure that you will be able to pay back your loan before you apply for it. Defaulting on your payments will result in a significant dip in your credit score, consequently reducing your future chances of getting any loan approval from financial institutions. Consider reducing your principal amount or taking a co-signer.


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Job is a seasoned writer with a good understanding of the emerging markets, Africa to be specific.