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August 16, 2020
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Is It Possible To Get A Short Term Loan Without Payslip?


A short term loan is a convenient way to get a small additional amount of money that you can pay back in a few weeks to several months. This type of borrowing is typically unsecured, meaning, there is no requirement to provide any collateral to guarantee the loan. However, if you don’t have a payslip, the lender may request other supporting documents from you.

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Why Apply For A Small, Short Term Loan?


Many people turn to short term loans to handle cash shortages brought about by unforeseen situations. It may be for a major purchase of an appliance if, let’s say, your Air conditioning unit broke down and is beyond repairs. It can also be used to pay educational expenses like your children’s field trip and even to use as pocket money for a sudden trip. Whatever your reasons are for applying for a short term personal loan, you should meet the minimum requirements of the lender, including:

  • Your age: Borrowers should be at least 18 years old and a legal resident of Australia. You will be asked to complete an application form containing your personal details including your mobile number and email address.
  • Proof of identity: You will be asked to submit a copy of a valid identification card such as your passport or driver’s licence. In the absence of a valid ID, the lender may allow two secondary documents such as your birth certificate, medicare card, citizenship certificate, or Centrelink Concession Card.
  • Proof of income: You will also be asked to provide documents to prove your income like your recent payslips.
  • Credit record: A good credit score is always beneficial especially if you want to borrow money. You can obtain competitive loan interest rates if you don’t have any problems with your credit record. However, most direct lenders allow credit-impaired borrowers to obtain a loan as long as they can justify or prove their capability to repay the loan.

While many borrowers will be able to present a payslip as proof of income, some don’t have them. Payslips are essential documents that most loan providers will ask for before granting you credit.

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How Can I Get A Loan- Short Term Without Payslips?


Some borrowers have difficulty proving their income because they do not have payslips. If you are one of them, don’t fret since you can still apply for a short term loan even in the absence of salary records.

Here are examples of borrowers who may not be able to present payslips as proof of their income:

  • Employees or workers receiving cash pay
  • Centrelink beneficiaries
  • Salespeople who earn by commission
  • Self-employed individuals
  • Casual or on-call employees
  • Freelancers and offshore staff

The best way to handle this is to speak to your preferred loan provider to ask what other supporting documents can be submitted as proof of income.

What Can I Present In The Absence Of Payslips?


If you don’t have payslips as proof of your income, you should reach out to your lender to confirm whether these documents will help in verifying your income or salary information:

  • Bank statements, at least 3 months worth; you can also allow read-only access of your online bank statements
  • Certificate of employment with income from your employer
  • Australian Taxation Office (ATO) statement or tax return
  • Centrelink statements
  • Receipt of utility bills payments or rent

Take note that not all loan providers accept supporting documents in place of payslips or salary records.

Lender Who Offers Short Term Loans Without Payslip?


Online loan providers are your best option when looking for a short term loan and you are not capable of presenting payslips as proof that you are gainfully employed, receiving benefits, or earning profit from business or investments.

Banks and other traditional loan companies follow strict rules in lending money. One of the main requirements of mainstream lenders is their borrower’s payslip. They need to verify your income using traditional methods such as your salary record and banking history.

If you receive your income or salary through unconventional means, an online direct lender or loan broker is your most suitable option. Non-traditional loan providers may charge higher interest rates or fees, but you will be able to qualify for a short term loan even if you don’t have payslips to present as proof.

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What Are My Other Financing Options If I Don’t Have Proof Of Income?


In case you are not able to provide a document that certifies your employment and wages, there are other financing options that you can consider:

  • Guarantor Loans: A guarantor is an individual who co-signs the loan agreement and is also legally responsible for the loan, although you are still the principal borrower. If the loan provider is willing to grant you a short-term loan with a guarantor, you have to choose someone who is gainfully employed and possesses good credit to ensure a loan approval. In case of your non-payment, the loan provider may take steps to recoup the borrowed amount from your co-signer.
  • Secured Loans: A secured loan is a type of loan where the borrower attaches an asset as a guarantee, such as a house, vehicle, or anything of value. The downside to secured loans is that the collateral can be seized by the lender in case of non-payment.

Should I Take Out Short-Term Credit or Payday Loan?


Before taking out a short term loan, determine whether you are capable of paying back the money in the agreed-upon date. Dependency on payday loans can result in bigger financial problems. Never take out a loan that you can not pay back since delinquency can ruin your credit record and may even cause your legal woes. Short term loans are not the solution to long-term financial woes.

Responsible use of short term loans can help you improve your credit score and become eligible for better terms and rates in the future. A reliable loan source like MagicLoan can help you find the most suitable short term loan products for your needs and qualifications.