For many South Africans, getting a loan can feel impossible without a formal salary slip. Traditional banks usually require three months’ payslips, bank statements, and proof of employment before approving a personal loan. But in 2025, with the rise of the gig economy, freelancers, self-employed traders, and informal workers make up a large part of the economy.
If you fall into this category, don’t worry—you can still access funding. This guide explains how to get a loan without a payslip in South Africa, the requirements you’ll need, alternative lenders to consider, and the risks to watch out for.
Why Do Lenders Ask for a Payslip?
Banks and lenders use payslips to:
- Verify stable employment.
- Assess affordability (how much you can realistically repay).
- Reduce risk of default.
Without a payslip, lenders need other ways to check your ability to pay back the loan.
Who Needs Loans Without Payslips?
- Freelancers and Gig Workers – writers, designers, Uber/Bolt drivers, delivery drivers.
- Self-Employed or Small Business Owners – spaza shops, informal traders, contractors.
- Commission-Based Workers – estate agents, sales reps.
- Students or Unemployed – who may rely on allowances or grants.
- Grant or Stipend Recipients – SASSA grant beneficiaries.
Documents You Can Use Instead of a Payslip
If you don’t have a payslip, most lenders will accept alternative proof of income:
- Bank statements (3–6 months): Shows deposits and spending habits.
- SASSA grant proof: Many micro-lenders allow loans against SASSA cards.
- Invoices & contracts: Freelancers can use signed invoices or client contracts.
- Business registration & sales records: For sole proprietors or SMEs.
- Affidavit of income: Some lenders accept a sworn affidavit declaring your earnings.
- Collateral: Some loans are secured against assets (car, house, equipment).
Types of Loans Available Without a Payslip
1. Personal Loans (Alternative Proof of Income)
- Offered by banks and online lenders if you provide bank statements instead of payslips.
- Loan amounts: R1,000 – R250,000 depending on your credit profile.
- Example lenders: Capitec (if you can show consistent deposits), Nedbank MobiMoney, Standard Bank Instant Money Loans.
2. Micro-Loans / Payday Loans
- Small, short-term loans (R500 – R8,000).
- Often based on SASSA cards or bank statements.
- Fast approval but high interest rates.
- Example: Wonga, Boodle, Lime Loans.
3. SASSA Loans (Social Grant Based)
- Several lenders provide credit to SASSA beneficiaries.
- Deductions are made directly from the grant card.
- Loan amounts: R500 – R5,000.
- Example: Capitec SASSA Loans, Finbond Microfinance.
4. Student Loans (With Surety)
- Banks allow students to apply if a parent/guardian acts as surety.
- Payslip not required from the student, but surety provider must show income.
- Example: Standard Bank Student Loan, FNB Student Loan.
5. Collateral Loans (Pawn-Based)
- Loan is secured by an asset (car, jewellery, property).
- No payslip required, repayment based on collateral value.
- Example: Cash Converters, asset finance companies.
6. Business Loans for Self-Employed
- For entrepreneurs with trading history.
- Lenders may accept business invoices, sales turnover, or POS receipts.
- Example: Lulalend, Retail Capital, Bridgement (online SME lenders).
Banks and Digital Lenders Offering Loans Without Payslips
Here’s a breakdown of popular options in South Africa (2025):
1. Capitec Bank
- Offers personal loans based on bank statement income.
- Accepts SASSA cards for low-income loans.
- Loan range: R1,000 – R250,000.
2. African Bank
- Accepts 3 months’ bank statements instead of payslips.
- Loan range: R2,000 – R250,000.
3. Standard Bank MobiMoney
- No payslip needed, just a valid ID and cellphone.
- Instant loans up to R5,000 available.
4. FNB eWallet Loans
- For existing FNB customers with bank transaction history.
- Loans from R200 – R10,000.
5. Online Micro-Lenders
- Wonga, Boodle, Lime Loans, Cobol: require only proof of bank account activity.
- Loans from R500 – R8,000.
6. SME Lenders
- Lulalend, Bridgement, Retail Capital: no payslip, just business sales proof.
- Loan range: R20,000 – R5 million (business financing).
Risks of Loans Without Payslips
While convenient, loans without payslips come with risks:
- Higher interest rates: Because lenders see you as higher risk.
- Smaller loan amounts: Often limited to micro-loans or emergency loans.
- Predatory lenders: Be careful of illegal mashonisas charging extreme rates.
- Over-indebtedness: Easy access to short-term loans can trap you in a debt cycle.
How to Improve Your Chances of Approval
- Maintain a clean bank account history – avoid unpaid debit orders.
- Build a credit record – use store accounts or mobile contracts responsibly.
- Apply only for what you can afford – lenders check affordability ratios.
- Provide supporting documents – invoices, contracts, or affidavits.
- Consider joint applications – add a guarantor or surety if possible.
Alternatives to Taking a Loan
If your income is irregular, you may also consider:
- Stokvels or savings groups – community lending with low/no interest.
- Buy-now, pay-later services – offered by some retailers (but still credit checked).
- Side hustles/gig work – increase income instead of borrowing.
- Emergency funds – if you already have savings.
Example Scenario
- Thabo, a 27-year-old Uber driver, earns around R12,000 per month but has no payslip.
- He applies at Capitec using 6 months’ bank statements showing regular deposits.
- He is approved for a R15,000 loan at 18% interest, repayable over 24 months.
Frequently Asked Questions
1. Can I get a loan with no payslip at all?
Yes, if you can show alternative proof of income like bank statements, SASSA grant slips, or collateral.
2. Which bank is best for loans without payslips?
Capitec and African Bank are the most flexible, followed by FNB and Standard Bank’s mobile loan products.
3. Can unemployed people get loans?
Yes, through SASSA-based loans or micro-lenders, but amounts are usually small.
4. Are loans without payslips more expensive?
Yes, because lenders see them as riskier. Expect higher interest rates.
5. Is it safe to borrow from mashonisas?
No. Informal loan sharks often charge illegal rates and use intimidation to collect debts. Stick to regulated lenders.
Conclusion
In 2025, it is very possible to get a loan in South Africa without a payslip—thanks to digital banks, online lenders, and alternative proof of income methods.
- Capitec, African Bank, and TymeBank lead the way for affordable personal loans with just bank statements.
- SASSA recipients can access micro-loans linked to grants.
- Freelancers and business owners can approach online SME lenders using invoices and turnover data.
The key is to compare offers, understand the risks, and borrow only what you can afford. Loans without payslips are convenient, but they come with higher interest. If managed responsibly, however, they can provide the financial lifeline you need.
