Payday loans are one of the easier types of loans you can get, but there are requirements that you must meet. One common requirement is providing pay stubs to the lender to prove that you have a job. Your pay stubs also prove how much money you make. If you do not have pay stubs, can you still get a payday loan? Possibly. Here are several things to know if you want a payday loan but do not have pay stubs.
Other Requirements to Meet
The first thing to consider is whether you meet all the other requirements for payday loans. Here are some that you can check:
- You must be at least 18 years old to qualify for a payday loan.
- You cannot have outstanding payday loans when applying for one.
- You need to have proof of your identity and current address.
If you do not meet these requirements, you might not meet the criteria for a payday loan. If you meet these and do not have pay stubs, you might still qualify for one.
Other Proof of Income
Next, you should understand that the lender needs to know that you can repay the loan if they issue it. To repay a loan, you need some sort of income. If you do not have pay stubs, is it because you do not get paid in this way? Do you get paid another way? For example, people who run their own businesses might not receive paychecks because they are self-employed. People who receive government income for disability or other reasons might have income from the government.
If you can prove that you receive income from some source, a lender may decide to approve your loan. One way you can show this is by submitting bank statements. Your bank statements show all your deposits each month. If you provide a few months of these to the lender, they might agree to give you a loan. Secondly, you can submit your tax returns to prove your income.
Some lenders will not accept any form of income proof other than pay stubs. Other lenders, though, might accept other forms of proof like the ones listed here. You can check with a lender to find out what they accept and require.
If you ever need to borrow some money, a payday loan is a great option. You can learn more about payday loan programs by talking to a lender.
