Find out how to get a short term loan if you receive your pay in cash or if you have difficulty proving your income.
If you’re looking for a short-term cash solution you’ll find that there’s a variety of options on the market. However, trying to find one that you’re eligible for and that meets your requirements is often a challenge. If you get paid in cash, don’t have payslips or receive a different amount of pay every week, there are still some loan options available to you.
What do payday lenders need from me?
Legally, lenders need to see your bank account statements for the last 90 days. If you receive your pay into two accounts, you’ll need to provide statements for both accounts.
The majority of lenders will ask for your Internet banking logins to access a read-only copy of your bank statements. This is standard practice for short-term lenders and is one of the reasons why they can provide such a quick application process. You can find more about how this works here.
Lenders may also ask you to provide payslips or Centrelink statements, copies of your bills, other account statements or rental statements.
What if my pay isn’t deposited into my bank account?
Some lenders will only approve you for a loan if your pay is automatically deposited into your account. These lenders usually process loans based on your bank account data, so won’t accept other information, such as payslips, when considering your application.
If you receive your pay in cash, you will need to be able to prove your income by supplying two to three recent payslips. The lender may also verify your income by calling your payroll officer. The lender won’t disclose that you’re applying for a payday loan when they make this call, they will just confirm that you’re employed there and that you’re earning the income listed on your application.
What lenders can I consider applying with?
- Ok Money. You can provide payslips to support your application, along with your bank statements. If your pay isn’t deposited into your bank account, you also have the option of repaying your loan via “payroll deduction”. Ok Money will get in contact with your payroll officer to set up the deductions.
- Cash Converters. You’ll need to provide 90 days of your bank statements when you apply. You may also be able to use recent payslips to support your application at a Cash Converters store.
- Cash Stop. As long as you provide proof of your income along with your bank statements, you can apply online or in-store.
Have more questions?
I don’t have payslips from my employer. Can I still apply?
You may be able to approach your employer for some kind of proof of income. Explain that you are trying to apply for a loan and that you need proof of your income. You could also start depositing your pay regularly into your bank account. This step will start building a good relationship with your bank and add to your banking history.
I receive cash-in-hand pay and pay from Centrelink. Are both considered?
As long as you can prove your cash pay, both incomes will be considered. You can compare a range of Centrelink loan options on this page.
Can I get a loan without 90 days of banking history?
Unfortunately not. From 1 March 2013, the Australian Securities and Investments Commission (ASIC) requires all payday lenders to check 90 days’ worth of banking history for everyone applying for a payday loan. This means you will need to wait until you have this history to apply for a loan.