Do you need an urgent cash loan without salary slip? Do not worry more; we will explore the various options of securing an urgent loan even without submitting the salary slip.
Though the salary slip is one of the most important documents for a seamless loan-obtaining process, many financial institutions have started providing flexible lending solutions. Here are the 5 easiest ways to get an urgent loan without salary slip. It will help people who do not have a source of destined monthly income, including freelancers, self-employed professionals, and so on.
Top 5 Ways of Obtaining Urgent Loan Without Salary Slip
Let’s get to know the top 5 ways to help you access an emergency loan seamlessly without a salary slip.
1. Offer Other Proof of Income
Having no salary slips does not mean you are not earning. You just need to prove your ability to repay a loan, and there are other documents available that work as proof of income. It includes:
- Bank Statements: Consider showing an inflow of money into your bank account to show the financial stability.
- Income Tax Returns: You can submit the ITR filing that you made recently to help lenders assess your capability of managing EMI’s and repaying the loan amount.
- Freelancing Agreements and Other Contracts: People who work as freelancers or manage their own businesses can submit their active client contracts to show a steady stream of income.
2. Keep a Good Relationship with the Lender
Banks and other financial institutions consider their long-term customers to offer extra facilities. Lenders know their customers, and when you have a positive history with them, your loan approval chances become higher than other applicants. If you have managed transactions regularly and repaid the past loans timely, you can negotiate
If you have managed a regular transaction and repaid a past loan timely, you can leverage the relationship to negotiate the loan conditions. There are more chances that the lender respects the past relationship and will not pressurise you and offer you the urgent loan even with fewer documents.
3. Manage a Good CIBIL Score
If you have a high credit score, you will get instant loan approval even when you lack in arranging the documents. Having a high credit score can strongly increase the chances of securing an urgent cash loan without a salary slip. Lenders easily trust the loan applicant who has a good history of managing their credits, as it shows how you handle repayments and EMIs responsibly.
Also Read: Top 10 tips to improve your Cibil Score?
4. Move to a Secured Loan
If you are having trouble getting a loan without a salary slip, try to apply for a secured loan. With secured loans, you are required to keep something as collateral, for instance, gold or property (documents should be in your name). When you offer your valuables as security, lenders consider themselves free of risk, and they are willing to grant you a loan even in a situation when you are unable to provide a salary slip.
5. Get a Co-Applicant
Consider a co-applicant from your family who is ready to become a guarantor for your loan. This way, your co-applicant’s financial details, including salary slips, CIBIL score, etc., would be considered to assess the ability of loan repayment. It will significantly improve your chances to get instant loan approval. Having someone from your side with a strong credit history work as a safeguard for the lender minimises the expected financial risk.
Best Apps to Get an Urgent Cash Loan Without a Salary Slip
1. KreditBee
KreditBee is one of the most popular apps for instant personal loans. It allows individuals to get a loan even if they don’t have a salary slip, especially for self-employed individuals. The process is fast, and you can get up to ₹2 lakhs.
Loan Amount: ₹1,000 to ₹2,00,000
Eligibility: Indian citizens aged 21 to 45 years
Documents Required: ID proof, bank statement, and basic personal details
Interest Rate: 15% to 29.95% per annum
Tenure: 3 to 24 months
Features: Quick disbursal, minimal documentation, no salary slip required
2. MoneyTap
MoneyTap offers flexible credit line loans, and the best part is that you only pay interest on the amount you use. The app is great for people who may not have traditional salary slips but need immediate funds.
Loan Amount: Up to ₹5,00,000
Eligibility: Salaried or self-employed, aged 23-55
Documents Required: Basic KYC, ID proof, bank details
Interest Rate: 13% to 36% per annum
Tenure: 2 to 36 months
Features: Credit line facility, easy application, no salary slip needed, quick approval
3. EarlySalary
EarlySalary is designed for both salaried and non-salaried individuals. The app offers quick approvals and disbursements, even without a salary slip, though they may ask for other forms of income proof.
Loan Amount: ₹8,000 to ₹5,00,000
Eligibility: Individuals with a minimum monthly income of ₹18,000
Documents Required: ID proof, bank statements, PAN card
Interest Rate: Starting from 2% per month
Tenure: Up to 24 months
Features: Instant loan approval, flexible repayment, no need for salary slips, fast disbursement
4. CashBean
CashBean provides personal loans without requiring a salary slip. This app is especially popular with self-employed individuals. They provide quick approval and instant transfer of funds into your account.
Loan Amount: ₹1,500 to ₹60,000
Eligibility: Indian residents aged 18 and above
Documents Required: ID proof, bank details, and proof of address
Interest Rate: 24% to 33% per annum
Tenure: 3 to 12 months
Features: Instant approval, low documentation, available for non-salaried individuals
5. FlexSalary
FlexSalary is another app offering instant loans to both salaried and non-salaried individuals. It offers flexible repayment options and requires minimal documentation, making it easy for users without salary slips.
Loan Amount: Up to ₹2,00,000
Eligibility: Indian citizens aged 21 and above
Documents Required: KYC documents, bank account details
Interest Rate: 18% to 36% per annum
Tenure: Flexible, up to 24 months
Features: Flexible repayment options, no salary slip needed, fast loan approval
These apps simplify the process for those who need immediate financial assistance but don’t have the traditional paperwork, like salary slips.
Also Read: Urgent Loan Apps for Students
How to Improve Chances of Your Loan Approval
Though these five methods offer a way to start applying for an urgent cash loan without a salary slip, you still can improve the chances of getting instant approval of your loan. Let’s know how:
Avoid applying for an excess amount
It is best if you limit your loan amount, as lenders often approve loan applications with smaller amounts. So, fill in as much loan amount as you require to make your emergency payments.
Improve Your Credit Score
You should not overlook the value of having a good credit score, as it serves a great deal. Pay your outstanding debts timely and reduce credit utilisation, which will significantly improve creditworthiness.
Maintain the financial transparency with lenders
Precisely explain to your lender that you are lacking with documents with a genuine reason. Do not hide anything to avoid the further hassle and delay in loan approval.
Do not apply to multiple lenders
During research, you must have connected with multiple lenders, but it is good to consider filling out loan applications only at one or two lenders. Avoid applying at multiple lenders to not seem desperate for credit.
Final Thoughts
Securing an emergency loan that too without a salary slip is now possible with some flexibility and the right information. You have options such as relying on alternative proof of income or can opt for other above-discussed solutions to choose the most preferred way as per your requirements. Non-banking financial companies are willing to offer loans even with the minimal documentation and even at the low CIBIL score.
