Urgent Cash Loan Without Salary Slip

Urgent Cash Loan Without Salary Slip

Getting a loan online has become convenient with time. It is now even possible to get an instant personal loan to meet your urgent financial requirements. This means you will always have loan support to improve your financial strength, especially when you have an urgent need for cash. It can be used for numerous financial requirements such as travel expenses, home construction or renovation, making big purchases, etc.

Most banks or lenders require several documents before loan approval. For example, address proof, salary slip, identity proof, and more. If you are a self-employed person and want to secure a personal loan, then you don’t need a salary slip to increase your chances of approval. Let’s find out how this could be possible without any delay or hassle.

Benefits of Instant or Urgent Personal Loan

    If you meet the lender’s eligibility criteria, you can get your urgent personal loan approved immediately.

    Flexibility to customize the repayment tenure according to your suitability within the specified tenure, generally between 6 to 24 months.

    Instant loans have lower interest rates than credit card interest rates. Thus, they are the best option for debt consolidation and other purposes.

    Applying for an instant or urgent personal loan doesn’t require a printout of documents.

    Since they are instant loans, the amount is credited within the same working day or a few hours.

    Applying for urgent cash or personal loans online is completely transparent. You can use the loan app or website to track your repayment schedule or loan applicant status.

Different Ways to Get Urgent Personal Loan with No Salary Slip

1. Provide an alternative proof for income verification

Since self-employed borrowers don’t have any salary slips to showcase their income stability, they can submit another alternative document. For example, ITR (income tax returns), income certificates, or bank statements demonstrating regular income. Additionally, you can provide Form 16 as your income proof.

2. Have a good credit or CIBIL score

A strong credit or CIBIL score is important when applying for any loan because it validates the borrower’s ability to manage loan repayments easily. A high credit score helps in improving your credibility in front of lenders. So, develop and maintain a strong credit score to give lenders a signal of your creditworthiness. The numbers between 300-900 scale reflect credit handling abilities, repayment history, responsible financial behavior, and debt status. A score above 700 is considered excellent for securing the loan.

3. Have a good professional relationship with a lender

When trying to get an urgent cash loan without salary slip, you can find a lender with whom you have a good professional relationship. If the lender is influenced by your repayment capability, you can improve your chances of getting a loan without the essential documents.

4. Apply for a loan with a co-applicant

In case, you can’t provide your salary slip as proof of your income, you can consider funding with a co-applicant. Applying jointly with a person having a good credit score can be the best approach to secure a loan without payslips or bank statements.

Since a co-applicant or co-signer acts as a secondary source of repayment, funding with them can boost the lender’s confidence in your repayment abilities. In the future, when you fail to clear your repayments, the lender can depend on your co-applicant. However, be sure to choose an applicant who has a good credit score.

5. Consider a lender with minimal documentation

Find a lender having simpler personal loan eligibility criteria, minimal documentation requirements, or no need to provide a salary slip. This will make the loan application, verification, and approval process seamless. Phonepeyloan offers emergency loans and secured personal loans within 2 hours with quick verification and approval. Here, you can get a loan with easier terms, online documentation, easy repayment, competitive interest rates, and fast disbursal.

6. Asset securing repayment

If you don’t have financial strength at present, find a lender who can approve asset-backed loans. You can offer an asset as security or collateral. A good collateral such as gold, high-value fixed deposits (FDs), and mutual fund units can allow you to lean on other than present financial conditions. This may help you secure a loan without documents.

7. Research different borrowing options

Remember, there are numerous financing options available to meet your monetary requirements. So, before applying for any loan, take time to research various options and go for responsible borrowing ensuring it meets your requirements. If you have a history of on-time payments and a high CIBIL score, you can easily get options to secure a personal loan without bank statements or salary slips.

Eligibility Requirements for Urgent Cash Loan Without Salary Slip

You must meet the following criteria when applying for a personal loan without salary slip to be eligible –

  •       An applicant needs to have a residency in India.
  •       The borrower must be between 21 to 60 years old.
  •       Minimum credit or CIBIL score of 600 or Experian score of 650.
  •       A minimum net monthly income of Rs. 15,000 and 13,500 is necessary for self-employed and salaried applicants respectively.

Phonepeyloan offers instant and secure personal loans for different purposes such as home renovation, paying outstanding bills, travel expenses, and lots more. The online lending process starts with financial requirements and the loan application process. Once the online application form is submitted successfully, you need to submit the necessary documents that are captured instantly in their CRM.

Next, the executives work on the verification and approval process. Once the verification process ends satisfactorily, the loan amount is credited directly to your bank account. Moreover, you will enjoy additional benefits such as no hidden fees, affordable interest rates, responsive customer service, easier repayment, instant credit, and more.


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