When you need to apply for a loan, an apartment, a new phone contract, or a credit card, your institution of choice will ask you for proof of income to protect their investment.
However, if you don’t have a pay stub or you get paid via an online wallet or direct transfer, this process can become tricky. You can still provide proof of income that won’t include your employer.
Ask Your Employer for a Pay Stub Copy
If you’re a W-2 and receive a regular income from an employer, simply ask them to provide a copy of your pay stub. More often than not, your employer will hand this over willingly, but sometimes you may have to constantly ask them if they’re forgetful. Try to ask them when they aren’t busy, and stay in the office until they finish printing your pay stub off or emailing it.
Create a Pay Stub Through a Custom Form Website
Some employers won’t provide a pay stub or proof of income when you receive your paycheck. While you can ask your employer to print one for you, that’s not the only avenue you can take.
Use a custom form website, like FormPros, to create a paystub now that auto-calculates your income tax deductions. A generated pay stub can be helpful for businesses and freelancers.
Supply Business Records (Profit and Loss Statement)
Businesses that aren’t past the 2-year bend are often discriminated against when applying for loans or apartments, so you need to show years’ worth of proof for them to trust you.
A profit and loss statement will calm their fears, as they can see how much of your money is going in and out of the business. You can also prove that you’re capable of managing money.
Print Your Bank Statements
Print off your monthly bank statements if you don’t have access to your records or the other methods don’t fit your situation.
Many landlords and banks will allow you to send over a print-screened copy of your statements while they’re standing in front of you.
Similar to business records, a printed bank statement can show how you manage money and how much you spend.
Submit a Recent W-2 or 1099 Tax Document
If your yearly salary or hourly wage hasn’t changed much since last year, you can submit a W-2 as proof of income. However, you can’t use this method if you changed jobs or received a wage.
You may also need a letter from your landlord or employer as proof on top of the W-2. 1099 contractors need to submit 1-3 months of bank transfers or personal bank statements.
Show Your Social Security or Unemployment Statements
There’s a reason why the government calls it “proof of income” and not “proof of wages.”
Landlords, banks, or other establishments who ask for proof of employment are conducting a discriminator practice, and they can receive a massive fine if caught.
As long as you earn money, whether it’s from the government or elsewhere, you can use it as proof of income.
Retirees Can Submit 401k or IRA Withdrawal Slips
Retirees often make great tenants, and landlords willingly accept 401K and IRA withdrawal statements as proof of income. Each of these income streams come with their own documentation, so it’s easy to submit them to a bank or property owner.
Retirement statements often guarantee you’ll get the apartment, as it’s proof you’ll receive income for a long while.
Just because you don’t have a pay stub, it doesn’t mean you won’t get that loan, contract, or apartment. There are several ways you can prove you have some form of income, and businesses aren’t allowed to discriminate.
Any proof of income document that states you’re receiving money regularly is enough to make you credible and reliable.