Why Bank Salary Statements Matter in Unsecured Consumer Loans

Are you currently paid in cash and worried that it might affect your chances of getting a consumer loan? Or are you seeking preferential interest rates and faster disbursement?

Switching to receiving your salary via bank transfer can significantly improve the credibility of your loan application and help meet eligibility requirements at financial institutions, including Shinhan Finance.

1. What is a Bank Salary Statement?

A bank salary statement reflects monthly salary transfers from your employer to your personal bank account.
This document serves as verifiable proof of your stable income source and is a key reference for financial institutions during loan assessment.

2. The Role of Salary Statements in Loan Assessment

When applying for a consumer loan at Shinhan Finance, income verification is a crucial step in evaluating your repayment capacity. A bank-issued salary statement helps:

Provide transparent income proof

• Shows consistent monthly salary inflows from an employer
• Offers higher credibility compared to paper-based salary slips or unverified income declarations

Improve approval chances

• Applications with bank salary statements undergo faster appraisal
• Applicants with regular salary credit history are prioritized in the approval process

Accelerate loan disbursement

• Clear and complete documentation enables disbursement within 48 hours upon approval

3. Limitations of Being Paid in Cash

Applicants receiving cash salaries may face challenges when applying for unsecured loans:

• Difficult to verify income: No transaction records available via bank, requiring supplementary documents such as stamped salary confirmations or employment contracts
• Longer appraisal time: Multiple layers of income verification needed
• Higher risk of rejection or lower loan limits due to lack of stable income evidence

4. Eligibility & Documentation Requirements at Shinhan Finance

Eligible applicants:

• Salaried employees with a valid employment contract

Age requirements:

• Female: 21–55 years
• Male: 21–58 years

Required documents:

1. Valid National ID (CCCD)
2. Bank salary statements from the past 3–6 months
   • For cash-paid employees: Include stamped employment contract and income confirmation from employer
3. Social insurance number or VssID (if available)
4. Valid employment contract

Optional documents (to enhance approval odds and credit limits):

• Utility bills under the applicant’s name
• Credit card statements or repayment history from other unsecured loans

5. Recommended Solution: Switch to Bank Transfers for Salary

If you're still receiving your salary in cash, consider requesting your employer to switch to bank transfer.

If this isn't possible, you can manually deposit your salary into your bank account immediately after receiving it to establish transaction history.

Benefits include:

• Greater approval likelihood for unsecured loans without collateral
• Faster application processing
• Higher credit limits and better interest rates

Need Guidance?

Reach out to Shinhan Finance for personalized consultation on suitable loan packages.

Our experienced loan specialists are ready to assist you in preparing a complete and compliant loan application—so you can access flexible financing as quickly as possible.