Proof of income is used by landlords, banks, car dealerships, and more to prove that a prospective client has a steady income and will have no trouble making timely payments. One of the easiest ways of providing this proof is by using a pay stub, as most people receive one at the end of each pay period. For those who work for themselves or don’t receive traditional pay stubs though, using pay stubs for proof of income is trickier, as they don’t receive regular pay stubs. Luckily, PayStubs 365 can help! If you don’t get regular pay stubs and you’re in need of proof of income, you can use our template and generator to print out your proof of income quickly and easily! You can order one pay stub, or go back as many pay periods as you need to complete your application.
Can You Submit a Pay Stub for Income-Based
Repayment Plans?
Yes! Income-based repayment plans require documentation of all taxable income your household currently receives. This includes pay stubs as well as unemployment income, dividend income, interest income, and alimony. You can either submit these individually to the provider you’re using for income-based repayment or you could opt to submit your annual W-2 or 1099 forms.
How Many Pay Stubs for Proof of Income Are
Necessary?
The number of required pay stubs for proof of income may vary depending on what it is you’re applying for.
- Renting an Apartment: Landlords and apartment complexes may require three to six pay stubs as proof of income to protect their interests.
- Buy or Lease a Car: A car dealership may ask to see three months’ worth of pay stubs to verify that you have adequate income for the monthly payments. If you are on a weekly or bi-weekly schedule, you will need to provide six to twelve paychecks.
- Mortgage Lenders: Pay stubs are just one of the items you can use as proof of income to get a mortgage, you will likely also need to provide a W-2 and 1099 to give the bank an idea of how much you make annually. Due to this, you’ll only need to show the last 30 days of income through pay stubs.
- Social Security: Pay stubs can be shown alongside bank statements, titles, registrations, insurance policies, and certificates for stocks so it would be beneficial to only provide your last three pay stubs.
