LENDNATION WIKI
Paystub
A paystub is a document your employer provides with each paycheck. It shows a breakdown of your earnings and deductions for a specific pay period. You may also see it called a pay slip, paycheck stub, or earnings statement. Paper checks and direct deposits both come with a paystub.
What a Paystub Shows
Most paystubs include:
- Gross pay
- Federal and state tax withholdings
- Social Security and Medicare deductions
- Health insurance or other benefit deductions
- Net pay
- Year-to-date totals for earnings and deductions
How to Read a Paystub
Start by confirming your name, address, and pay period dates are correct. Gross pay is your total earnings before anything is taken out. Net pay is what you receive after deductions. The year-to-date column shows your running totals since January 1. This is useful when verifying your annual income during a loan application.
How to Get a Copy of Your Paystub
Most employers use digital payroll systems. Log in to your employer’s payroll portal to find past paystubs. If you need one and cannot access it online, ask your HR or payroll department. Keep paystubs on file for at least one year.
Paystubs and Loan Applications
When you apply for a loan with LendNation, we typically ask for a recent paystub as part of the income verification process. A paystub confirms how much you earn and how often you are paid which helps us find a loan that fits your budget. We ask for paystubs from within the last 30 to 60 days. If applying online and you have direct deposit, skip the hassle of getting a copy of your paystub and use our easy bank verification tool online to provide proof of income directly from your bank account.
If you are self-employed, a freelancer, or a gig worker, you may not have a traditional paystub. LendNation may accept bank statements, tax returns, or 1099 forms instead. Requirements vary by product and state.
What Is the Difference Between a Paystub and a W-2?
A paystub covers one pay period and comes with each paycheck. A W-2 is an annual tax form that covers your full calendar year. LendNation asks for recent paystubs, not a W-2, because they need to see your current income.
Summary
A paystub is a record of your earnings and deductions for a single pay period. LendNation uses it to help verify your proof of income when you apply for a loan. If your income is non-traditional, ask us what documents we accept.
If you’re exploring your options, you can open a LendNation Account Today or visit a LendNation Store Near You.