A pay stub is a document that your employer must give you with each pay cheque you receive. It will list your gross pay (the amount of money you earned) and the amount that was deducted for taxes, insurance costs, etc. and the net amount you will actually receive.
As a socially responsible lender, asking for your pay stub(s) is one of the ways we confirm 1) that you're making enough money to cover the cost of the loan/line of credit and 2) to confirm your income is steady and will continue. This protects both Mogo and you, from accessing credit that you can’t afford.
Make sure your pay stub for your credit application is clearly legible and is dated within the past 30 days, and contains the following:
- Your full name
- Your home address
- The pay period covered
- Your year-to-date (YTD) earnings and YTD breakdown
- Your employer’s name