A pay stub is a piece of paper or electronic document that your employer should give you with each paycheck that shows the amount of money you earned and the amount that was removed for taxes, insurance costs, etc.
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 on a monthly basis to cover the cost of the loan and 2) to confirm your income is steady and will continue throughout the length of your loan term. This protects both us and you, our valued MogoMember, from taking out a loan you can’t afford.
Make sure your pay stub for your MogoMoney loan application is clearly legible and is from within the past 30 days, and contains the following:
- Your full name
- Your home address
- The pay period
- Your year-to-date (YTD) earnings and YTD breakdown
- Your employer’s name