I work for a US staffing company. Every month, (what I think of as) my salary gets credited into my savings bank account, but the statement shows this credit as a 'fund transfer' rather than as 'salary'. As a result of this, I cannot apply for any loans from banks. How can I resolve this situation?
Are you being paid an employee or as a contractor? If the latter, then there may not be much you could do as you could be seen as a self-employed contractor in that case. If the former, you could request a pay stub which could then be used to show that you do have employment.
You need to determine your tax situation now.
I you are an employee they should be withholding federal, state and local tax, in addition to Social Security and Medicare. They should also be providing you with each pay check/deposit a pay stub. This could be an actual statement mailed to your house, or a PDF on a 3rd party site, or emailed to an account you may have specified.
If you are not an employee, but are a contractor to the staffing company: They are not withholding any taxes, Social Security, or Medicare. You will need to either make quarterly payments to the government, or at least set aside money so that you can pay those taxes. They should also be giving you a statement showing how much they are paying you based on what you are billing them.
The good news is that if you are an employee those stubs are what you need to prove to the bank that you are employed, and what you make. If you are not an employee you will have to provide more documentation to prove your income, you also may need tax advice.
All employees should review their stubs periodically to make sure that all their taxes and deductions are correct.