Can Non-U.S. Citizens Get a Personal Loan?

Advertiser disclosure You're our first priority. Every time. We believe that every person should be able to make sound financial decisions without hesitation. And while our site doesn't feature every company or financial product in the marketplace however, we're confident of the advice we provide, the information we provide and the tools we create are impartial, independent simple, and completely free. How do we earn money? Our partners pay us. This can influence the products we write about (and the places they are featured on our site) however it in no way affects our advice or suggestions, which are grounded in hundreds of hours of study. Our partners cannot pay us to guarantee favorable ratings of their goods or services. .

Are Non-U.S. Citizens Get a Personal Loan?
Permanent residents who have Social Security numbers may qualify for the loan. Certain non-citizens may be eligible for alternative options for personal loans.


Last updated on May 18, 2022

Many or all of the products featured here come from our partners who compensate us. This affects the products we feature as well as the place and way the product is displayed on a page. But, it doesn't influence our evaluations. Our views are our own. Here's a list of and .



Being eligible for a personal loan can be challenging for anyone however, those who are not citizens of the United States have a particularly difficult time. A lot of lenders have strict eligibility requirements in the context of citizenship, leaving non-citizens with little access to inexpensive loans.
Some lenders also offer personal loans to non-citizensbased on the particulars of their immigration status and the documents they are able to provide.
If you can't qualify for a , consider low-cost alternatives.
Can a non-U.S. citizen get a loan?
The non-U.S. citizen is able to get a personal loan however eligibility requirements vary by lender, and generally it's more difficult than the case if you were a US citizen.
Some lenders may view non-citizens as high-risk lenders based on two elements: the duration of their stay in the country and a potential lack of credit.
Because personal loans have lengthy periods of repayment -- from two or seven years but sometimes longer -- lenders are concerned you may leave the country prior to repaying the loan in full. Non-citizens too require some time in order to develop credit, and they may have low or no credit scores.
Lawful permanent residents, also known as green card holders, will have the easiest application process for personal loan due to the fact that they typically prove their long-term residency in the country and provide Social Security numbers that assist lenders in assessing the quality of their credit.
The lender may also accept an , or ITIN, instead of a Social Security number, though it's not as widespread.
In addition to permanent residence Some lenders will also accept a valid visa. Visas that prove you'll be in the country longer than the loan period you're applying for could be particularly beneficial.
The application for a personal loan as non-citizen
It's a simple process that can mostly be completed online. For you to be eligible, you'll need to meet the following criteria:
Be 18 years or older.
Present proof of your identity with a government-issued ID.
Provide an U.S.-based address.
Include contact information such as a phone number and email address.
Document evidence of income and employment.

Most applications will require an SSN as well as an ITIN to check your credit. Although some lenders cater to those with poor credit (629 or lower FICO scores) or with weak credit histories generally, lenders want to see good credit (690 or higher FICO score) and at least two up to 3 years credit history.
The process of determining whether you are eligible for a personal loan
If you are able, ask the lender to see whether you can meet the credit requirements. includes a short application and a soft credit pull, which won't affect the credit rating of your prospective lender. Online lenders are more likely to offer pre-qualification than banks or credit unions.
If you have a Social Security number then you may be able to pre-qualify for multiple lenders through NerdWallet.
Inscribing a co-signer in your application
If you're not able to get a loan by yourself adding a co-signerat least most likely one who is a U.S. citizen -- may increase your chances of being approved for an individual loan or help you get a lower interest rate or greater loan amount.
A person adds their name to the primary borrower's loan application. Though this person won't have access to the loan funds, they are legally responsible in respect of the loan amount as well as any additional charges in the event that you not be able to pay.
Are you just beginning to make your way within America? U.S.?
We've gathered all NerdWallet's resources for you, from purchasing an automobile to creating credit.






Personal loans for non-citizens
Here are some lenders that will accept applications from permanent residents Visa holders, permanent residents, and other immigrants. In some instances, you'll need to provide evidence, such as a copy of your green card or visa to show your current immigration status.
SoFi
SoFi offers personal loans without fees for borrowers who have good credit. SoFi lets borrowers also include a co-signer on the loan application.
Minimum credit score: 680.
The loan amounts are $5,000 to $100,000.
Terms available The term "two to seven years" is available.
The eligibility requirements for applicants are that they must be permanent U.S. residents or non-permanent residents, which includes DACA recipients as well as asylum applicants. E-2 and E-3, as well as H-1B, J-1, L-1 or O-1 visas are eligible.
>> MORE:
LendingClub
LendingClub offers personal loans to those with fair credit. This could be a ideal choice for those who require an individual loan to consolidate and pay off your debt.
Minimum credit score: 600.
Available loan amounts: $1,000-$40,000.
Terms for three or five years.
The requirements for eligibility Candidates must be permanent U.S. residents or visa holders.
>> MORE:
Upgrade
Upgrade will accept borrowers with poor credit. Customers of Upgrade can sign up for free credit score tracking and tips to build credit.
Minimum credit score 560.
The loan amounts are $1,000 to $50,000.
Terms: Two to seven years.
Criteria for eligibility The applicants must be permanent U.S. residents or visa holders.
>> MORE:
Universal Credit
Universal Credit is an offshoot of Upgrade however, people with poor credit scores could have a better chance of being eligible for Universal Credit.
Minimum credit score: 560.
Available loan amounts: $1,000-$50,000.
Terms available The term "three to five years" is available.
Criteria for eligibility: Applicants need to be permanent U.S. residents or visa holders.
>> MORE:
Oportun
Oportun offers personal loans, including co-signed loans for low- and moderate-income borrowers with no or limited credit background. Oportun accepts ITINs and ID cards issued by other countries.
Minimum credit score Score: None.
The loan amount is $300 to $10,000.
The terms available are 12 to 51 months.
Eligibility requirements As per an agent for customer service applicants are not required to show proof of residency or a visa.
>> MORE:
Capital Good Fund
Capital Good Fund serves borrowers with low incomes and with no credit history or bad credit. It offers a variety of loans that include a loan to cover the costs of immigration.
Minimum credit score: None.
The loan amount is $300 to $50,000.
Terms available: 15 month to seven years.
The requirements for eligibility: Applicants must provide a SSN or ITIN and a valid form of identification.
>> MORE:
Other alternatives to the traditional personal loans for non-citizens
If you aren't able to qualify for a personal loan you have other alternatives to financing. Avoid short-term, high-cost loans, like , which can trap you in the cycle of debt and consider more affordable alternatives instead.
Stilt loans: Stilt offers personal loans specifically for those who are immigrants or from communities that are underserved. The company looks at more than your credit score when assessing your application. You don't require an Social Security number in order to be eligible. Stilt caters to non-citizens and people who have F-1, H-1B O-1, J-1 and L-1 and TN as well as L-1, G-1 visas. It will also consider DACA recipients, asylum seekers and refugees. Borrowers may be pre-qualified.
Lending circles are communities or groups which pool their resources to offer no-interest loans in the event that a member of the circle has a financial need. There may already be lending circles in your neighborhood however if you're not sure where to start, you can apply with Mission Asset Fund, which connects you to a lending group local to you consisting of between six and 12 members. The amount of loans ranges from $300 to $2,400.
Particularized loans from local credit unions Your credit union may offer loans specifically designed for people who are not citizens. A lot of these loans cover costs related to renewal, application, and filing fees and may be called immigration loans as well as dreamer loans and citizenship loans. A lot of credit unions offer ITIN loans that are loans that you can apply for with the help of an ITIN instead of a SSN. You'll have to be an active members of your credit union prior applying.
Local community groups If you have to cover an expense that is urgent for example, medical or car repair bill, a nonprofit organization might be able help. Go to the list of local resources, to find out more.
More resources from NerdWallet for non-citizens






About the author: Jackie Veling covers personal loans for NerdWallet.







Similar to...








Explore even more deeply in Personal Loans






Learn more about smart money strategies - straight to your inbox
Join us and we'll send you Nerdy content on the financial topics that are important to you and other ways to help you get more value from your money.

If you beloved this short article and you would like to receive more data pertaining to up to $255 california online payday loans (https://creditada.ru/) kindly go to our own webpage.