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

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Are Non-U.S. Citizens Get a Personal Loan?
Permanent residents with Social Security numbers may qualify for Social Security numbers are a good way to qualify for a loan. Non-citizens might be able to consider alternative options in lieu of personal loans.


Updated on May 18, 2022

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Being eligible for the personal loan can be challenging for anyone However, non-American citizens are particularly challenged. A lot of lenders have strict eligibility requirements in the context of citizenship, which leaves non-residents with limited access to inexpensive credit.
However, some lenders offer personal loans to non-citizensbased on the specifics of their immigration and what 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 may be eligible for personal loan, but criteria for eligibility differ by lender and is generally more difficult than the case if you were a US citizen.
Some lenders may view non-citizens as high-risk lenders based on two factors: the duration of their time in the country, and the possibility of a lack of credit.
Since personal loans have long repayment terms -- ranging from two up to 7 years but sometimes longer -- lenders are concerned you may leave the country prior to repaying the loan in complete. Non-citizens also require the time needed to establish credit and may be unable to establish credit or have poor scores.
Legal permanent residents, also known as green card holders will have the simplest approach to obtaining a personal loan due to the fact that they typically demonstrate their long-term status within the country and can provide Social Security numbers, which aid lenders in assessing the quality of their credit.
Some lenders will also take an ITIN, as an alternative to a Social Security number, though it's not as widespread.
Alongside permanent residence Some lenders will also accept a valid visa. Visas that show you'll be within the country for more than the loan term you're applying for may be especially helpful.
Applying for a personal loan as a non-citizen
is a straightforward process that can mostly be accomplished online. For you to be eligible, you'll need to satisfy the following general criteria:
Be 18 years or older.
Present proof of your identity with an ID issued by the government.
Provide a U.S.-based address.
List contact details like an email address and phone number. address.
Provide the proof of income and work.

Almost all applications will require a SSN or ITIN to verify your credit. Although some lenders cater to borrowers with bad credit (629 or lower FICO score) or credit histories that are thin The majority of lenders prefer to see excellent credit (690 or better FICO scores) and at least two or three credit histories.
The process of pre-qualifying to receive a private loan
If you are able, ask the lender to find out whether you meet its credit criteria. This includes a quick application and soft credit pull that will not affect your credit score. Online lenders tend to provide pre-qualification than banks and credit unions.
If you have a Social Security number then you may be able to pre-qualify for multiple lenders through NerdWallet.
Add a co-signer on your application
If you're not able to qualify by yourself, adding a co-signer -at least preferably one who is a U.S. citizen -- may increase your chances of getting approved for a personal loan or even help you obtain a lower interest rate or higher loan amount.
A is someone who adds their name to the primary applicant's loan application. While this person will not be able to access the loan funds, they're legally responsible for the loan amount and any additional charges in the event that you not be able to pay.
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Private loans for non-citizens
These are the lenders who take applications from residents of permanent residence or visa holders, as well as other immigrants. In some cases you'll have to submit documentation, such as the original of your green card or visa to prove your immigration status is current.
SoFi
SoFi offers personal loans with zero fees for those who have good credit. SoFi lets borrowers also apply for a co-signer loan application.
Minimum credit score 680.
The loan amounts are $5,000 to $100,000.
Terms available Terms: Two to seven years.
Criteria for eligibility: Applicants must be permanent U.S. residents or non-permanent residents, including DACA recipients as well as asylum seeking applicants. E-2 or E-3, H-1B, J-1 and L-1 or O-1 visas are able to be used.
>> MORE:
LendingClub
LendingClub offers personal loans to those with fair credit. It could be a ideal choice for those who require a personal loan to consolidate and pay off debt.
Minimum credit score 600.
Available loan amounts: $1,000-$40,000.
Terms available for three or five years.
Eligibility requirements: Applicants have to be U.S. residents or visa holders.
>> MORE:
Upgrade
Upgrade is a good choice for borrowers with low credit. Upgrade customers can sign up for free credit score monitoring and suggestions to improve their credit score.
Minimum credit score: 560.
The loan amounts are $1,000 to $50,000.
Terms available Terms: Two to seven years.
Eligibility requirements Candidates need to be permanent U.S. residents or visa holders.
>> MORE:
Universal Credit
Universal Credit is an offshoot of Upgrade but borrowers with low credit scores might be more likely to being eligible for Universal Credit.
Minimum credit score: 560.
Available loan amounts: $1,000-$50,000.
Terms available: Three to five years.
Eligibility requirements: Applicants have to be U.S. residents or visa holders.
>> MORE:
Oportun
Oportun offers personal loans, including co-signed loans to those with moderate or low incomes with limited or no credit background. Oportun accepts ITINs and ID cards issued in other countries.
Minimum credit score Score: None.
Available loan amounts: $300-$10,000.
Terms available: 12-51 months.
The eligibility requirements are as follows According to a customer service representative applicants do not have to prove 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 which include the loan to cover immigration-related costs.
Minimum credit score Score: None.
Loan amounts available: $300-$50,000.
Terms available: 15 months up to 7 years.
Conditions for eligibility: Applicants need to provide a SSN or ITIN, plus a form of identification.
>> MORE:
Alternatives to traditional individual loans for non-citizens
If you can't qualify for a personal loan, there are other alternatives to financing. Beware of low-cost, short-term loans, like those that can put you in an endless cycle of debt and consider more affordable alternatives instead.
Stilt loans: Stilt offers personal loans specifically to people from underserved communities and immigrants. The firm considers more than just your credit score when assessing the application. You don't require an Social Security number to be eligible. Stilt is open to non-citizens as well as those with H-1B, F-1, O-1, J-1, L-1, TN, L-1and G-1 visas. Stilt will also take into consideration DACA recipients, refugees and asylum seekers. Borrowers may be pre-qualified.
Lending circles are groups or communities which pool their resources to provide no-interest loans in the event that a member of the group has a financial need. There may already have lending circles within your neighborhood If you're just not sure where to begin, you can apply with Mission Asset Fund, which matches you with a lending group local to you comprised of 6-12 people. The amount of loans ranges from $300 to $2,400.
Specialized loans offered by local credit unions Your credit union may offer loans specifically for those who aren't citizens. The majority of these loans cover costs related to renewal, application, and filing fees and may be called immigration loans, dreamser loans and citizenship loans. Many credit unions also offer ITIN loans, which are loans that you can apply for using ITIN. ITIN instead of a SSN. You'll need to become an associate member of the credit union before applying.
Local community organizations If you have to cover an emergency expense such as an auto repair or medical bill, a non-profit organization might be able help. Go to the list of local resources, to learn more.
More resources from NerdWallet for non-citizens






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







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