How To Get A Personal Loan If You’re Not A U.S. Citizen

Look at most lenders who offer personal loans, and you’ll find that they require proof of U.S. citizenship before considering any other factors in making a lending decision. Why? Because they want to ensure that you’ll repay the loan, which is somewhat guaranteed by being a citizen who resides in the country. Does this mean you’re out of luck when getting a personal loan if you’re not a U.S. citizen? No, as there are lenders who have decided to service such applicants.

How To Get A Loan As A Non-U.S. Citizen

Lenders who work with non-U.S. citizens can take a considerable risk when lending cash. This is why most will require that you have a green card, visa, or permanent residency valid for the life of the loan. In doing so, they can gain peace of mind knowing that you’ll probably be in the United States so you can repay what you borrowed. In other words, if you have a visa, you can expect lenders to require that it’s valid at least two years from now since most personal loans carry repayment terms of at least 24 months.

Speaking of visas, here are ones typically accepted for personal loan applicants, but your mileage may vary as you go through the application process. DACA immigrants can sometimes get loans as well:

• E-1
• E-2
• G Series
• H-1B
• H-2A
• H-2B
• H-3
• J-1
• L-1
• O-1
• TN

If you meet those essential prerequisites, lenders will next look at your finances to ensure you can repay the loan on time. Factors like your employment (current or future), outstanding debts, and income will be looked at, and you will probably go through a credit check, even if you do not have a credit history because you are new to the country.

It’s worth noting that not having a credit history or score won’t necessarily keep you from getting a loan. Most lenders will check your credit regardless to see if you have any bankruptcies or defaults on your record before offering a loan.

If you have an extensive credit history in your home country, you may be able to transfer it to the United States via Nova Credit. The company specializes in helping immigrants take their international credit history with them when they move to increase access to financial products like loans and credit cards in the U.S.

Companies That Offer Loans To Non-U.S. Citizens

Where can you start shopping for a personal loan without U.S. citizenship? Try these lenders:

• SoFi – Personal loans for permanent residents or those with E-2, E-3, H-1B, J-1, L-1, or O-1 visas.
• Stilt – Loans for immigrants and underserved communities. DACA recipients, asylum seekers, refugees, and those with F-1, H-1B, O-1, J-1, L-1, TN, L-1, or G-1 visas can apply.
• Upgrade – Personal loans for permanent residents with a verifiable bank account who are at least 18 years old.