Do Non-U.S. Citizens Get a Personal Loan?
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Do Non-U.S. Citizens Get a Personal Loan?
Permanent residents who have Social Security numbers may qualify for a loan. Some non-citizens can consider alternatives in lieu of personal loans.
Updated on May 18, 2022
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The process of obtaining an individual loan is a challenge for anyone However, non-American citizens have a particularly difficult time. Many lenders have strict eligibility requirements in terms of citizenship, leaving non-citizens with little access to low-cost loans.
Some lenders also offer personal loans to non-citizensbased on the specifics of their immigration and what documents they will need to submit.
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, but criteria for eligibility differ by lender, and generally it’s more difficult than the case if you were a US citizen.
Some lenders may consider non-citizens high-risk borrowers based on two elements: the duration of their time in the country, and the possibility of a lack of credit.
Since personal loans come with long repayment terms — ranging from two up to 7 years though at times, they are longer. Consequently, the lenders are worried that you could leave the country before repaying the loan in the full amount. Non-citizens too need time to build credit, and they may have low or no credit scores.
Lawful permanent residents, also known as green card holders are the most straightforward time applying for a personal loan because they can usually prove their long-term residency in the country and can provide Social Security numbers, which assist lenders in assessing the creditworthiness of.
Some lenders will also accept an ITIN, in lieu of the Social Security number, though it’s not as popular.
Apart from permanent residence Some lenders will also accept an enumeration of a valid passport. Visas that prove you’ll be in the country longer than the loan period you’re applying for could be particularly beneficial.
Making an application for personal loan as an un-citizen
is an easy process that can mostly be completed online. For you to be eligible, you’ll need to satisfy the following general guidelines:
Be 18 years or older.
Show proof of identity with an ID issued by the government.
Give an U.S.-based address.
Contact details such as a phone number and email address.
Show proof of income and employment.
Most applications will require a SSN and/or ITIN to pull your credit. Though some lenders cater specifically to those with poor credit (629 or lower FICO scores) or with weak credit histories The majority of lenders prefer to have good credit (690 or greater FICO score) and at least two up to 3 years credit history.
The process of pre-qualifying an individual loan
If you can, apply for pre-qualification with the lender to see whether you meet its credit requirement. It includes a brief application and a soft credit check that will not affect your credit score. Online lenders are more likely to offer pre-qualification than banks and credit unions.
If you have an Social Security number, you can pre-qualify for multiple lenders through NerdWallet.
Adding a co-signer to your application
If you’re not able to get a loan on your own adding a co-signerat least most likely a U.S. citizen — could increase your odds of being approved for an individual loan or aid in getting a lower interest rate or greater loan amount.
A is someone who adds their name on the primary applicant’s loan application. Although this individual won’t have access to loan funds, they’re legally responsible in respect of the loan amount and any additional charges should you not be able to pay.
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Private loans for non-citizens
Here are lenders that take applications from residents of permanent residence, visa holders and other immigrants. In certain cases you’ll be required to provide evidence, such as the original of your visa or green card to prove your current immigration status.
SoFi
SoFi offers personal loans without fees for those who have good credit. SoFi also lets borrowers add a co-signer to 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.
Criteria for eligibility: Applicants must be permanent U.S. residents or non-permanent residents, such as DACA recipients and asylum seekers. E-2, E-3, H-1B, J-1, L-1 or O-1 visas are eligible.
>> MORE:
LendingClub
LendingClub provides personal loans to borrowers with fair credit. This could be a suitable choice if you require an individual loan to consolidate and pay off your debt.
Minimum credit score 600.
The loan amounts are $1,000 to $40,000.
Terms available: Three or five years.
The requirements for eligibility The applicants have to be U.S. residents or visa holders.
>> MORE:
Upgrade
Upgrade accepts borrowers with bad credit. Customers who upgrade can sign up to receive free credit score tracking and strategies to improve credit.
Minimum credit score 560.
Available loan amounts: $1,000-$50,000.
Terms available The term «two to seven years» is available.
The requirements for eligibility The applicants must be permanent U.S. residents or visa holders.
>> MORE:
Universal Credit
Universal Credit is an offshoot of Upgrade, but those with lower credit scores could have a greater chance of qualifying with Universal Credit.
Minimum credit score 560.
Loan amounts available: $1,000-$50,000.
Terms available Terms: Three to five years.
The requirements for eligibility Candidates must be permanent U.S. residents or visa holders.
>> MORE:
Oportun
Oportun provides personal loans which include co-signed loans for those with moderate or low incomes with no or limited credit background. Oportun will accept ITINs or ID card issued in other countries.
Minimum credit score: None.
The loan amount is $300 to $10,000.
Terms available: 12 to 51 months.
Eligibility requirements: According to the customer service representative, applicants do not need to show proof of residency or visa.
>> MORE:
Capital Good Fund
Capital Good Fund serves borrowers with low income and no credit history or poor credit. It has several types of loans, including the loan to cover immigration-related costs.
Minimum credit score Score: None.
Loan amounts available: $300-$50,000.
Terms: Available from 15 months up to 7 years.
Eligibility requirements: Applicants must be able to provide an SSN or ITIN along with a proof of identification.
>> MORE:
Alternatives to traditional individual loans for non-citizens
If you’re not eligible for an individual loan you have other financing options available. Stay clear of low-cost, short-term loans such as ones that could trap you in a cycle of debt, look at more affordable alternatives instead.
Stilt loans: Stilt offers personal loans specifically for people from underserved communities and immigrants. The firm considers more than just your credit score when it evaluates your application. You don’t need a Social Security number in order to be eligible. Stilt serves non-citizens and those who have F-1, H-1B O-1, J-1 and L-1, TN, L-1, G-1 visas. The company also takes into account DACA recipients, refugees and asylum seekers. Borrowers are able to pre-qualify.
Lending circles are groups or communities that pool their resources to provide zero-interest loans in the event that a member of the circle has a financial need. There could already have lending circles within your area, but if you’re not sure where to start applying, try Mission Asset Fund, which will match you with a lending group local to you of six to 12 people. The loan amounts vary from $300 to $2,400.
Particularized loans at local credit unions: Your local credit union may offer loans specifically for non-citizens. Many of these loans cover costs related to renewal, application, and filing fees. They may also be known as immigration loans or dreamer loans and citizenship loans. Many credit unions also offer ITIN loans that are loans that you can apply for by using ITIN. ITIN instead of an SSN. You’ll need to become a members of your credit union prior applying.
Local community groups: If you need to cover an emergency expense for example, an auto repair or medical bill, a nonprofit organization could be able to assist. Look up the list of local resources to learn more.
More NerdWallet resources for non-citizens
Author bio Jackie Veling covers personal loans for NerdWallet.
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