Personal Loans for Non-US Citizens: What To Know
- Non-U.S. citizens can get a personal loan without a Social Security number, but you’ll need other documentation.
- If you haven’t built credit in the U.S., expect higher interest rates.
- A cosigner or a smaller loan amount can help you get approved.
- If you don’t qualify, consider a secured loan or credit card.
Qualifying for loans as a non-U.S. citizen
Navigating personal loan rules as a non-U.S. citizen can be challenging, especially after dealing with complex visa and residency systems. But borrowing as a non-U.S. citizen or without a Social Security number is possible, and there are clear steps to increase approval chances.
Every lender has a different set of personal loan requirements, but they all usually ask you to provide proof of your immigration status, residence and employment. In some cases, they also want you to have a U.S. bank account.
Here’s what to prepare:
Government-issued ID and a valid visa, green card or other documentation
Many lenders require that you have status in the U.S., such as permanent residency or a student or work visa, so you’ll need to show proof. If you don’t have a Social Security number, you might need to at least have an Individual Taxpayer Identification Number (ITIN).
Proof of residence
Whether or not you’re a citizen, many lenders require proof of residence before offering you a loan. (Since lending laws vary by state, certain companies are only allowed to offer loans in particular states.) You can use a utility bill or lease agreement as proof of residence.
Proof of employment or income
Loan companies want to know that you can pay back your loan, so many require that you’re employed or have an offer of employment. Pull together your pay stubs or job offer letter to prove your employment and income.
U.S. bank account
Some lenders require a U.S. bank account before offering you a loan. This will make it easier for you to repay your personal loan. Bank of America and Santander Bank both allow noncitizens to apply for a bank account.
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Loans for noncitizens
It can be tough to find a lender that meets your needs as a non-U.S. citizen, since many require citizenship. Here are a few places to start:
Best Egg
- APR range: 6.99% – 35.99%
- Loan amounts: $2,000 – $50,000
- Repayment terms: 36 to 60 months
- Available to: Permanent residents
Read our expert Best Egg personal loan review.
SoFi
- APR range: 8.99% – 35.49% (with discounts)
- Loan amounts: $5,000 – $100,000
- Repayment terms: 24 to 84 months
- Available to: Permanent residents, non-permanent residents (including asylum seekers and recipients of the Deferred Action for Childhood Arrivals — DACA — program)
Read our expert SoFi personal loan review.
Upgrade
- APR range: 7.99% – 35.99% (with discounts)
- Loan amounts: $1,000 – $50,000
- Repayment terms: 24 to 84 months
- Available to: Permanent residents, valid visa holders
Read our expert Upgrade personal loan review.
If you haven’t yet had time to build your credit history in the U.S., expect to pay an APR (annual percentage rate) on the high end if you do qualify.
Make sure you can afford whatever loan you do take, and see below for ways to make your loan less expensive.
Payday loans are much easier to get since they don’t require a credit check, but avoid them at all costs. Their interest rates make them outrageously expensive, and it’s common to get trapped in a cycle of debt where you have to borrow more to pay off your first loan.
How credit works in the U.S.
In the U.S., credit can mean two things:
- Borrowing money and paying it back (like with a loan or credit card)
- How you handle your money (like your payment history and how much you borrow)
Both of these types of credit are important because they affect your credit history and credit score.
Your credit score is a three-digit number that acts as a sort-of grade for how you handle money. Lenders and other financial companies use this score to decide whether to offer you a loan and how much you’ll have to pay to borrow it.
Having bad credit can make borrowing money expensive and limit your access to housing or jobs.
When you move to the U.S., you probably won’t have a credit score yet. You can build credit over time, though, which will help you get access to better financial opportunities.
Check your credit score for free with LendingTree Spring. You’ll get personalized recommendations on how to boost your score, and you can use Spring to track your score over time. (Checking your credit won’t hurt your score, either — that’s a common credit myth!)
Next steps and resources
1. Improve your chances fast
You can improve your odds of loan approval by applying for a small personal loan, since lenders usually have lower requirements than for larger-amount loans.
Adding a cosigner or co-borrower with good or excellent credit can improve your chances, too. Just remember that their credit will be affected by how you make payments. Co-borrowers are equally responsible for your loan, and cosigners are responsible if you stop making payments.
2. Start building your credit
When you don’t have a credit history in the U.S., you’re credit invisible. This means you don’t have a credit score. It’ll be much harder to get a loan, credit card or even rent an apartment without a credit score to your name.
You can build credit from scratch, even as a noncitizen, by opening up a secured credit card or becoming an authorized user on someone’s credit card.
3. Check out resources for non-U.S. citizens
Noncitizens can legally do a lot of things in the U.S. You can start a business, get car insurance and even borrow money for a mortgage. Here’s a list of resources to get you started:
- Starting a business as a non-U.S. citizen
- Getting a mortgage as a non-U.S. citizen (ITIN loan)
- Car insurance for non-U.S. citizens
- One Percent for America and Mission Asset Fund offer low-cost loans for immigration services fees
Frequently asked questions
Yes, noncitizens can get personal loans in the United States, but they’ll need to meet eligibility requirements.
Yes, you can get a mortgage as a non-U.S. citizen. Note that it’s easier for green cardholders to get mortgages than other noncitizens.
Only certain non-U.S. citizens can get federal student loans. You can find out whether you qualify by checking the Federal Student Aid website.
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