Personal Loans

Can You Get a Personal Loan as a Non-U.S. Citizen?

Personal Loans for Non-U.S Citizens

Not being a U.S. citizen can hold you back from things, including voting in federal elections or running for president. But, luckily, getting a personal loan is possible.

How to get a personal loan as a non-U.S. citizen

Getting in a financial bind without being a U.S. citizen might feel a little overwhelming. This might be especially true if you haven’t been in the country for long and don’t know how personal loans work.

Many personal loan lenders require you to either be a U.S. citizen or permanent resident. To some lenders, having a green card or valid visa extending at least three years — or the term of the loan — is appropriate. This shows lenders that you’ll be available to pay back the loan.

The following visa types could be considered depending on the lender: E-1, E-2, G series, H-1B, H-2A, H-2B, H-3, J-1 L-1, O-1 and TN.

Other lenders may look at your income and job status, credit score and whether you’re 18 or older.

Where you can get a personal loan as a non-U.S. citizen

Some lenders specialize in getting loans to non-U.S. citizens. Others make sure to showcase their friendly lending in their eligibility status.

Keep in mind that not all lenders operate the same way. Browse through and compare each one to see which one best fits your finances and status.

LendingClub

You can get a personal loan from LendingClub if you’re a U.S. citizen or permanent resident or living in the U.S. on a valid, long-term visa. LendingClub features include:

  • Loans amounts ranging from $1,000 to $40,000
  • APRs from 6.95% to 35.89%
  • 36 or 60 month terms

Earnest

To get a personal loan from Earnest, you’ll need to be a U.S. citizen, longtime permanent resident alien (with a 10-year green card) or conditional permanent resident alien (with a two-year green card). A separate form is also required for the latter two options. You’ll need at least a 650 credit score and a history of on-time payments to qualify. Features include:

  • Loan amounts ranging from $5,000 to $75,000
  • Fixed APRs from 5.99% to 17.24%
  • 36 to 60 month terms

Upgrade

Getting a personal loan from Upgrade means you’re a U.S. citizen or permanent resident or living in the U.S. on a valid visa. You also need to be at least 18 (or 19 in some states). Upgrade personal loan features include:

  • Loan amounts ranging from $1,000 to $50,000
  • APRs from 6.98% to 35.89%¹
  • 36 or 60 month terms

SoFi

To be eligible for a personal loan from SoFi, you’ll need to be a U.S. citizen, permanent resident or visa holder (J-1, H-1B, E-2, O-1 or TN). If you’re a permanent resident or visa holder, you have more than two years until your status expires, or you have filed an extension, renewal or an application for permanent residency. Personal loan features include:

  • Loan amounts ranging from $5,000 to $100,000
  • APRs from 5.99% to 20.01%²
  • Terms ranging from 24 to 84 months

Stilt

Stilt specializes in loans for immigrants and those from underserved communities. The company helps international students, visa holders and non-U.S. citizens. You must be physically present in the U.S. with a U.S. bank account and U.S. address. Loan features include:

  • Loan amounts ranging from $1,000 to $25,000
  • APRs starting at 7.99%
  • Terms ranging from 6 to 24 months

FAQ on personal loans for non-U.S. citizens

Why would a non-U.S. citizen need a personal loan?
For the same reason everyone else does: To get money to pay for something. Whether it’s to help consolidate debt, pay for a major move or get out of a financial bind, a personal loan is made for whatever you need.

What do I need to prove to get a personal loan?
You’ll need to have some sort of identification, such as your green card, visa, Social Security card or driver’s license. Also provide proof of your address (such as a utility bill), income and employment verification.

Do I need a cosigner?
It depends on your credit history, credit score and if you qualify for the loan on your own. Also, not all lenders allow cosigners (although many do). You’ll need to check with the individual lender before applying.

Which lender is best?
“Best” is relative to you and your financial situation. Some have lower APRs while others tout no fees. Maybe you need to take out a bigger loan than what some lenders offer, so that could narrow your focus. Don’t settle on which personal loan lender is the overall best; instead, find the one that offers you the best deal.

Personal loans for non-U.S. citizens exist — but take caution

Whether you choose a lender who specializes in loans for immigrants or one that lends to everyone, you have options. Your status as a non-U.S. citizen doesn’t define everything.

Personal loans are available to many different types of people — non-U.S. citizens included. Research each of them thoroughly before you sign up. Check out terms, what your monthly payment would be, how much you’ll end up paying in interest and if there are any fees that could potentially be costly. Not all lenders operate the same, so find the one that’s the best fit for you and your financial situation.

¹Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.

² Fixed rates from 5.99% APR to 20.01% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 15, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 4.93% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

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