Personal Loans for Non-U.S. Citizens: What To Know
Chris is a freelance writer whose work has appeared in GQ, Nerdwallet, Esquire, New York Magazine and more.
It can be difficult for non-U.S. citizens to get approved for personal loans, but with a little patience and determination, you can make it happen. In fact, there are specific lenders who specialize in personal loans for immigrants, you just have to know how to find them. Here’s everything you need to know about securing personal loans for non-U.S. citizens.
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Can you get a personal loan as a non-U.S. citizen?
In general, lenders want you to have a green card or a valid visa to secure a personal loan. Here are some common visas and situations that could make you eligible for a personal loan as a non-U.S. citizen:
- DACA (Deferred Action for Childhood Arrivals)
- Asylum seekers
- E-2, E-3, H-1B, J-1, L-1 or O-1 visa
- Forms I-797A or I-797B.
- ITIN (Individual Taxpayer Identification Number)
As with any other personal loan application process, you’ll also need to provide personal information, like proof of address, pay stubs, credit history if you have any, Social Security number, Individual Taxpayer Identification Number (ITIN), driver’s license and more. Lenders will want to know that you meet their personal loan requirements, so the better your financial history, the more likely you’ll get the loan. Make sure you are paying bills on time, every time. If you have a credit card, pay it off completely each month to show that you can manage debt. These habits will boost your credit score and give you a better chance at securing a personal loan.
If you don’t have credit history and need the personal loan right away, you can try to show your creditworthiness through utility and/or rent payments. Basically, you want to provide any document that proves you are a reliable borrower. Lenders will be more willing to hand out a personal loan to a non-U.S. citizen if they feel they can trust you to pay the loan.
How to find personal loans for non-U.S. citizens
Now that you know what to expect as far as paperwork, let’s get to the good stuff: Here are some loans for non-U.S. citizens.
- SoFi: SoFi offers personal loans for immigrants that range from $5,000 to $100,000. In order to qualify for the loan, you need to be employed and have valid and current visa documents, including E-2, E-3, H-1B, J-1, L-1, O-1, or a Form I-797A or I-797B. You must also live in a state that SoFi is licensed to operate. There are no origination or prepayment fees for SoFi’s personal loans, and the repayment terms range from 24 to 84 months.
- Upgrade: Upgrade offers non-U.S. citizens personal loans ranging from $1,000 to $50,000. To qualify for an Upgrade personal loan, you’ll need to provide government-issued identification or current visa, recent pay stubs and bank statements. Upgrade’s loans have an APR ranging from 8.49%–35.99%, origination fee between 1.85% - 9.99% and repayment periods ranging from 24 to 84 months.
- One Percent for America: One Percent for America is a bit different than these other lenders in that it offers personal loans for immigrants who want to cover the application costs of obtaining DACA status, a green card, citizenship and more. Qualifying for a personal loan involves providing an email address, phone number, bank account and routing number, Social Security number or ITIN and the exact total of your application fees. All of their loans carry a 1% APR and must be repaid within 12 months.
- Mission Asset Fund: Mission Asset Fund also provides personal loans to cover United States Citizenship and Immigration Services (USCIS) application fees. These loans are 0% APR. You must provide a valid government ID, proof of income, bank account info and a Social Security number or ITIN to qualify.
Caution!
Preparing your personal loan application
Ready to apply for that personal loan for immigrants? Let’s talk about paperwork. You’re going to need proof of identification, like a green card, visa or driver’s license. You’ll also need proof of address, employment and income. As you saw in the table above, some lenders might also want a Social Security Number or an ITIN.
Once you have all your ducks (and documents) in order, it’s time to check your credit score. Remember: The higher your score, the better rates you’ll get offered. If it’s low, consider taking some time to raise your credit score before applying for the personal loan. You can also use a loan calculator to determine your monthly payments based on your loan amount, interest rate and repayment term.
Personal loan statistics by borrower credit score
| Credit score range | Average APR | Average loan amount |
|---|---|---|
| 720+ | 14.80% | $18,963 |
| 680-719 | 23.48% | $14,567 |
| 660-679 | 32.06% | $10,895 |
| 640-659 | 45.00% | $8,270 |
| 620-639 | 58.69% | $6,377 |
| 580-619 | 89.33% | $4,366 |
| 560-579 | 127.20% | $3,027 |
| Less than 560 | 165.66% | $2,530 |
Source: LendingTree user data on closed personal loans for the first quarter of 2023.
Once you have your score as high as possible, get a couple offers for your loan and compare them. Consider the APR, fees, repayment length, monthly payment and any collateral required. Go with the personal loan that best fits your needs, but also fits into your budget.
Frequently asked questions
Undocumented immigrants can get a credit score by building credit from scratch. One way to do so is through a secured credit card. With a secured credit card, you deposit a certain amount and a line of credit is attached to that number. Make sure you ask if the bank will report your good habits with the secured card to the credit bureaus. If you use the card wisely, usually the bank will offer a way to turn it into a regular credit card. Over time, using the card will build your credit history, thus generating a credit score.
Yes, you can get a personal loan without a Social Security number. Typically, all you’ll need is an ITIN.
It can be easier for a non-U.S. citizen to get a personal loan with a cosigner. A cosigner is someone with good credit who agrees to pay for the loan if you do not.