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Updated on Thursday, February 14, 2019
If you’re a non-U.S. citizen who is temporarily living in the United States to work or go to school, you may need a personal loan to help pay for a variety of expenses such as rent, groceries, utilities and transportation.
Here’s how you may be able to secure a personal loan as a non-U.S. citizen.
Can you get a personal loan as a non-U.S. citizen?
Some lenders are open to giving personal loans to non-U.S. citizens. If you are interested in obtaining a personal loan as a non-U.S. citizen, understand that lenders will look at your credit history and credit score to determine whether you’ll be a dependable borrower.
You can go to your bank or AnnualCreditReport.com to find out your credit history and credit score. If you don’t have a credit history or your credit score is low, get into the habit of making regular, timely payments on your bills and credit cards. This will show lenders that you’re responsible with credit and increase your chances of securing a personal loan.
In addition to looking at your credit history and credit score, a lender will ask you to provide them with certain documents. You may have to show them:
- Green card, visa, driver’s license, Social Security card or another form of ID
- Proof of your address
- Proof of income
Sharing the highest level of education you’ve obtained may also be required. You may also have to undergo the employment verification process.
In the event a lender is hesitant to offer you a loan, you may need a co-signer who agrees to pay back your loan if you are unable to. Finding a co-signer who is a U.S. citizen with good credit may increase your chances of getting approved.
2 lenders offering personal loans to non-U.S. citizens
Let’s take a closer look at two lenders that may be open to giving you a personal loan as a non-U.S. citizen.
LendingClub is dedicated to making borrowing easy for everyone. It lends to borrowers who are living in the U.S. on a valid, long-term visa, are at least 18 years old and hold a verifiable bank account.
With LendingClub, you can expect APR rates that range from 8.05% to 35.89% and no prepayment penalties. Note that if you borrow from LendingClub, you’ll be required to pay a one-time origination fee of 3.00% - 6.00% when you receive your loan.
36 or 60
3.00% - 6.00%
on LendingTree’s secure website
LendingClub is a great tool for borrowers that can offer competitive interest rates. The loan application process is done online and only takes a few minutes to complete without hurting your credit. The loan processing time can take a while and you might not get approved if you have missed payments in the past.
SoFi offers a variety of products for borrowing, spending, saving and investing. If you are a non-resident holding a J-1, H-1B, E-2, O-1 or TN visa with at least two years remaining, you may get approved for a personal loan by SoFi.
You must live in a state where SoFi is authorized to lend, be at least the age of majority in your state and have a job, have sufficient income from other sources or have a job offer that will have you working within the next 90 days. Fixed APRs from SoFi range from 5.99% APR to 20.69% and loan terms are from 24 to 84 months.
Minimum Credit Score
24 to 84
No origination fee
SoFi offers some of the best rates and terms on the market. ... Read More
Fixed rates from 5.99% APR to 20.69% APR (with AutoPay). SoFi rate ranges are current as of January 19, 2021 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. 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.
How to shop for a personal loan as a non-U.S. citizen
If you’re a non-U.S. citizen seeking a personal loan, it is in your best interest to shop around. Compare the lenders listed above as well as others that may be willing to lend personal loans to non-U.S. citizens. Look at the APRs, loan terms and requirements of each lender so that you can make an informed decision.
In addition to comparing all of the lenders who lend to non-U.S. citizens, it’s a good idea to use a personal loan calculator so that you can figure out how much interest you’ll pay on a loan and can budget for it accordingly.
The bottom line
While it may take some time and effort to find the ideal personal loan as a non-U.S. citizen, it’s certainly not impossible. By doing your due diligence, shopping around and comparing lenders, you are likely to find the right personal loan for your situation. Check out our ultimate guide to personal loans to learn more about personal loans and how they work.