Without U.S. citizenship, you can’t run for office, vote, or secure an American passport. But could you apply for a personal loan?
If you’re a green card or visa holder and need to borrow money for the next stage of your life, here’s what you need to know about your eligibility.
Are there personal loans for non-US citizens?
There are many requirements for personal loans, such as having a certain credit score and debt-to-income ratio. But there are also criteria concerning your residency status in the U.S.
Among top personal loan companies, Earnest lends to green card holders and holders of any one of the following visa types: TN, E, O, H-1B, or F-1. SoFi also lends to those with J-1 visas, usually given to visiting scholars or cultural exchange participants.
Other reputable lenders, such as LendingPoint, require that personal loan borrowers provide a valid Social Security number (SSN). So if you’re a lawful resident but haven’t yet applied for an SSN, you’d have another hurdle to clear.
Some lenders use the term “permanent resident” to describe eligible borrowers. So you must have a green card to be eligible for a personal loan for those lenders. A visa wouldn’t cut it.
Aside from your legal status in the country, also ensure you live in a state where your preferred lender does business. Earnest, for instance, doesn’t work with borrowers residing in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.
How to apply for personal loans for non-US citizens
Once you’ve found a lender that works with holders of your type of visa, it’s important to know that your loan application process could vary.
If you’re a green card holder with an SSN, it’ll likely be as seamless as if you were a citizen.
At Payoff, which specializes in personal loans to consolidate credit card debt, you’d need to provide a copy of your driver’s license or state-issued ID.
It can become trickier if you have a conditional green card valid for just two years or a short-term visa.
Say you have a two-year green card and are applying for a personal loan with Earnest. In this case, you’d also need to provide Form I-797 to confirm your eligibility.
Similarly, if you hold an H-1B or F-1 visa, it would need to be valid for the life of your personal loan. So if your visa expires in 2020 but your loan term would run through 2023, you have a problem.
SoFi is one lender that provides a workaround. If your legal status expires within two years, filing for an extension with the Department of Homeland Security can keep you eligible for a personal loan.
Shop around to find the right personal loan
If you’re an eligible noncitizen seeking a personal loan, ensure you compare APRs, loan terms, and other protections from a variety of lenders.
You might be tempted to choose a lender that advertises only to immigrants. Stilt, for example, lends to visa holders who don’t have SSNs.
The benefit of borrowing from Stilt is that you don’t need a cosigner to qualify. But the downside is that Stilt offers shorter repayment terms, up to only two years. Be sure you can afford to pay off your personal loan over a short period.
Say you need a personal loan for $20,000 and can score an APR of 8.00%. Repaying it over two years with Stilt leave you with monthly payments of $905.
If you borrowed the same amount at the same rate but repaid it over five years with another lender, your monthly payments would be a more manageable $406.
Estimate your future monthly payments using our personal loan calculator. You’ll notice that if your repayment term is longer, you’ll pay more interest on your loan.
Either way, you’ll want to shop around because you might find that you’re eligible to secure a lower APR, preferable repayment term, or specific repayment protection with another lender.
Yes, personal loans for non-US citizens exist
Finding the right personal loan as a non-U.S. citizen can be a challenge, but it’s not impossible. Familiarize yourself with eligibility requirements and the application process.
You might have access to a cosigner who’s a U.S. citizen and has a strong credit history, for example. In this case, you’d likely score a lower APR with a lender that accepts cosigners.
Or you might have excellent credit of your own and the green card or visa type to be eligible with a top lender.
Now that you have the basic information on getting a personal loan as a non-U.S. citizen, check out these tips for getting approved.
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How Student Loan Hero Gets Paid
Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.
Student Loan Hero Advertiser Disclosure
Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.
Lender | RATES (APR) | loan amount | |
---|---|---|---|
5.99% – 19.16%1 | $5,000 to $100,000 | ||
8.27% – 35.99% | $1,000 to $50,000 | ||
6.94% – 35.97%* | $1,000 to $35,000 | ||
99.00% – 199.00%2 | $500 to $4,000 | ||
5.99% – 24.99%3 | $5,000 to $40,000 | ||
7.99% – 29.99%4 | $7,500 to $40,000 | ||
compare rates on Lendingtree now | |||
1 Includes AutoPay discount. Important Disclosures for SoFi. SoFi Disclosures
Opploans DisclosuresDirect Deposit required for payroll. Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.
Payoff Disclosures
FreedomPlus Disclosures
Upgrade Bank DisclosuresPersonal loans made through Upgrade feature APRs of 6.94%-35.97%. All personal loans have a 2.9% to 8% 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. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/. |