If you’re a non-citizen living in the United States and need a personal loan, it’s possible to get one. But you’ll need to have a good credit score and plenty of paperwork, including alternative credit references like rental or utility bills and non-payroll-deducted debt payments. And you’ll also want to compare interest rates and fees to ensure you’re getting the best deal.
The bottom line is that lenders are more willing to approve a personal loan for immigrants with a good credit score and financial history who have stable incomes and employment. However, it’s still a big risk for them to lend money to people who might leave the country or might find it hard to repay the loan in the future.
Most lenders have minimum and maximum credit scores for applicants, so you’ll need to meet those requirements. If you’re close to the minimum or max credit score, consider improving your credit before applying for a personal loan. You can do this by paying bills on time and using a credit card responsibly.
To save time, you can prequalify for a personal loan online. This will give you an idea of your eligibility without having to fill out a full application. You can prequalify with multiple lenders to compare offers, but remember that not all lenders accept every visa type or have a minimum credit score. Check the table above for lenders that offer personal loans to immigrants and those with a non-U.S.-citizen cosigner, a Social Security number or ITIN, or a specialized immigrant lender. personal loan for foreigners