There are many benefits to living in a different country but getting settled and managing finances can be challenging. A personal loan can help ease the transition and make it easier to meet expenses. However, lenders may be reluctant to lend to noncitizens, especially if they lack a credit history or have an inadequate income level.
While most lenders require a minimum credit score of 650, there are some who offer loans for foreigners. If you’re looking for a lender that offers personal loans to noncitizens, make sure to check the documentation requirements and their terms. You should also consider comparing interest rates and borrowing fees.
Most of the lenders who offer personal loans for foreigners are banks and online financial institutions that provide unsecured loans to those with less-than-perfect credit. These lenders typically have higher minimum credit scores and lower maximum loan amounts than traditional banks.
To qualify for a personal loan as a foreigner, you’ll need to provide a variety of documentation, including a passport or work visa, verifiable address and contact information, employment details, proof of income, and an I-94 Arrival/Departure Record. Some lenders may require a cosigner to help guarantee the loan, especially if you have a low credit score or no credit history.
In general, permanent residents—also known as green card holders—have the best chances of qualifying for a personal loan, because they can provide proof of long-term residency and have Social Security numbers to assess their creditworthiness. Some lenders may accept an Individual Taxpayer Identification Number (ITIN) in lieu of a Social Security number, but this isn’t as common. personal loan for foreigners