Are you concerned about getting a loan as a non-US citizen? Then fear not, because in this article, I’ll show you how to apply for a personal loan as a non-US citizen.
We’ll discuss whether or not you can receive a personal loan as a non-US citizen in today’s topic.
“Yes,” is the quick answer. However, there are several limitations that can make things more difficult. You must also know where to look, as not all lending institutions will lend money to non-residents of the United States. First and foremost, why do most lending institutions refuse to lend to non-US citizens?
Non-U.S. nationals are often considered high risk by lenders, regardless of their visa status, salary, or financial soundness. Most visa holders are only in the nation for a short period of time, and once they leave, they are not always subject to US laws.
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While some lenders will look at an applicant’s entire profile when establishing eligibility, the majority of lenders will require at least a six-year credit history. Many banks will only give a non-US citizen a personal loan if he or she has an approved cosigner.
Here is a list of 2 Lenders Who Offer Personal Loans to Non-U.S. Citizens:
To be authorized, you’ll need to meet additional eligibility conditions beyond those shown in the table, which varies per lender.
- 24hr fast funding Capital:
You must be a Green Card holder to apply for a personal loan with 24-hour funding. A green card holder is someone who has been granted permission to live and work permanently in the United States. The United States Citizenship and Immigration Services (USCIS) issues a permanent residence card, also known as a “Green Card,” as proof of that status.
A strong credit score is required. At least 680. You must also have a strong credit history and a low debt-to-income ratio (typically less than 35%).
In the explanation below, I included a link to 24-hour rapid fundraising capital:
- Apply for a Personal Loans as a Non-U.S. Citizens are Stilt
Stilt, a San Francisco-based Fintech startup that focuses on foreign national borrowers with low or non-existent credit histories, is one of the most famous lenders in the nonresident industry. Stilt provides loans to international students with the following statuses: CPT, OPT, H-1B, O-1, L-1, TN, J-1, or DACA.
There is no minimum income criterion for Stilt, but you must have full-time employment or a valid offer for one within the next six months. Stilt evaluates your projected credit behavior in addition to your credit score, taking into account aspects like your educational history, employment experience, and savings rate.
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Borrowers with a solid credit score and a history of good financial behavior may be eligible for a rate as low as 10%, which is typical for nonresident personal loans.
I included a link to Stilt in the description:
Finally, in conclusion, There is no need to despair if you are a foreign national in need of a personal loan because funding is available. The greater your chances of getting a loan are, the more prepared you are by establishing a credit profile and gathering documentation. Stay tuned for the next video, and in the meantime, keep smiling!