Can non-U.S. citizens get personal loans? Yes, you don’t have to be a citizen of the United States before you can take out a personal loan. However, you need to know that the process might be quite difficult, and you will need to meet the U.S.-based lender borrowing requirements.
The requirements needed for non-U.S. citizen personal loans may include annual income, a minimum credit score, debt-to-income ratio, and many more. If you are currently looking around for personal loans without U.S. citizenship or a Social Security number, there are lots of options available for you. To make the search very easy for you, we have compiled a list of amazing lenders that offer personal loans to non-U.S. citizens.
7 Best Personal Loans for Non-U.S. Citizens Of 2024
Let’s take a look at some of the best personal loan lenders that offer loan products to non-U.S. citizens in 2024. Check them out and choose the one that offers exactly what you want.
1. Axos
Axos stands out as one of the best lenders that offers personal loans for non-U.S. citizens. It features a low minimum income requirement and offers repayment terms up to seven years, with availability in all states.
However, if you need a loan under $10,000, you may have to check out other options. Axos may charge an origination fee, but it’s relatively low, capping at 3%. Good credit is essential to qualify, and funds are typically available 1 to 2 business days after approval.
2. Credible
Credible offers a convenient option for non-U.S. citizens. This online marketplace lets you compare prequalified rates from various lenders with a single application. It helps in accommodating different documentation and eligibility requirements.
Credible supports a diverse range of borrower profiles, including those with varying immigration statuses. While each lender’s requirements differ, some in Credible network may accept various forms of documentation. This includes Individual Taxpayer Identification Numbers (ITINs) in addition to or instead of Social Security numbers.
3. LightStream
Noncitizens can obtain a LightStream loan, but you’ll need a green card or a valid Social Security number. In some cases, an Individual Taxpayer Identification Number (ITIN) might be sufficient, but a Social Security number is necessary to complete the application.
LightStream offers personal loans for different purposes, targeting borrowers with good to excellent credit. The absence of fees makes it appealing to those with top-tier credit scores. However, since LightStream doesn’t offer prequalification with a soft credit check, it’s best suited for individuals with excellent credit who are very sure about their approval chances.
4. BestEgg
Best Egg is a reliable lender for a broad spectrum of borrowers and ranked second in personal loan satisfaction in J.D. Power’s Consumer Lending Study. It provides competitive rates, reasonable loan terms, and amounts, catering to those with fair credit.
To qualify, you’ll need a FICO score of at least 600, though lower scores typically result in higher APRs. The APR includes the interest rate and origination fees, which often range from 0.99% to 9.99%.
Best Egg loans are available to U.S. citizens or permanent residents. Prequalifying with Best Egg significantly boosts your chances of loan approval compared to other lenders. According to Credible, applicants who chose Best Egg were more than twice as likely to be approved compared to most other partners.
5. Upgrade
Many lenders require good credit for personal loans, but Upgrade caters to those with bad or fair credit. This hereby makes it a viable option if you have limited credit history and need a loan.
Permanent residents and visa holders in the U.S. are eligible to apply. However, Upgrade tends to have higher fees compared to lenders that cater to those with better credit. For example, the origination fee may be steeper for borrowers with bad or fair credit than for those with good or excellent credit.
6. Happy Money
Happy Money, formerly referred to as Payoff, is a lender that offers loans specifically for credit card debt. If you have multiple credit card balances, you can consolidate them with Happy Money personal loans and then make a single monthly payment to your new loan.
To apply for personal loans with Happy Money, you’ll need to provide proof of identification, such as a Social Security card, visa, or green card.
7. Upstart
Upstart extends loans to non-U.S. residents, but you must have a Social Security number to qualify. It does not offer cosigned loans, so the responsibility falls solely on you, regardless of another person’s potentially better credit history.
For eligible noncitizens with limited credit history, this incredible lender could be a suitable option. Utilize the prequalification feature to see if your credit score and income meet the criteria for a loan as a noncitizen.
How to Choose the Best Personal Loan for a Non-U.S. Citizen
Choosing the best personal loan as a non-U.S. citizen can be challenging due to more stringent eligibility requirements and limited options. To simplify the process, seek out lenders that specialize in loans for non-U.S. citizens.
Explore all potential avenues, including local banks and credit unions in your community, which may offer personal loans to non-U.S. citizens. As you evaluate different lenders and their criteria, focus on these key factors:
- Qualifications: Make sure that you meet the basic eligibility requirements.
- Prequalification: Search around for lenders that offer a prequalification option to check your eligibility without affecting your credit score.
- Cosigner: Determine if a cosigner is mandated or allowed.
- Low APR: Compare interest rates to find the most incredible and affordable offer.
- Disbursement Time: Check how quickly funds will be available after approval.
- Fees: Ensure that you go for lenders with minimal fees to reduce overall costs.
With these factors, you should be able to find the best lenders offering non-US citizens personal loans that match your needs.
Can Non-U.S. Citizens Get Personal Loans?
Just as I have mentioned above, non-U.S. citizens can obtain personal loans, but eligibility varies by lender and is generally more challenging compared to that of citizens.
Lenders may see non-citizens as higher risk. This is because of their potentially shorter stay in the country and limited credit history. Personal loans often have long repayment terms. So, lenders might worry that you could leave the country before fully repaying.
Green card holders (lawful permanent residents) have an easier time applying because they can demonstrate long-term residency. And provide Social Security numbers, aiding in credit assessment.
Some lenders accept an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number. However, this is not that common. Additionally, a valid visa, especially one extending beyond the loan term, can be beneficial for loan approval.
