Best Available Personal Loans Options For Non-US Citizens

• Non-U.S. citizens can qualify for different personal loans from U.S.-based financial institutions, banks and alternative lenders.
• Every lender has different requirements, terms and conditions.
• Lenders that offer loans for non-U.S. citizens usually require proof of employment and valid work visa.

Moving to and residing in a new country cannot only be shocking culturally, but can also be very expensive. Moving to the United States and establishing residency requires you to cover your travel costs, housing and setting up your life, which can result in the quick depletion of your savings forcing you to take out personal loans  such as installment loans.

While personal loans can come in handy when you need to cover of your moving expenses, it is usually difficult for non-citizens to access these loans in the U.S.

One of the main reasons for this is that lenders are usually worried that non-U.S. citizens may leave the country without fully servicing their loans, leaving the lender with no way to recoup the balances.

In addition, some lenders also shy-away from providing loans to Deferred Action for Childhood Arrivals (DACA) recipients with the fear that the associated laws could change any time. If this happens, the DACA recipient can be deported leaving the lender on the hook of they had not repaid the loan.

These hesitancies notwithstanding, it is possible to take out a loan as a non-citizen in the U.S. Here are the best options for personal loans for non-U.S. citizens.

Personal Loan as a Non-U.S. Citizen: 7 Best Lenders

It is possible to get a personal loan as a non-U.S. citizen. However, it is important to note that not all lenders and banks offer loans to noncitizens in the US, and for those that do, they have varied requirements.

Some lenders look at your credit score while others, although may not require a minimum credit score, look at other factors such as your level of education, occupation and level of education.

The following seven financial institutions are credible lenders.

As was with our list best payday loans options, you are also to do your own research to find the right personal loan that fits your needs as a noncitizen.

Lender	Short Description	Minimum Credit Score	Loan Limits	Loan Terms	Time to Fund	Suitable For
Axos Bank	Doesn’t charge a prepayment penalty	740	$5,000 to $35,000	1 to 5 years	As soon as the next Business day	People who require fast loan funding.
	Good option for borrowers who want to make their repayments early.
Best Egg	Offers loans to borrowers in all states except Iowa, Vermont, West Virginia and the District of Columbia.	600	$2,000 to $50,000	2 to 5 years	As soon as 1 to 3 business days after successful verification	Borrowers who require Credit card refinancing or debt consolidation.
Discover	Offers personal loans for a variety of uses, including auto repair, credit card refinancing and debt consolidation.	660	$2,500 to $35,000	3 to 7 years	As soon as the next business day after acceptance	Borrowers who wantl onger repayment terms.
FreedonPlus	Offers personal loans to borrowers who don’t have a minimum income.	Does not disclose	$10,000 to $50,000	2 to 5 years	As soon as 2 business days	Borrowers who need larger loan amounts
LendingClub	Offers peer-to-peer lending	600	$1,000 to $40,000	3 to 5 years	Usually about 2 days	Borrowers with a low debt-to-income ratio
	Matches borrowers with investors who lend money
Lendingpoint	Requires a minimum credit score requirement of 580	580	$2,000 to $36,500	2 to 4 years	As soon as the next business day	Borrowers with lower credit scores.
	Offers personal loans to borrowers with less-than-perfect credit score.
Marcus	Has a higher minimum credit score requirement	660	$3,500 to $40,000	3 to 6 years	As soon as 3 days	Borrowers who want tailored monthly payment options
	Can allow borrowers to defer a monthly payment after making 12 on-time payments.

 

Factors to consider when choosing the best personal loan lender for non-U.S. Citizens

The best personal lenders above have been evaluated based on several factors such as customer experience, maximum loan amount offered, funding time, interest rates, minimum fixed rate, fees and loan terms.

Other factors to consider when choosing a short-term loan lender include: the amount you can afford to borrow, loan origination fee, repayment terms, monthly repayment instalments, and the lender’s reputation.

It is important to always make sure that you meet all the requirements for loans for non-U.S. citizens. While the requirements vary from one lender the other, some eligibility requirements are common including:

• • Proof of U.S. residence
  • A U.S.-based bank account and U.S.-based phone number
  • A valid work visa (E-2, E-3, H-1B, J-1, L1, or O-1) or a green card.
  • Proof of employment or proof that you have accepted a job offer.
  • S. credit history or credit history in your home country.
  • Proof of on-time payments on a mortgage, rental, or utilities in the U.S.

Note that while personal loans are can be a great way to fund your needs when moving and settling in the U.S., you can only benefit most from them if you can repay them in time. This way, you can ward off predatory personal loan lenders, like those who offer next day loans.

Keep in mind that banks and other financial institutions as well as online lenders can offer you personal loans, and with a good credit score and meeting all eligibility requirements, you can easily qualify for one as a non-U.S. citizen.