Loans for nonresidents in the US Money Transfers

Getting a loan as a nonresident in the United States

Moving to a different country can be financially strenuous.

Moving costs, flights and everything else that comes along with it can leave you feeling stretched. When US residents feel the financial pinch, they can simply take out a loan to pay for extra expenses. As a non US citizen, can you do the same?

Even though you don’t have access to all of the financial benefits that come with being a US citizen or resident, you are able to get a loan for personal use, for business use, to buy a home and to pay for your studies. Though it may be more challenging for nonresidents, there’s no reason for you to give up on the American dream.

Prosper Personal Loan

Prosper Personal Loans

You could borrow up to $35,000 for a variety of purposes, with rates starting from 5.99%.

Recommended Credit Score: 640 or higher
Minimum Loan Amount: $2,000
Maximum Loan Amount: $35,000
Loan Term: 3 or 5 years
Turnaround Time: 1-3 business days
Simple online application process
No prepayment penalties

    Can I get a loan as a nonresident?

    The simple answer is yes, you can. Some lenders may have stricter eligibility requirements that limit their loan offers to citizens and permanent residents. For lawful permanent and nonpermanent residents, applying for a loan is the same process as for citizens. There are no higher costs or fees, though interest rates may vary.

    Are there restrictions for nonresidents?

    Like most options for nonresidents of any country, there are restrictions — including for loans.

    For instance:

    • If you are a nonresident who will be in the US for a limited time, approval for a loan may be hard.
    • If you are a foreign national or have diplomatic immunity, it’s much more difficult to get a mortgage because you are not subject to US law. This leaves lenders unprotected should you default on the loan.

    What about my credit history?

    For nonresidents to get a loan, a two-year credit history and valid credit score within the US ideal. That can be a difficult requirement for nonresidents. Depending on the lender, there are ways you can still get a loan.

    • Assemble a credit report with three nontraditional credit accounts — for example, a rental, utility or life insurance bill.
    • Obtain your credit history from a foreign independent credit reporting agency.
    • Get written verification from foreign creditors to establish a credit history.

    Getting your paperwork together is only the first step in getting a loan. If you are emigrating from your home country to the US, you will need to convert your existing credit into US credit in order to apply for any kind of loan.

    How to get nontraditional credit references

    For many nonresidents, it may be possible to do a nontraditional credit check. This could help you get a loan without a credit score. You will need sufficient nontraditional credit references, and your credit accounts must be free of late payments, collections or foreclosure. Nontraditional credit references can include:

    • Your rental history
    • A history of payments for such utility bills as gas, electric, water or cable TV
    • Non-payroll-deducted medical, life, auto or renters insurance
    • School tuition

    You should gather at least three nontraditional credit references, each showing 12 months of on-time payments.

    Can I get a personal loan?

    1 US Dollars Money Transfers
    When applying for a personal loan in the US, you’ll quickly realize that they are not designed for nonresidents. The good news is that you are still eligible to apply for some personal loans, including mortgages and auto loans. There will be plenty of paperwork, so your patience is required.

    Compare personal loans from top online lenders

    Be sure to review the eligibility requirements before applying to make sure you qualify.

    Rates last updated September 20th, 2017

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR Requirements
    Prosper Personal Loan
    Borrow only what you need for debt consolidation, home improvements, special occasions and more — with APRs based on your credit score.
    From 5.99% (fixed)
    Must be 18+ years old, an American citizen or US permanent resident and have a 640+ credit score.
    Laurel Road Personal Loans
    Get a personal loan with no application or origination fees and a rate discount for autopay.
    From 5.5% (fixed)
    Must be a US citizen or permanent resident with a valid I-551 card
    SoFi Personal Loan Fixed Rate (with Autopay)
    Borrow up to $100,000 with a competitive APR and no fees.
    Good to excellent credit
    From 5.49% (fixed)
    You must be a U.S. citizen or permanent resident, and 18 years or older.
    LendingPoint Personal Loans
    Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
    From 15.49% (fixed)
    Must have a fair credit score of 600 or better and verifiable income. Must live in a state where LendingPoint services.
    Lending Club Personal Loan
    Borrow up to $40,000 with rates from 5.99% to 35.89% APR based on your credit score.
    From 5.99% (fixed)
    You must be over 18 years of age, a permanent resident of the US or an American citizen and have a steady source of income.
    Upstart Personal Loans
    This newer service looks beyond your credit score to match you with accredited investors for low-rate personal loans.
    From 7.16% (fixed)
    Must be 18+ and a US citizen or permanent resident. Must have good to excellent credit.
    Even Financial Personal Loans
    Get matched to the best loan offer instantly from top online consumer lenders.
    From 4.99% (fixed)
    Must have a minimum credit score of 580+. Must be 18+ years old and be an American citizen or permanent resident.
    Payoff Personal Loans
    Pay down your debt with a fixed APR and one monthly payment.
    From 8 to 25% (fixed)
    You must have a FICO score of 660 or higher, at least 3 years of credit history and a debt-to-income ratio of no more than 50%. You must live in a state where Payoff offers loans; check availability.
    OneMain Financial Personal Loans
    Get a personal or auto loan with a quick and easy application and dedicated customer support.
    From 12.99% (fixed)
    Eligibility for a loan is determined by your financial history, credit history, income and expenses, and whether or not you have ever filed for bankruptcy.

    Compare up to 4 providers

    What do I need to apply for a personal loan?

    If you are a nonresident, required paperwork depends on the type of loan you’re applying for. Loans are only granted to those who plan to continue working in the US for at least three years of the loan.

    If you’re applying for a traditional loan, you’ll need:

    • A valid visa — E1, E2, H1B, H2 A, H2B, H3, L1, G series or 0-1
    • Employment authorization Form I-766 or I-765 to prove that you are eligible to work in the US
    • Form I-797A with an attached I-94 or any other documentation that can prove you are authorized to work in the US

    Types of personal loans

    As a nonresident, you can apply for three main types of personal loans. They can be used to get you through a financial pinch or build your creditworthiness for bigger loans.

    Types of loansDescriptionMaximum loan
    Short term loanWith repayment terms of three to five years, short term personal loans are typically for smaller sums of money. These type of loans can be used for any legitimate purpose, including auto title loans.Generally up to $1,000, with some lenders offering as much as $2,250.
    Installment loansWith a set number of payments over a scheduled period of time, installment loans can last for a few months or more. An installment loan can be ideal if you’re trying to improve your credit history. It shows potential creditors that you can make payments responsibly.Generally up to $5,000.
    Unsecured loansUnsecured loans are not backed by other property you own and have fixed terms and interest rates. You can use this loan for consolidating debt or to help with home improvements.Generally up to $100,000, with some lenders offering much more for specific purposes.
    What is a secured loan?

    A secured loan is a loan that requires you to provide an asset as a guarantee — like your car or home. It protects the lender by allowing it to repossess and sell your asset to recoup its losses if you default on the loan. With an unsecured loan, the lender believes that you can repay the loan without providing an asset.

    Compare secured vs unsecured personal loans

    Can I get a student loan as a nonresident?

    Can I get a student loan as a nonresident money transfersWhether it’s MIT, UCLA or Harvard, the opportunity to study in the US can open many doors. But not all foreign students can afford tuition, room and board, books and supplies that college requires. For these students, applying for a student loan is often the best bet. International student loans often cover the total cost of school.

    Do I still need a credit history as an international student?

    As an international student, you likely haven’t built up a credit history in the US. Lenders do not require you to have excellent credit, but you are required to have a US cosigner. Your cosigner will legally sign loan papers in order to help you to obtain a loan.

    Because cosigners are jointly and legally responsible for repaying the loan, they must have:

    • Proof of US citizenship or lawful permanent residency
    • Good credit
    • An income history
    • Proof they’ve lived in the US for two years or more

    How can I pursue financing a new home?

    How can I pursue financing a new home money transfersOwning a home is one of the cornerstones of the American dream. Providing shelter for your family and a place to call your own is a step toward integrating into American culture and your new community. But many noncitizens believe there’s no way to obtain a home loan. As a nonresident of the US, financing a home loan or mortgage is difficult, but not impossible.

    The ease of getting a home loan depends on your residency status. Generally, you can apply for a home loan if you are a:

    • Permanent resident with a valid green card (Form I-551)
    • Nonpermanent resident with a valid work visa

    What do I need to apply for a mortgage?

    By assembling the following documentation, you’re assuring potential lenders that you can make future mortgage payments:

    • A valid work visa — E1, E2, H1B, H2A, H2B, H3, L1 or G1–G4 visas
    • A valid Social Security number
    • Employment authorization documentation
    • Proof of employment history
    • A credit history
    • Proof of income

    How to compare loans

    All loans are not created equal. You’ll need to do your research and compare your options before making a final decision.

    Consider these factors:

    • Loan terms. Shorter loan terms could end up being beneficial. You’ll increase your monthly payments, but you’ll pay a lower amount in overall interest.
    • Monthly payments. Monthly payments with variable interest rates or balloon payments typically have lower monthly payments, but these loans come with other catches. Evaluate what you can afford each month before signing any contract.
    • APR. Don’t ignore the APR, which reflects the interest rate, broker fees and other charges. For mortgages, lenders are required to tell you the APR, allowing you to find the best rate to save money in the long run.
    • Interest rate. One of the most important factors to consider is the interest rate. It’s not always easy to compare them, but a loan with a low interest rate may be a bad value if its fees are too high. Likewise, a loan with a high rate and low fees could be an exceptional value.
    • Balloon payments. A balloon payment is a large payment due at the end of a balloon loan. It means you’ll need to pay any remaining money owed at the end of your loan term. If you are a considering a loan with a balloon payment, you will need to have money on hand when it comes due.
    What is a balloon loan?

    A balloon loan is a loan — often a mortgage — that does not fully amortize before the end of its term. This means that while your payments are lower over the life of the loan, you will owe a large payment to pay off the balance at its end. This payment is often more than twice the loan’s average payment, sometimes thousands of dollars. You’ll need to think about whether you will have the cash on hand to pay the balloon payment when it’s due.

    What happens after I receive my loan?

    After you’ve completed and submitted the paperwork, you’ll have to wait to receive your money. Some lenders take 48 hours to authorize a loan, but it could take longer.

    It’s now up to you to stay on top of your repayments. Here’s a few ways to do it.

    • Create a budget. A budget can help you both save for monthly payments and remind you not to overspend.
    • Enroll for automatic payments. With autopay, recurring payments are deducted from your bank account and electronically sent to your lender. It’s the easiest way for you to pay off your loan while avoiding late fees.
    • Avoid skipping even one payment. If you think you won’t be able to make your monthly repayment, contact your lender as soon as possible. Your lender may be willing to explore ways to help.

    Whether you’ve decided to make it your new home or a place to further your studies, the US has a lot to offer nonresidents — including loans to finance your new home, car, tuition or extra cash to ease your transition.

    Getting a loan as a nonresident involves paperwork, documentation and time. But once you’ve followed the process and received your loan, it will be worth it. Stay on top of your monthly payments, and you’ll save both money and your credit history.

    Frequently asked questions

    As a nonresident of the US, a cosigner is required to apply for a student loan. Consider asking your friends or family who are US citizens or lawful permanent residents to be a cosigner.

    The maximum loan amount available for a nonresident is $10,000,000 for a mortgage on one property.

    It depends on the lender. Most lenders don’t have higher interest rates, but others can increase rates by 0.5% to 1%. Interest rates on mortgages for nonresidents are often higher than the average US interest rates.

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    4 Responses

    1. Default Gravatar
      AraAugust 24, 2017

      I have a ssn and a work permit but I’m not a permanent resident of United States, I need around 200k to go to school for dentistry. Some people are telling me non- resident loans can go that high, am I going to be able to find a loan that can cover my studies in a good school? I have a good co-signer and a great profile to go to school with a good gpa

      • Staff
        LiezlAugust 25, 2017Staff

        Hi Ara,

        Thanks for reaching out. Please note that is an online comparison and information service and is not a position to assess your eligibility for a loan.

        You may compare your student loan options on this page and should you want to discuss your eligibility, please get in touch with lender directly.

        Kind regards,

    2. Default Gravatar
      BhagyaJune 19, 2017

      Although this website says the listed lenders offer loans for non-residents, when I go to their websites and check it always says to be eligible you need to be either a US citizen or a permanent resident. I have a 2 years+ credit history and good credit score and I keep receiving promotions from lenders like upstart and prosper but when I apply they just reject me in the end. It’s so stressful having no option to recover financially when you are living in the US as a non-resident.

      • Staff
        AnndyJuly 13, 2017Staff

        Hi Bhagya,

        Thanks for bringing this to our attention.

        There are lenders that offer personal loans to non-residents as long as you are on a valid, long-term visa. Additional criteria need to be met such as having a Social Security number (SSN), US address, a good credit score and meet minimum income requirements. The requirements for these may be stricter than what’s placed on borrowers who are US citizens or permanent residents.

        I hope you are able to find a lender for your borrowing needs.


    US Personal Loans Offers

    Learn about our information service
    Prosper Personal Loan

    Borrow only what you need for debt consolidation, home improvements, special occasions and more — with APRs based on your credit score.

    Lending Club Personal Loan

    Borrow up to $40,000 with rates from 5.99% to 35.89% APR based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    Borrow up to $100,000 with a competitive APR and no fees.

    Upstart Personal Loans

    This newer service looks beyond your credit score to match you with accredited investors for low-rate personal loans.