It is possible but for personal loan you need to be a visa or green card holder to make that a reality. When it comes to personal loans, several requirements must be met – you must have a particular debt-to-income ratio and a certain credit score. However, your U.S. residency status is also a contributing factor.
Earnest is the leader in lending loans to visa and green card holders but only if they have the following types: F1, H-1B, E, O and TN. SoFi will also lend to J1 visa holders, which is generally given to cultural exchange students or scholars.
LendingPoint needs prove of a Social Security Number, but if you don’t have this and are a legal U.S. resident, you’ll have to clear other hurdles.
You also need to borrow money from companies that do business in your state of residence.
How A Non-US Citizen Can Apply For A Personal Loan
After you know of a lender that will work with your kind of visa, you need to start the loan application process. The application a person fills out may vary. If you have a SSN as a green card holder, the process will go much smoother. Make sure you talk with the lenders to find out what they need from you in the loan application. Each lender is different in their requirements, so it’s imperative to come at them on their terms to have your loan approved.
Be Sure To Research The Different Companies To Get The Right Loan
If you are eligible for a loan, it’s a good idea to know what the loan terms are, the APRs and the protections lenders give to you before you settle on a particular one. You may want to stick with a lender that offers loans to immigrants, but it may not be ideal for you in the grand scheme of things.
Consider if you’ll need a co-signer or not. Some loans come with short-term times than others, which can increase the monthly payment you have to make. For example, if you take out a $20,000 loan with an 8 percent interest rate for two years, you’re paying $900 or more a month each month. Is that feasible for you?
Always use a personal loan calculator to determine what your rates would be based on the terms you apply to them.
It is possible to find personal loan lender when you’re not a U.S. citizen, and with a little due diligence, you can get through the application process quickly. Before you know it, you’ll have the money you need at the time you need it. Also you can visit cashnetusa customer login and take additional consultation.