A personal loan for foreigners may be a good option if you need money quickly and you know you can pay it back over a certain period of time. Before you apply, check your credit score and use a loan calculator to determine the monthly payments based on your loan amount, interest rate and repayment term. If you find that your credit score is too low to qualify for a personal loan, you should work on improving it before trying again.
Lenders take a risk whenever they lend money to people. When lending to non-citizens, the risk is higher because these borrowers are only in the United States for a limited period of time. If they leave the country before paying off their personal loans, there’s no legal recourse for lenders to recover their money.
Lawful permanent residents, or green card holders, have the easiest time qualifying for personal loans since they’ve been in the country for years and can provide proof of long-term residency and Social Security numbers. However, even this type of borrower may have a hard time getting a personal loan because of a lack of credit history and fear that the borrower will leave the country before repaying the loan.
Banks, credit unions and online lenders offer personal loans to a wide range of borrowers. Compare rates from different lenders before choosing one that best suits your needs. Some lenders allow you to prequalify without a hard credit check, and this process can be an excellent opportunity to improve your chances of qualifying for the loan by showing consistent financial behavior over time.