Want to know about the best loans for immigrants in the USA. Paying tuition fees, buying a car, to pay back a debt, these are only some of the reasons why you may feel the need to take a loan.
If you’re an immigrant in the USA, the avenues available to you for a personal loan are limited. Most banks and financial institutions require immigrant applicants to cosign a loan with a citizen or permanent resident. That said, it isn’t impossible to get a loan on your own.
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Loans For Immigrants In The USA – An Overview
The process of applying for a loan is the same for immigrants as well as citizens or permanent residents. The costs and fees are also the same though the interest rate and the loan amount eligibility may vary.
Ideally, you should have a good credit score and documents that prove that you are in the USA legally in order to apply for a loan.
Read: Can We Expect 9 Million Skilled Job Vacancies In The USA?
Best Loan Options Available For USA Immigrants
Sensing a gap in the market, there are a number of private financial institutions that have been founded to cater specifically to the needs of immigrants. They offer secured and unsecured personal loans. Some of the best options for a loan in the USA are:
- Bank Of America
Bank of America offers auto loans to resident and non-resident aliens as long as they are over the age of 18 years and are buying a vehicle for personal use. The vehicle they seek a loan for must be less than 10 years old, with less than 125,000 miles covered and worth more than $6,000.
- Loan available for $5,000 and above
- Repayment time span: 1 to 5 years
2. TD Bank
Immigrants over the age of 18 years will be eligible for a loan from the TD Bank if they have proof of employment, a valid Social security number, a credit score of over 680 and residential address within the bank’s area of operation.
- Loan available for $2,000 to $50,000
- Repayment time span: 1 to 5 years
3. Lending Club
Lending Club offers loans to immigrants who are on a long-term visa in the country. The applicant must also be over the age of 18 years and have a verified bank account.
- Loan available for $1,000 to $40,000
- Repayment time span: 3 to 5 years
4. Stilt
Stilt offers personal loans to immigrants on F-1 visas and OPT, H-1B, O-1, L-1, TN and J-1 visas, and DACA. The applicant must have a valid bank account in the USA and be employed. They currently cater to immigrants in 13 states.
- Loan available for $1,000 to $25,000
- Repayment time span: up to 3 years
5. Boro
Immigrants with F-1, OPT, H-1B, J-1, L or O-1 visas are eligible for personal loans if they are enrolled in a US school and meet the GPA criteria of over 2.0 for undergrads and 3.0 for grad students. The loans are available only in certain states.
- Loan available for $1,000 to $3,000
- Repayment time span: 1 to 3 years
6. SoFi
Immigrants on a J-1, H-1B, E-2, O-1 or TN visa are eligible for a loan as long as they have at least 2 years validity on their visas or have applied for visa renewal or a Green Card.
They must also be over the age of 18 years, have a good credit rating and a valid bank account. SoFi does not offer services to people in Mississippi.
- Loan available for $5,000 to $100,000
- Repayment time span: 24 to 84 months
7. Lending Point
Any immigrant over the age of 18 years with a valid bank account, social security number, minimum annual income of $20,000 and a local, state or US federal government-issued photo ID can apply for a loan.
- Loan available for $2,000 to $25,000
- Repayment time span: 2 to 4 years
8. Earnest
Earnest offers loans to non-residents on a O,E or TN visa, conditional permanent residents and immigrants with a 10-year green card. The applicant must be over the age of 18 years and show proof of a regular income. These loans are available only in certain states.
- Loan available for $5,000 to $75,000
- Repayment time span: 3 to 5 years
Getting a loan as an immigrant may involve a lot of paperwork but it can be done. Compare rates from several lenders before signing a deal. Once the loan is granted, make sure the installments are paid back regularly and in time to build your credit score.
Remember, the higher your overall credit score, the lower the interest rate you will be eligible for in the case of future loans.
Also See
- How Non-US Citizens Can Get a Social Security Number?
- The Cost Of Living In The USA – A Guide For Expats And Students
- Tax Filing For International Students In The USA – Why File Your Taxes Before July 15th
- The A To Z Of Tax Filing In The USA For International Students