If you are a citizen of another country who is living in the United States then you might want to know about foreigners loans. That’s especially true right now when coronavirus may have limited your options both for traveling back to your home country and for working to earn an income in the US. Can you get a loan as a foreigner living here? Yes.
Foreigners Loans Are Possible
Although it’s not necessarily as easy to get a loan as a foreigner than it is for a United States citizen to get a loan, foreigners loans do exist. In fact, many types of loans are available to people here regardless of citizenship status. Loans are often based on income and credit history with less, if any, attention to citizenship.
Limitations and Considerations on Foreigners Loans
Here are some of the things that you should know about foreigners loans as compared to getting a loan when you’re a United States citizen:
- You may be more likely to need a co-signer.
- The longer you’ve been in the country, the easier it will often be to get foreigner loans.
- The longer you’re going to live and work in the country, the easier it will be to qualify for a loan.
- Foreigners with diplomatic immunity may find it harder to get loans.
- Interest rates might be higher for foreigners.
- It’s often easier to get mortgages and auto loans than to get personal loans. Mortgages generally require a green card or a valid work visa.
How to Get a Loan as a Non-Citizen in the US
If you’re living in the United States, here are some things that you can do to improve your chances of qualifying for a loan:
- Apply for a loan with a company such as Stilt that looks at more than just your credit score when considering whether or not to accept you as a borrower. Similarly, you might look for lenders that specifically choose to work with immigrants. Just be careful that you double-check their business history so that you don’t get scammed.
- Put together a set of documents showing your credit history in your own country. Add to this any documents you have showing your payment history in the United States (such as rent payment history.) Use this information to supplement your loan applications.
- Request an Individual Taxpayer Identification Number (ITIN). This will help you apply for loans even if you don’t have a Social Security Number. Moreover, you can look for lenders that specifically work with people who have an ITIN.
- Transfer money from your foreign bank accounts into a United States bank account. This is particularly important for large loans, such as mortgages. Many lenders prefer to see that you have access to funds here in the United States.
Of course, if you do end up qualifying for a loan in the United States, make sure to be a good borrower. Make on-time payments every month. This will help you get additional foreigners loans in future.
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