Personal Loans for Undocumented Immigrants: What You Need
As an undocumented immigrant, you’ll need to provide enough financial information to prove to lenders you have the ability to pay back your loan. You can still qualify for a personal loan even without an SSN or U.S.-based credit history. In this article, we’ll walk you through personal loans for undocumented immigrants and what you need including all the details to provide in order to qualify for a personal loan as a non-resident.
Is it Possible to Get a Loan as a Non-U.S. Citizen?
Non-U.S. citizens are certainly eligible to apply for personal loans, but there are certain requirements you’ll need to meet to qualify. Lenders need to see that you have a valid green card or Visa that stretches at least throughout the length of the loan. Most types of visas are accepted, but this could vary by lender.
Aside from your green card/visa status, you’ll also need to provide proof that you can repay the loan. Lenders will look for proof of stable income as well as a US credit history report of at least two years. As a new immigrant, you probably don’t yet have a US credit report. Fortunately, you can also provide additional information like pay stubs, rental history, credit reports from your previous country of residence, and more.
Some banks flat out refuse to lend to undocumented immigrants and will site perceived risk as to the reason. Don’t get discouraged, as there are plenty of companies offering personal loans to those of all backgrounds.
What Do You Need to Qualify for a Personal Loan as a Non-Resident?
As a non-resident, your personal loan application will likely require additional documents compared to those with established financial histories in the United States. That’s because you’ll likely have to provide additional financial information in order to prove your creditworthiness.
Here are some of the additional documents you may need to provide:
Form of Identification: Identification card or driver’s license
Proof of Income: Pay stubs, W-2, bank statements, or tax returns
Employment Information: Current employment status and employer contact information
Proof of Address: lease information, utility bills, etc...
Personal Information: contact information and SSN/ITIN
Loan Request Details: Requested loan amount, term, and use of funds
Education Information: Your highest level of education earned, degree, and GPA.
Can You Apply for a Personal Loan Without an SSN?
Despite some common myths, it is entirely possible to get approved for a personal loan without providing an SSN. Some institutions may require you to submit an SSN, but there are plenty that don’t. You will need to provide lenders with your ITIN number in the absence of a valid SSN. Your Individual Taxpayer Identification Number (ITIN) is a 9-digit identification number given by the IRS to those who do not qualify for an SSN.
You can obtain your ITIN by submitting a W7 to the IRS along with a tax return. Once received, an ITIN is mailed out to you.
Which Personal Loans Can You Qualify for as a Non-US Citizen?
You can certainly qualify for a personal loan as a non-U.S. citizen, but sadly only a select amount of lenders are willing to offer credit to undocumented immigrants. This makes the process more stressful, but it shouldn’t be. Listed below are the best personal loan options for Non-U.S. citizens.
Best Personal Loans for Undocumented Immigrants
Upgrade Personal Loan: You must be a permanent resident or long-term visa holder
SoFi Personal Loan: You must be a permanent resident or hold E-2, E-3, H-1B, J-1, L-1, or O-1 visas and apply for permanent status.
As an immigrant, lenders may offer less than favorable terms on your loan. We suggest shopping around and getting a feel for all of your options.
Start Building Credit Now
Be ready when it comes time to apply for a loan by starting your credit journey with Upwardli! Upwardli can help you build your credit score, find a credit card, and teach you the ins and outs of the U.S. financial system. And Upwardli will be with you each step of the way!
