Loans for Immigrants, Nonresidents and Visa Holders

Immigrants and nonresidents in the US often face unique challenges when it comes to accessing loans, whether for personal, educational, business or other financial needs. While some lenders require a US citizen or permanent resident as a coapplicant, others specialize in financing for immigrants and those on temporary visas.

Lenders that work with immigrants and non-citizens

These lenders are known for working with immigrants and non-citizens, offering options tailored to those with temporary visas. Review each lender’s visa requirements, eligibility criteria and APR ranges to find the best fit for your financial needs.

• SoFi's terms and conditions

  Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount.
  SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/23 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.
  Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
  Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
  Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

Note: APR ranges and eligibility criteria are subject to change; please verify with the lender for the most current information.

How do loans for immigrants work?

For lawful permanent and nonpermanent residents, applying for a loan is nearly the same process as for US citizens.

The application and approval process depends on the lender and the type of loan you choose. Generally, as an immigrant, you must submit documents proving you’re in the US legally and might have to apply with a cosigner to add security to the loan if your credit history is lacking.

Most lenders don’t have higher interest rates for immigrants or non-citizens, but some may increase rates by 0.5% to 1%. Interest rates on mortgages for nonresidents are often higher than the average US interest rates as well.

Typical loan requirements for immigrants or non-US citizens

Some lenders offer loans to immigrants without a Social Security number, but you need some identification and likely a visa. Expect to see these requirements when you’re applying for a loan as a US non-citizen:

• SSN or ITIN. You’ll need a Social Security number (SSN) or individual taxpayer identification number (ITIN). Most lenders like LendingPoint require one of these numbers to apply, which you should have received after completing a visa application.
• An eligible visa. SoFi allows borrowers with E2, E3, H1B, J1, L1 or O1 visas or a Form I-797A or I-797B. A few lenders specifically offer financing for non-citizens on work or student visas, including DACA recipients.
• Income to repay. Regardless of your immigration status, you need enough income to comfortably repay the loan. Proof of income is usually fulfilled by pay stubs, tax returns and supporting bank statements.
• Meet age requirements. The minimum age to obtain financing in most states is 18 years old. However, some states, such as Nebraska and Delaware, set it at 19 and Mississippi sets it at 21.
• Active bank account. Most lenders require you to have an active, valid bank account with a positive balance.
• Decent credit score. Credit score requirements vary, but generally, you need a credit score above 600 for many types of loans. Some lenders are more lenient, though, and may allow scores as low as 300.
• A cosigner. If you don’t have a consistent credit history, a lender may require a cosigner.

What is a cosigner?

A cosigner is someone who signs the loan with you. The cosigner offers more security on the loan because they promise to repay the loan if you cannot, which increases your chances of approval.

A cosigner doesn’t help you with installment payments each month, though — they’re the backup payer. For a cosigner to actually help your approval chances, they need a good credit score and proof of income and likely need to be a US citizen or have lived in the US for at least two years.

Loans with ITIN number

An individual taxpayer identification number (ITIN) is typically required for a loan if you don’t have an SSN. It’s a tax processing number for immigrants, non-citizens, aliens and their family members who can’t get an SSN.

You’re eligible for an ITIN number as soon as you start paying taxes. You can get an ITIN by filling out a W-7 application, and you’ll need to include documents supporting your resident status and your identification.

If you need help, look for an IRS Acceptance Agent near you — an entity like a college or bank that the IRS has authorized to assist with your application. You can find an acceptance agent in or out of the US on the IRS website.

How to check your credit score with an ITIN

Most US citizens use their SSN to check their credit score — and having an SSN is required to get copies of your credit reports with AnnualCreditReport.com.

To check your credit reports and credit score with your ITIN, contact each credit bureau directly. The three major credit bureaus are TransUnion, Equifax and Experian. You may need to make the request in writing or over the phone since some credit bureaus don’t have online access set up for ITIN.

You’re entitled to a free copy of your credit report from each bureau once every 12 months, and reviewing your own credit reports and credit score does not harm your credit score.

Nontraditional credit references

As an immigrant or non-citizen, it may be possible to get a nontraditional credit check, which could help you get a loan without a credit history.

Nontraditional credit references can include:

• Your rental history
• Payment history for utility bills like gas, electric, water or cable TV
• Non-payroll-deducted medical, life, auto or renters insurance
• School tuition

Depending on the lender you choose, you’ll likely need sufficient credit references to increase your approval odds. It helps if your credit accounts are free of late payments, collection accounts, bankruptcies and foreclosures.

Try to have a minimum of three nontraditional credit references — they can really help if each shows at least 12 months of on-time payments.

Are there borrowing restrictions for nonresidents or immigrants?

Even when you find a lender that works with immigrants and nonresidents, you may face some restrictions, such as:

• If you don’t have a consistent credit history, you may be required to apply with a cosigner.
• If you’re a non-citizen who will be in the US for a limited time, approval for a loan may be hard. If you do qualify for a loan, lenders may offer shorter repayment terms to align with your visa duration to reduce their risk.
• If you’re a foreign national, you may have difficulty getting a mortgage because lenders are unprotected if you default. Some lenders have programs for foreign nationals but may require a high down payment to qualify.
• If you have diplomatic immunity, you aren’t subject to US laws — so you aren’t legally liable to pay back the loan. That’s a risk most lenders aren’t willing to take.

5 types of loans for nonresidents

Nonresidents in the US have a range of loan options available to help cover various needs. While the application process and requirements vary by loan type and lender, many nonresidents can qualify with the right documentation.

Below are some of the main loan types offered to immigrants and non-citizens, along with what to expect when applying.

Personal loans for nonresidents

A personal loan for nonresidents is similar to a personal loan for residents. If approved, you can use the money you receive to cover almost any expense. You pay back the money you borrowed, plus interest over the term.

Immigrants are eligible to apply for some personal loans — both secured and unsecured. Just be prepared for plenty of paperwork.

Secured personal loans for immigrants

Secured personal loans are often easier to qualify for. By offering collateral, such as a car or savings account, foreigners and other non-citizens may find it simpler to get approval and may benefit from lower interest rates. Lenders may see the collateral as a way to mitigate risk, especially for those with limited US credit history.

Unsecured personal loans for immigrants

Immigrants can also consider unsecured personal loans, which don’t require collateral. However, these loans often come with stricter eligibility requirements, such as a higher income, a strong credit history or proof of visa duration. Lenders offering unsecured loans may provide higher interest rates and shorter terms for nonresidents to align with their anticipated stay in the US.

Applying for a personal loan as an immigrant or non-US resident

The paperwork required to fill out your application depends on the type of loan you’re applying for and the lender you’re applying with. In general, lenders only grant loans to people who plan to continue working in the US for at least three years or through the loan’s duration.

Expect to provide:

• Copies of your passport
• An Individual Taxpayer Identification Number (ITIN)
• A valid visa — E1, E2, H1B, H2 A, H2B, H3, J1, L1, G series or 0-1
• Employment authorization Form I-766 or I-765 to prove that you are eligible to work in the US
• Form I-797A with an attached I-94 or any other documentation that can prove you’re authorized to work in the US
• Form I-20, otherwise known as a certificate of eligibility for nonimmigrant student status, which you should receive from your school
• Proof of income, such as pay stubs, tax returns or bank statements

Student loans for immigrants and nonresidents

As an international student on an F1 visa, you likely haven’t built up a credit history in the US to qualify for a student loan on your own. Lenders don’t require you to have excellent credit, but they might require you to have a US cosigner.

If you don’t have a cosigner, you still have some options. Lenders like Mpower and Prodigy specialize in student loans for F1 international students. Rather than looking at your credit score and current income, these lenders consider your academic record and how much you might earn in the future.

Mortgages for permanent and nonpermanent US residents

Financing a home loan or mortgage as a nonresident may be challenging, but it can be done. The ease of application usually depends on your residency status, visa type and income.

Generally, you’re eligible for a home loan if you are a permanent resident with a valid green card (Form I-551) or a nonpermanent resident with a valid work visa and an ITIN. If you’re neither, it will be more difficult to find a lender willing to finance a mortgage.

What do I need to apply for a mortgage as a nonresident?

Lenders typically ask to see the following documents from non-citizen applicants:

• A valid visa — A1, E1, E2, H1B, H2A, H2B, H3, J1 L1 and G1–G4 visas are the most widely accepted
• A valid Social Security number
• Employment authorization documentation
• Proof of employment history and income
• A multiyear credit history

In addition to the requirements above, lenders may require a 20-25% down payment for J-1 visa mortgage approval​.

Business loans with an ITIN

If you’re on the hunt for a business loan without an SSN, you may be able to use your ITIN to apply with most lenders. You can even apply with Small Business Administration (SBA) providers with an ITIN, but the criteria may be stricter.

You can also use your ITIN to apply for an employer identification number (EIN), which is a number used to identify businesses for tax purposes.

Typical requirements for a business loan can include:

• Be a US resident or permanent resident
• Be the age of majority in your state
• Have $50,000 to $100,000+ in annual income
• Have a 500+ credit score, depending on the lender
• Be in business for 3 to 24 months, depending on the lender
• Have no bankruptcies or foreclosures in the last few years

Car loans for immigrants

Getting a car loan in the US as a nonresident or immigrant is entirely possible, but you may need to meet a stricter set of requirements than citizens would. Here’s what you need to know:

• Eligibility requirements. Lenders typically consider factors like visa type, income and employment stability. Visas that offer longer stays (like H1B, L1 or J1) or employer sponsorship are likely to improve your chances since they suggest a commitment to remaining in the US.
• Loan term limits. Most lenders match the loan term with your visa’s duration, meaning they may only offer a term that ends a few months before your visa expires. Pending visa extensions usually aren’t factored into the lender’s decision, so you may need to wait and apply for a loan once your stay is extended.
• Down payment and credit history. Since many immigrants have limited or no US credit history, lenders often focus on your down payment, income and job stability when making a lending decision. Consider making a larger down payment, which reduces the lender’s risk and increases your approval odds.
• Employment restrictions. Be aware of any work restrictions placed on your visa. Lenders may verify whether your work hours meet visa restrictions. If you exceed these limits, lenders could consider it a risk and choose not to approve your loan.

Other types of loans for immigrants

Non-citizens have access to a variety of loan types beyond traditional personal and business loans. Here’s a look at other options available.

Frequently asked questions

What is an immigration loan?

Immigration loans are designed to help cover the cost of relocating to the US. They’re offered by nonprofit organizations such as One Percent for America (OPA), Capital Good Fund and Mission Asset Fund (MAF) to pay for application fees, legal fees, travel and other costs related to immigration.

Can you get a loan as an immigrant?

Yes, immigrants can get various types of loans in the US, including personal, auto and business loans. However, eligibility and loan terms vary based on visa status, credit history, residency duration and income.

Can I get a loan without an SSN?

Yes, some lenders accept an Individual Taxpayer Identification Number (ITIN) instead of an SSN, allowing immigrants without an SSN to apply for certain types of loans, such as personal or auto loans.

To make sure you get accurate and helpful information, this guide has been edited by Megan B. Shepherd as part of our fact-checking process.

Written by

Christi Gorbett

Contributor

Christi Gorbett is a freelance writer with more than eight years of experience and a master's degree in English. She’s created a wide range of content for banks, financial product comparison sites, and marketing companies on topics like small business loans, credit cards, mortgages, retirement planning, lender reviews, and more. As a former teacher, Christi excels at making complex financial topics accessible and easy to understand. Her interest in finance grew when she returned to the U.S. after living in South Korea for nearly a decade. This shift was driven by several personal financial challenges: rebuilding her financial base after the move home, starting her own business, and catching up on retirement savings. These experiences deepened Christi’s practical understanding of finance and intensified her interest in the field. See full bio