Anyone can struggle to qualify for personal loans, but non-U.S. citizens may face even greater difficulties in 2024. Many lenders’ strict qualification requirements will limit the availability of low-interest personal loans to non-US citizens by 2024. If you are unable to obtain a personal loan, consider less expensive alternatives.
Most non-U.S. citizens can still get personal loans in 2024, but the location and amount you can borrow may be more limited. Some lenders will accept an ITIN instead of a Social Security number, so it isn’t always necessary. In 2024, personal loans will be available to non-US citizens who do not have a Social Security number or US citizenship.
Best Personal Loans for Non-U.S. Citizens of 2024
Non-U.S. citizens in 2024 must compare personal loans from multiple lenders before committing to one. This allows you to find the best loan for your needs. As a result, we’ve compiled a list of reputable partner lenders that offer personal loans to non-U.S. citizens in 2024 to help you choose the best one:
Best Egg
Best Egg is a reputable lender that offers competitive rates, reasonable loan terms, and personal loans for people with poor credit. To be eligible, borrowers need to have a minimum FICO score of 600. A lower score, though, can result in a higher APR. The APR, which varies from 0.99% to 9.99%, takes origination fees and interest rates into account.
The chance that a loan will be approved increases with a successful Best Egg prequalification. Loans range from $2,000 to $50,000, with fees for origination, late and unsuccessful payments, and check processing. Furthermore, eligibility is available in all states except DC, IA, VT, and WV, with a zero-income minimum.
Customer service is available by phone and email, and funds are usually received within one to three business days of successful verification. Loans can be used for home improvements, debt consolidation, and credit card refinancing.
SoFi
SoFi provides large loan amounts, flexible repayment terms, autopay and direct pay discounts, same-day funding, and fee-free personal loans. Convenience is prioritized, with features like live chat and a straightforward prequalification process. However, applicants must meet SoFi’s loan eligibility criteria, which can be difficult for those with bad credit.
Secured loans and cosigners are prohibited. Loan amounts range from $5,000 to $100,000, with repayment terms spanning two to seven years. Origination fees are charged in exchange for lower interest rates.The customer service team provides assistance via live chat, email, and phone. Additionally, funds are received within days of approval and bank account verification.
Discover
On its website, Discover Personal Loans provides low annual percentage rates (APRs), seven-year repayment terms, no origination fees, nationwide availability, and no prequalification requirements. Eligibility also requires a FICO score of 660 or higher and an annual income of at least $40,000.
After a loan has been approved, funds may be available as soon as the following business day. Loans are used for major purchases, home renovations, credit card refinancing, auto repair, medical expenses, taxes, weddings, and vacations. Furthermore, cosigners with fair or subpar credit scores are not accepted by Discover.
Credible
Credible provides a personal loan solution to non-citizens of the United States. It’s an online marketplace where you can compare prequalified rates from different lenders with a single application. This will benefit non-U.S. citizens in 2024 who have different eligibility and documentation requirements than US citizens.
Credible accepts a diverse range of borrower profiles from non-US citizens, including those with varying immigration status. Certain lenders in Credible’s network may accept a variety of documents. Individual Taxpayer Identification Numbers (ITINs) may be used in addition to or instead of Social Security numbers, though the specific requirements vary by lender.
LendingPoint
LendingPoint is an Atlanta-based online lender that offers personal loans to applicants in all 48 states and Washington, D.C. The loan amounts range from $1,000 to $36,500, with a $3,500 minimum for Georgia loans. The repayment terms range from two to six years, or 24 to 72 months.
LendingPoint’s main drawbacks are high maximum APRs and origination fees, which can be mitigated by maintaining a good credit score. The lender has no prepayment penalties, requires a low credit score, and charges origination fees of up to 10% in some states. A minimum credit score of 600 is required, along with a yearly income of $35,000.
Upgrade
Upgrade is a well-known lender with nationwide availability, same-day funding, low interest rates, autopay and direct pay discounts, and seven-year repayment terms. Fair-credit borrowers can apply for it, and prequalification with a Social Security number is not necessary.
Upgrade also provides secured loans for individuals. However, it has origination fees ranging from 1.85% to 9.99%, minimum annual income of $25,000 and a minimum FICO score of 600. Loan amounts range from $1,000 to $50,000, with repayment terms ranging from 2 to 7 years. The lender offers customer service via email and a soft credit check.
LightStream
Lightstream, a dependable partner lender, offers loans up to $100,000 for major purchases like weddings and home renovations. Applying for a loan can result in funds available the same day, and home improvement, RV, and boat loans have a 20-year repayment period. Lightstream provides low rates, with its lowest annual percentage rate (APR) being one percentage point lower than SoFi’s claimed lowest APR.
However, good credit is required to qualify. Unlike some lenders, Lightstream does not offer a phone number or permit prequalification on their website. Repayment terms for loans vary from two to twenty years, and loan amounts range from $5,000 to $100,000. All states are eligible, with the exception of RI and VT.All states are eligible, with the exception of Rhode Island and Vermont.
Final Thought
Even though non-U.S. citizens will have fewer loan options in 2024, it is still critical to shop around and compare as many lenders as possible to find the best personal loans for you. Consider the lender’s fees, interest rates, and repayment terms, as well as the residency requirements.