Top 3 Personal Loans for F-1 Visa Holders

International students on F-1 visas often find it stressful to study abroad as there are large costs involved. These essential costs include tuition and boarding.

Fortunately, if you are a student in the U.S. on an F-1 visa, you aren’t stuck. There are lenders in the U.S. who offer loans to nonresidents as well as international students to help out when things get sticky.

What is an F-1 Visa?

F-1 visas are visas specifically for those students who wish to study or further their education in the U.S. (i.e. for international students). This visa is required if you want to study at an academic institution like a(n):

• University
• College
• Public or private school
• Seminary
• Conservatory

If you only want to do vocational training study at another non-academic institution, you will need an M-1 visa.

It’s important to note that F-1 visas or only for people visiting the U.S. on a temporary basis. An F-1 visa is, therefore, a non-immigrant visa.

Can Students with an F-1 Visa Get a Personal Loan?

If you are an F-1 student, you can get a personal loan like F-1 Visa loan, but isn’t necessarily an easy process. One difficulty may be your credit score. It is likely you haven’t been in the U.S. long enough to build up a good credit score (or even an average one). Most lenders generally require a two-year credit history and a valid credit score.

Fortunately, there are lenders who will offer you other options. One such option is to have a cosigner.

Cosigners as an Option to Get an F-1 Visa Loan

Cosigners sign with you for an F-1 loan and bind themselves jointly for the debt. To the lender, this is extra security as they can claim it from your cosigner if you can’t repay the loan.

As the lender relies on the cosigner as security, they often require the cosigner to have:

• proof that they are a U.S. citizen or lawful permanent resident
• a good credit history and credit score
• history of a steady income
• proof of living in the U.S. for longer than 2 years

Other Options to Help You Get an F-1 Visa Loan

Some lenders also give you the option to provide other proof that you are a good candidate to get an F-1 visa loan. One option could be providing nontraditional credit accounts such as a utility bill or an insurance account. Some lenders might even accept a credit rating or credit history from a foreign credit reporting agency.

Other lenders also look at non-credit related factors such as being employed, or your monthly income to determine if you are an eligible borrower.

3 Types of Personal Loans You Can Consider

5 Best F1 Visa Personal Loans

It’s not always easy to get funding for school when you’re on an F1 visa in the US, especially since non-citizens don’t qualify for federal loans. Luckily, F1 visa holders can qualify for personal loans, which can be used for anything, including tuition and other school-related costs. Below, we’ll look at some of the best personal loan options for F1 visa holders. Here’s a quick look at our picks:

1. AmOne (Best for Okay or Good Credit)
2. Spring Loans (Best for Bad Credit or No Credit)
3. First Premier Lending (Best for Bad Credit)
4. Upgrade (Best for Good Credit)
5. Avant (Best for Okay Credit)

Read on to learn about each of these lenders and why we picked them. 

1. AmOne (Best for Okay or Good Credit)

AmOne’s platform connects a diverse range of borrowers, including international students, to suitable lenders. Recognizing the unique financial challenges faced by students from abroad, AmOne facilitates matches that can help these students secure personal loans tailored to their specific needs and circumstances.

Check rate on website

on website

AmOne Personal Loan

4.5

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.

Min. credit score

600

Fixed APR

3.99%-35.99%

Variable APR

N/A

View details

Overview

• Minimum credit score: 600.
• Fixed APR: 3.99%-35.99%.
• Loan amounts: $1,000 to $50,000.
• Repayment: 1 to 7 years.

Qualifications

• Must be at least 18 years old.
• Must be a U.S. citizen or permanent resident.
• While there’s no specific income requirement, a consistent source of income is essential for the applicant.

Pros

• Suitable for individuals with lower credit scores.
• No cost for the matching service.
• Attractive loan rates.

Cons

• Acts as an intermediary, not a direct lender.
• Risk of multiple contacts from prospective lenders.
• Lack of clarity on lender details.

2. Spring Loans (Best for Bad Credit or No Credit)

Spring Loans offers a range of personal loan solutions suitable for a wide array of needs. For international students, who might have limited credit history in the host country, Spring Loans can be an avenue to explore flexible lending options designed to accommodate their specific requirements.

Check rate on website

on website

Spring Loans Personal Loan

4.2

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.

Min. credit score

None

Fixed APR

27.00%

Variable APR

N/A

View details

Overview

• Minimum credit score: None.
• Fixed APR: 27.00%
• Loan amounts: $3,000.
• Repayment: 48 months.

Qualifications

• Demonstrate a recurrent income.
• Minimum age prerequisite: 18 years.
• Validate U.S. citizenship status with an SSN.
• Provide a legitimate U.S. driver’s license or a state identity card.
• Establish a functional bank account for incoming deposits.
• Adhere to any specific demands by the loan provider.

Pros

• Open to applicants with any credit background.
• Four-year loan period aids in structured financial management.
• The $3,000 offer addresses several short-term financial challenges.
• Wide-reaching eligibility criteria invite a broad spectrum of applicants.
• The focus on dependable income over job title benefits varied income sources.

Cons

• The set 27% APR is higher than many alternatives.
• Restriction to a $3,000 loan might not cover all financial outlays.
• Possessing specific IDs is mandatory, sidelining some applicants.
• A prerequisite for an ongoing bank account may limit certain users.

3. First Premier Lending (Best for Bad Credit)

First Premier Lending provides customized loan solutions that cater to individual needs. Understanding the nuances and challenges faced by international students, such as navigating a new financial system and often lacking a domestic credit history, First Premier Lending strives to offer personal loans that address these unique concerns.

Check rate on website

on website

First Premier Lending Personal Loan

4.2

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.

Min. credit score

None

Fixed APR

27.00%

Variable APR

N/A

View details

Overview

• Minimum credit score: None.
• Fixed APR: 27.00%.
• Loan amounts: $3,000.
• Repayment: 48 months.

Qualifications

• Maintain a consistent source of income.
• Must be at least 18 years of age.
• Possess valid U.S. citizenship and a legitimate social security number.
• Hold a current U.S. driver’s license or state-issued ID.
• Keep an active bank account for direct deposit.
• Satisfy any lender-specific criteria, such as credit rating, borrowing history, or place of residence.

Pros

• No minimum credit score requirement allows accessibility for those with varied credit histories.
• 48-month term provides clarity and allows for long-term financial planning.
• Specific loan amount of $3,000 can meet many short-term financial needs.
• Broad set of qualifications make the loan accessible to a wide range of people.
• Emphasis on consistent income, not necessarily employment type, allows flexibility for borrowers.

Cons

• A fixed APR of 27% is relatively high.
• Loan amount is capped at $3,000, which might not cater to larger financial requirements.
• Requirement of a U.S. driver’s license or state-issued ID could exclude some individuals.
• Mandatory active bank account could be limiting for those who are unbanked.

4. First Premier Lending (Best for Bad Credit)

Upgrade emphasizes transparency and inclusivity in its lending processes. International students can explore Upgrade’s offerings to find personal loans that understand their specific context—being new to a country and often without a local credit foundation.

Check rate on website

on website

Upgrade Personal Loan

5.0

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.

Min. credit score

560

Fixed APR

8.49% - 35.99%

Variable APR

N/A

View details

Overview

• Minimum credit score: 560
• Fixed APR: 8.49% – 35.99%
• Loan amounts: $1,000 to $50,000
• Repayment: 3 to 5 years (7 years on some larger loans)

Qualifications

• Possess an active bank account.
• Able to provide a legitimate email address.
• Minimum age requirement: 18 years (19 for Alabama residents).
• Credit score of 600 or higher.
• Annual income of $25,000 or more.

Pros

• Willing to accommodate borrowers with a credit score as low as 560.
• Offers flexibility with a range of loan amounts from $1,000 to $50,000. This can be suitable for both small and large financial needs.
• Provides options for repayment, allowing borrowers to choose a timeline that best suits their financial situation.
• Once approved, borrowers can access funds in just one day, which is useful for urgent financial needs.

Cons

• Origination fees can go as high as 9.99%, which might add a significant cost to the loan.
• Apart from the origination fee, there are fees for late payments and failed payments, which can add up if one is not careful.
• While there is an option to extend repayment for larger loans up to 7 years, it’s not standard for all loan amounts.

5. Avant (Best for Okay Credit)

Avant offers a holistic approach to personal loans, considering various facets of a borrower’s financial profile. This can be beneficial for international students who may lack a traditional credit history in their host country. Avant’s comprehensive lending solutions aim to assist these students in securing the funds they need while studying abroad.

Check rate on website

on website

Avant Personal Personal Loan

4.0

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.

Min. credit score

550

Fixed APR

9.95-35.99%

Variable APR

N/A

View details

Overview

• Minimum credit score: 550.
• Fixed APR: 9.95-35.99%.
• Loan amounts: $2,000-$35,000.
• Repayment: 1 to 5 years..

Qualifications

• Strong credit and income may secure lower rates, but not mandatory.
• Must possess a bank account in good standing under your name.
• A valid Social Security number is required.
• Bankruptcy should not be active.
• Minimum credit score of 550; using FICO score version 8 and VantageScore version 3.
• Minimum monthly net income: $1,200 from various sources including employment, alimony, retirement, child support, and Social Security payments.

Pros

• A dedicated mobile app is available for loan management.
• Offers a diverse selection of repayment terms.
• Customer service is accessible seven days a week.

Cons

• An origination fee might be applicable.
• They don’t offer co-signed, joint, or secured loan options.
• Direct payments to creditors aren’t available for debt consolidation loans.

Final Thoughts

If you’re an F1 student looking for a personal loan, you have options. Which option makes the most sense for you, however, depends on a couple of factors. Is going to be up to you and your situation to determine what the best interest rate and loan term will be and if a cosigner for your loan is possible. Luckily, there are more than few options with rates, terms, and cosigner requirements for every situation.

Read More

• International Student Loans with No Cosigner
• How International Students Can Get a Car Loan
• Loans for Canadian Students Studying in the US
• Student Loan Forgiveness for Professors
• International Student Loans: The Complete Guide

Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

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