11 Jul Top 6 Personal Loans for L-1 Visa Holders
Applying for a personal loan when you are a non-resident can be difficult. Fortunately, there are some lenders who look past the traditional U.S. loan application requirements. Lenders such as LendingClub, SoFi, LendingPoint, Earnest and, Stilt, grant personal loans to non-resident borrowers. Some of these lenders also provide personal L-1 Visa Loans to L-1 Visa Holders.
What is an L-1 Visa?
An L-1 Visa is a type of work visa that enables professionals working for a company in a foreign country to transfer to another branch of that company in the U.S. This Visa is also known as an Intracompany Transferee Work visa.
Can Immigrants on an L-1 Visa Get a Personal Loan?
If you are an immigrant and want to apply for loans, you would ideally need a two-year credit history and a valid credit score within the U.S. Your credit history is one of the key indicators and measuring sticks used to approve a loan application. This is usually a problem for immigrants who have not been in the U.S long enough to build up their credit score.
The good news is there are some lenders who look beyond your credit score at other factors to see if they can give you an L-1 Visa Loan! These factors can include:
- Employment status
- Monthly income
- Previous rental agreements or bills showing consistent payment history
- Different form of insurance e.g. life insurance
Some of the personal loans non-permanent residents can apply for is a mortgage loan. Most lenders don’t offer mortgage loans to immigrants, but the lenders listed below offer L-1 Visa loans to non-permanent residents. You can consider applying with them for a mortgage.
To apply for a mortgage, lenders might require the following documents:
- A valid work visa (such as an L-1 visa)
- A valid social security number
- Your Employment Authorisation Documents
- Proof of your employment history
- Your credit history
- Proof of your income
What Other Factors Do Banks Look At?
- Are you employed? (If you are an L-1 visa holder you tick this box)
- Do you have a U.S. bank account?
- Do you have a social security number? (If you applied for an L-1 visa this won’t be a problem)
- In which state do you live?
Although most personal loans in the U.S. are not aimed at immigrants, you might still be able to apply for an L-1 Visa Loan! All you need is a little bit of patience.
What Types of Personal Loans are There?
There are three main types of personal loans non-residents can apply for. Consult the following table to see what could work for you.
|Short-term loan||Loans typically for smaller amounts of money and used for any legitimate purpose.|
Repayment terms vary from a few weeks to months but is usually planned around your next salary dates.
A very quick and convenient way to cover what you need.
Some lenders offer up to $2,250.
|Installment loan||An ideal loan to improve your credit history because it shows lenders that you can make your payments responsibly.|
Repayment terms are at a set number of payments over a scheduled period of time.
These loans are typically for once-off expenses that need a quick fix.
|Generally up to $5,000.|
|Unsecured loan||Unsecured loans do not require you to provide an asset as a guarantee, as the lender trusts you can pay back the loan without providing a guarantee.|
Fixed terms and fixed interest rates apply.
|Generally up to $100,000.|
However, there are some lenders who provide much more for specific purposes.
Best Personal Loans for L-1 Visa Holders
Not all personal loans are the same, so make sure you do your research and compare the following factors before you make a final decision:
- Loan terms (how long will you be paying back and over what period is interest accruing).
- Monthly payment amount (make sure this is not more than what you can afford).
- APR (this reflects all interest and other fees applicable to the loan).
Below are some of the best personal loans for L-1 Visa Holders:
|Lender||Do they offer loans to non-residents?||Specific requirements||Amount and term|
|LendingClub||Yes||Must be 18 years or older with a verifiable bank account||$1,00 – $40,00|
|SoFi||Yes||Must be 18 years or older with a verifiable bank account. Requires good to excellent credit score.||$5,000-$100,000|
3, 5 or 7 years
|Stilt||Yes||Must be employed and have a U.S. bank account||$2,000 – $50,000|
1, 2, 3 years
|Earnest||Yes||Must be 18 years or older with proof of regular income||$1,000 – $25,000|
Up to 2 years
|LendingPoint||Yes||Must be 18 years or older with a verifiable bank account with a minimum annual income of $20,000.00 and a valid social security number||$2,000 – $25,000|
Unfortunately, loan options for visa holders are more limited than they are for U.S. citizens. But just because you’re an L-1 visa holder, it doesn’t mean you don’t have options. Lenders like Stilt, Lending Point, and others are here to help visa holders make the most of their time in the U.S.!