Can US visa holders get loans in the US? Here’s what you must know

US visa holders who aren’t US citizens need to learn this

If you are a US visa holder who isn’t a US citizen yet, you may have numerous doubts and concerns about getting loans in the USA. The common doubts include:

  • What credit information must you present for a loan?
  • How much should your earnings be?
  • Do you require a US citizen to co-sign with you?

If you are not a US citizen, it could be a tricky affair to get a loan though it isn’t impossible.

Here’s how you can get a loan in the USA if you are not a US citizen but a US visa holder.

Can those who aren’t US Citizens get loans in the US?

Yes. Non-citizens in the US can get a loan in the country.

Traditional lenders doubt that those who aren’t US citizens may leave the US without repaying the loan. Hence, they are reluctant to lend money to those who aren’t US citizens.

Due to this situation, you as a non-citizen of the US must meet certain criteria to get a loan. These criteria vary from lender to lender.

The following are certain requirements lenders expect you to meet:

  • You must have a Green Card or a visa deemed valid, the validity of which will be there for the entire loan period
  • Your visa must have the possibility of renewal
  • You must have the ability to repay the loan, meaning you must have a stable income
  • You must submit information of your employment, employer, and employment authorization
  • You must have a good credit score (in most cases)

It’s recommended that you have a credit history of 2 to 6 years in the US while applying for a loan. If you don’t have a credit history in the US, providing your payment history on utilities and rentals will be required. If not that, you can provide your credit history vouched by a credit-reporting agency in your nation of origin.

Which visas are eligible for loans in the US?

In most cases, the following visa types are considered acceptable to apply for a loan.

  • H1B
  • H2A
  • H2B
  • H-3
  • E-1
  • E-2
  • L-1
  • O-1
  • G series

How should a US visa holder prepare for the loan process?

A visa holder’s application will meet with harsher judgment than what it takes for a US citizen. The risk involved for the lender to lend money to a non-US citizen is the reason for this.

To increase your chances of succeeding in getting a loan. you may use a few tips shared below:

  • Be sure that all your paperwork is in place. You must have a copy of your Green Card/visa as well as the employment authorization form. Besides these, you will need documents like bank statements or tax returns for income verification. Share your personal, educational, and employment information with your prospective lender.
  • Have clarity about the information on your loan. Be ready to discuss with the lender the exact amount of loan you require, what uses are you going to put the funds to, and in how much time you can repay the money.
  • Be ready with your credit history information. If you have a FICO score along with a history of credit in the US, this delivers you the advantage. If you don’t have the information, be ready with a credit package. In it, you furnish any additional information that will help you with applying for a loan. If you possess a credit history outside of the US, then add that information to your credit package. Include a minimum of 3 accounts where you’ve done payments on time for a minimum of 2 years (for utility bills, rent, tuition payments, insurance, etc.).
  • Consider having a co-signer who’s a US citizen willing to co-sign with you. That will elevate your chances of success.

Without an SSN is it possible for US visa holders to get loans?

An SSN (Social Security Number) can give a definite advantage when it comes to securing a loan in the US. It indicates to a lender that you don’t have to be feared to be a flight risk. The lender will be confident that you will be around, and that a sure way of ensuring your repayment is there.

Traditional lenders are reluctant to approve your loan if you don’t have an SSN. At the very least, they will need an individual with an SSN as well as a good credit history to co-sign with you while applying for the loan.

However, you could get a loan even if you don’t have an SSN. Some non-traditional lenders will be ready to grant a loan to you even without an SSN if you cater to their requirements.

Will applying for a loan affect your credit score?

Detailed credit inquiries are common practice for lenders when you apply for a loan. Such inquiries can influence your credit score – especially if you deal with several lenders and have many hard credit inquiries conducted within a short period of time.

To counter this, several lenders resort to a soft credit pull first. That’s done to review your credit score as well as your credit report for pre-approval. If they are satisfied with the results, you can file an application formally. Then, they will do a hard credit check.


There’s no universal solution for a US visa holder to get a loan. For a lender, you are a riskier client than a US citizen. This is because you may not possess a proven credit record, or you pose the possibility of leaving the country without a full repayment.

Lenders will present their own rules when it comes to determining your eligibility. Your best chance is in having all your paperwork ready and properly placed. You must make sure that you provide the lender the required level of access to your credit history. As much as possible, make sure that your visa and work information is submitted with clarity and is up to date. You must also try to get a US citizen to co-sign with you.

So, it’s possible for a US visa holder to get a loan from a US lender. However, you must act smart about how you place the loan application. This way you can ensure that you have the best chances of success.

If you are looking to Study, Work, Visit, Invest or Migrate to USA, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.

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