There are different options for a migrant to obtain a loan, even as a non-resident.
Banks or lenders generally do not issue loans to non-citizens that do not present an endorsement. However, there are options that take as a reference the time that the foreigner has been in the country.
To obtain a personal loan without a credit history, it is necessary to prepare a credit report with three non-traditional credit accounts, that is, rent bill, utilities or some life insurance. Or, it is possible to obtain a credit history from an independent agency abroad.
On the other hand, to apply for a personal loan as a non-resident it is necessary that you present the required documentation and that you prove that you will work in the United States for at least three years after receiving the loan.
Necessary documents:
- Visa.
- Employment authorization form.
- Form that declares you authorized to work within the US.
Other lenders accept the Taxpayer's Personal Identification Number (ITIN) as one of the requirements, replacing the social security number. Through the ITIN it is possible to increase the credit score and also facilitates the procedures to obtain a loan.
