Loans for Immigrants in USA: How to Get a Loan as an Immigrant| North Loop Official Blog
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09 Feb 2020

Loans for Immigrants in USA: How to Get a Loan as an Immigrant

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Everything You Need to Know About Loans for Immigrants in USA

Getting a loan can be difficult - banks and lenders want to make sure you’ll pay the loan back, so they conduct rigorous checks on your ‘credit-worthiness (check out our blog post on credit scores here). One of the ways they do this is checking your credit history - how many years have you had debt, and have you been responsible in paying it back? This usage of history presents a particular problem for new immigrants in the US, who have just arrived and have limited credit history in the US.
There are, however, a few banks and lenders who do provide loans to immigrants in the US. Here, we’ll look at some of the best options for loans for new immigrants in USA.

US Bank Loans for Immigrants

Many of the largest banks in the US will give you a personal loan after you have established sufficient credit history. Be careful to make sure that when applying, they do a ‘soft’ credit pull and not a ‘hard’ credit pull - too many hard credit pulls and rejections can dramatically decrease your credit score. You may find that many banks will reject you based on your lack of credit history - a way around this is to start building your credit history to start getting loans from banks, since they have the best rates across the US.
Many community banks will also lend to you - local community banks such as Quontic in New York actively work to support the immigrants in the community
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Credit Union Loans

Credit Unions are similar to banks, but many focus on serving communities and immigrant populations in the US. Many credit unions are non-profit, and work closely with the surrounding community to issue loans and help support and develop the neighbourhood.

Stilt Loans

Stilt is a loan company that specializes in loans for immigrants in the US. Stilt offers personal loans up to $10,000 with rates that are higher than banks, but better than payday lenders and other high-interest lenders. One interesting thing to note is that Stilt offers loans to anyone in the US, even if they don’t have a SSN.

North Loop: Bank Accounts for Immigrants and International Students

North Loop provides a bank account, debit card, credit card and free transfers for immigrants and international students in the US. Sign up in 5 minutes here.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.