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What Might an International Visa Holder Use a Personal Loan Option For? 

What Might an International Visa Holder Use a Personal Loan Option For? 

What Might an International Visa Holder Use a Personal Loan Option For? 

We have covered international student loan options extensively on our blog. International student loan options are used to help international students studying abroad in the United States fund their education. However, international student loan options may not be the only loan option that a non-US citizen may need. Another popular type of loan option is personal loan options for non-US citizens. Unlike international student loan options, international personal loan options can be used for a wide variety of expenses. Although different from international student loan options, the two are similar due to the fact that non-US citizens may have limited options.

What are Personal Loans Used For?

If you are on an H1B visa, a personal loan option for H1B visa holders can be used to cover a variety of expenses. These can include, but are not limited to:

  • Home improvement,
  • Special occasions,
  • Medical expenses,
  • Unforeseen expenses,
  • Emergency expenses,
  • Auto or car loans.

As you can tell, personal loan option for internationals can cover more than a specific loan option, such as an international student loan option, which only funds education. Personal loan options may also be smaller that international student loan options, which can mean that the repayment period will be shorter. On average, the repayment period of personal loan options for non-US citizens is about three to five years, but that can of course vary by lending partner and loan option size.

Overall, like the other international loan options we have covered on our blog, lending partners have a general sense of risk involved in lending to non-US citizens. This is due to the limited window of time that the borrower may be in the United States for, and once they leave, it may be difficult for the lending partner to recoup the amount borrowed. As a result, many international personal loan option lending partners require a significant credit history, as well as a United States cosigner. Further, that is conditioned on the fact that the cosigner is a United States citizen and that cosigner has solid credit.

What do I Need to Get a Personal Loan Option as an International?

As stated prior, it is not impossible for an international student or visa holder to get a personal loan options. Certain conditions simply need to be met. For the most part, you will need to show a credit history and proof of how long you plan on staying/living in the United States for.


international student loan

Essentially, credit shows your ability to pay back borrowed money and/or pay bills in a timely manner. You may be thinking to yourself that you have a reputable credit score in your home country. While that is great, it unfortunately does no translate to the United States. Lending partners of international personal loan options typically only want United States credit history. You can build a credit history by paying off any other United States loan options you may have and by paying bills, such as credit cards in a timely and consistent manner.

You may be thinking that it will take a substantial amount of time to build the necessary credit history for your lending partner and that you don’t have the time to do that. In cases such as that, there is an option available for those seeking personal loan options for non-US citizens. This option is known as creating a “credit package”. This is where you compile information regarding your already existing credit history in your native country that some lending partners may accept instead of a United States credit history.

One way to begin creating your credit package is to collect at least a couple of years worth of proof of payment on accounts that you have been paying in a timely manner in their respective full amounts. You can also obtain a credit report from your native country, or try and receive a reference from a place that knows your credit worthiness.

Proof of Length of Stay 

Another item that will be necessary to show a prospective lending partner for an international loan option will be proof of how long you will be in the United States for. Typically, the minimum amount of time a lending partner wants to see is three years, but that can vary by lending partner. Also, lending partners of personal loan options for internationals are encouraged if they can see that there is a strong chance your visa will be renewed.

On top of the items mentioned above, you will also need to show the lending partner your visa and any work authorization forms you may have (if applicable). Please remember that these are general tips and suggestions. Each loan option specifications vary by lending partner, so if you have any uncertainties about specifics, please reach out to your lending partner for clarification.

Let Nomad Credit Help You

While it may be harder for a non-U.S. citizen or H1B visa holder than a U.S. citizen to get a personal loan option from a lending partner, there are options out there for you. If you’d like to learn more and/or search for personal loan options visit our main site, at Nomad Credit or email us at and we can personally help you start your search.

John Romanucci

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