As needs are getting bigger and you may not be able to manage within your sources, can always avail the comfort of taking loan. There are different sources to apply for loan to provide for various needs. You can get loans from banks, credit card unions and online lending companies. Easiest and fastest source for loan is from online lenders.
First you need to understand types of loans and choose which is best for your financial needs. Most common type of loan is personal loan, which can be used for almost every purpose. Personal loan too is categorized in various types and your credit score and the repayment terms will decide which type will suit your need. If you use your loan wisely and manage your budget with right plan, personal loan can help you get out of debt faster.
For this purpose, personal loan is offering various types of loans to explore and find best for you:
Types of personal loans
- Unsecured loans
- Secured loans
- Debt consolidation loans
- Co-signer loans
- Variable-rate loans
- Fixed-rate loans
To qualify for loan, the criteria for the consumer are that he should be a US citizen, among other requirements. But a non-resident can get approved for personal loan but with some restrictions. Not every lending company will be lending money to non-US citizens, making it difficult for them to search. In the absence of social security number, may raise some issues as lenders need to retrieve all necessary information required to proceed with the loan.
Here are some lending companies who specialized in personal loan lending for non-US citizens. After fulfilling some requirements, the nonresidents have a good chance to qualify for personal loan. You need to work on your application and gathering some important documents. You have to fill out multiple forms and provide your lender lots of information through your documents to prove your residence, income and employment.
An immigrant without a social security number can open an account and apply for a personal loan. They only need ITIN (Individual Tax Identification Number) if they are paying taxes.
If a non-US resident approach a bank or lender for opening an account or a loan to buy a house or a car or for business, they might refuse him due to many reasons. These reasons are
Absence of credit history
Since most of the immigrants do not possess SSN and in absence of credit history it become difficult to determine if a non-US resident is worthy enough to get approved for loan and if so, how much amount can be dispersed.
If the borrower is the citizen of US it becomes easy for a lender to catch hold of him or she is a fraud or defaulter. But in case of immigrant the lender may leave the country without repayment, it will become difficult to get money back.
In the absence of a co-signer, it is difficult to ensure the repayment of loan.
Sometimes the immigrants lack necessary documents required to process the loan.