Will Banks in the USA Give Me Personal Loans While on an H1b Visa?
The answer is yes. However, as a non-permanent resident, you will need to establish good financial track records to prove your eligibility for a personal loan as an H1B visa holder in the United States.
What is the H1B visa?
Commonly known as a work visa, an H1B visa is given to foreigners who come to the United States for establishing their career. As an H1B visa holder, you are not a permanent US citizen. You are looking for temporary status in the United States.
In the United States, Personal loans are unsecured loans which mean borrower doesn’t need to submit an asset as collateral or security for a personal loan. If you are working on an H1B visa and looking for additional funding, a personal loan may be the best help. However, for a variety of reasons, it can be really hard to get a personal loan in the United States while on H1B Visa.
Personal loan on an H1B visa
With H1B visa, an individual can get many benefits including living and working in the United States. However, for H1B visa holder, it can be difficult to get financing from banks and other financing institutions.
Because of its unsecured nature, the personal loan is considered a high-risk credit. Lenders fear a visa holder for a personal loan as a higher risk than US citizens. Lenders will find it hard to recover the outstanding money. If a visa holder defaults on a loan and goes back to his or her country.
But it doesn’t eliminate the chance of a visa holder getting a personal loan in the U.S. One can get a personal loan in the U.S. while on an H1B visa. You can get a personal loan in the United States if you fulfill the following criteria.
- You must be at least 18-year old (varies by state)
- You should be a valid visa holder (J-1, H-1B, E-2, O-1, or TN) (valid for the life of the loan)
- You should have a verifiable U.S. bank account
- You should have a credit score
- You must be employed and have a steady source of income, or pending employment to start within the next 90 days
- You should have a cosigner*
*If you are on an H1B visa, your employer is almost a built-in cosigner. You employer can understand that you don’t have a credit score.
Here is how you can improve your eligibility to get a personal loan in the U.S.
An H1B visa holder can add a US citizen with a good credit score as a cosigner. It can be helpful in getting approval for a personal loan.
Consider renewing or extending your visa, if it is going to expire soon, to assure your lender that you will be in the U.S. for as long as your loan is not paid.
Lenders that offer a personal loan for H1B Visa holders in the United States
Avant, Stilt, Nomad Loans, Badcreditloans.com, Prosper, LoanDepot, etc. are the lenders that offer a personal loan for H1B visa holders.
As it is apparent that getting a personal loan for H1B visa holder is possible, but you need to establish good financial track records in the United States. You need to have a U.S. citizen as a co-signer, establish good financial track records in the U.S., have verifiable income, and your H1B visa should be valid for at least 3 more years at the time of your application. It will increase your chances of getting a personal loan in the United States as a H1B visa holder.