Many immigrants who are in the United States are looking for personal loans. However, it is not easy since the banks can be stringent and require more documents for loan approval. This is where money lenders are better options, especially when they provide a fast foreigner loan application process. Generally, non-citizens will need proof of their legal status in the country, such as a green card, visa, or driver’s license. In addition, they might need to show their employment and income. Lastly, they may need a Social Security number or ITIN.
Unlike a personal loan for Singapore citizens, a foreigner loan is based on the applicant’s monthly salary and employment pass/permit type. Moreover, a borrower is not allowed to have more than 12 times his/her monthly income in unsecured debt. It is thus crucial for an expatriate to choose a lender that offers the best personal loan for foreigners in terms of interest rates and processing fees.
Aside from personal loans, foreigners can also seek out help from family and friends. This is particularly beneficial if they are in need of a large sum of cash and are unable to secure a bank loan. However, it is essential to set up an agreed repayment plan and avoid any misunderstandings that may arise.
Another thing that expatriates need to consider is whether they can afford the monthly payments of their personal loans. This will be determined by their monthly income and credit score, as well as the requirements of the lending institution.