I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See all posts Frank GogolTop 6 Personal Loans for L-1 Visa Holders
Updated on April 9, 2024
Written by
Written by
Applying for a personal loan when you are a non-resident can be difficult. Fortunately, there are some lenders who look past the traditional U.S. loan application requirements.
Some of these lenders include LendingClub, SoFi, LendingPoint, Earnest and, Stilt, grant personal loans to non-resident borrowers. Some of these lenders also provide personal L-1 Visa
What is an L-1 Visa?
An L-1 Visa is a type of work visa that enables professionals working for a company in a foreign country to transfer to another branch of that company in the U.S. This Visa is also known as an Intracompany Transferee Work visa.
Can Immigrants on an L-1 Visa Get a Personal Loan?
If you are an immigrant and want to apply for
The good news is there are some lenders who look beyond your credit score at other factors to see if they can give you an L-1 Visa Loan! These factors can include:
- Employment status
- Monthly income
- Previous rental agreements or bills showing consistent payment history
- Different form of insurance e.g. life insurance
Mortgage Loans
Some of the personal
To apply for a mortgage, lenders might require the following documents:
- A valid work visa (such as an L-1 visa)
- A valid social security number
- Your Employment Authorisation Documents
- Proof of your employment history
- Your credit history
- Proof of your income
Personal Loans
for L-1 Visa Holders!
Loans for up to $25,000. No cosigner required. No prepayment penalty.
What Other Factors Do Banks Look At?
Below are some of the questions lenders such as LendingPoint, Earnest, Stilt, and SoFi ask to determine if you are eligible for a personal loan:
- Are you employed? (If you are an L-1 visa holder you tick this box)
- Do you have a U.S. bank account?
- Do you have a social security number? (If you applied for an L-1 visa this won’t be a problem)
- In which state do you live?
Although most personal
What Types of Personal Loans are There?
There are three main types of personal loans non-residents can apply for. Consult the following table to see what could work for you.
| Type | Description | Maximum amount |
| Short-term loan | Loans typically for smaller amounts of money and used for any legitimate purpose.
Repayment terms vary from a few weeks to months but is usually planned around your next salary dates. A very quick and convenient way to cover what you need. |
Generally $1,000.
Some lenders offer up to $2,250. |
| Installment loan | An ideal loan to improve your credit history because it shows lenders that you can make your payments responsibly.
Repayment terms are at a set number of payments over a scheduled period of time. These |
Generally up to $5,000. |
| Unsecured loan | Unsecured Fixed terms and fixed interest rates apply. |
Generally up to $100,000.
However, there are some lenders who provide much more for specific purposes. |
Best Personal Loans for L-1 Visa Holders
Not all personal
- Loan terms (how long will you be paying back and over what period is interest accruing).
- Monthly payment amount (make sure this is not more than what you can afford).
- APR (this reflects all interest and other fees applicable to the loan).
Below are some of the best personal loans for L-1 Visa Holders:
| Lender | Do they offer |
Specific requirements | Amount and term |
| LendingClub | Yes | Must be 18 years or older with a verifiable bank account | $1,00 – $40,00
3-5 years |
| SoFi | Yes | Must be 18 years or older with a verifiable bank account. Requires good to excellent credit score. | $5,000-$100,000
3, 5 or 7 years |
| Stilt | Yes | Must be employed and have a U.S. bank account | $2,000 – $50,000
1, 2, 3 years |
| Earnest | Yes | Must be 18 years or older with proof of regular income | $1,000 – $25,000
Up to 2 years |
| LendingPoint | Yes | Must be 18 years or older with a verifiable bank account with a minimum annual income of $20,000.00 and a valid social security number | $2,000 – $25,000
2-4 years |
Unfortunately, loan options for visa holders are more limited than they are for U.S. citizens. But just because you’re an L-1 visa holder, it doesn’t mean you don’t have options. Lenders like Stilt, Lending Point, and others are here to help visa holders make the most of their time in the U.S.!
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.