Personal Loans for No Credit, How to Compare and Shop?



As a first-generation immigrant, navigating the U.S financial system can be challenging. Although you are eligible to get a personal loan as a non-U.S citizen, there are certain requirements that you need to meet, depending on your lender. 


Similar to other loan applications, the lender will remain focused on your financial ability and whether you can repay the loan. They will also be interested in obtaining proof of employment to be assured of your repaying capacity. 


Here is everything you need to know about personal loans for no credit;


Preparation Tips for a Personal Loan for No Credit

Do you intend on applying for a personal loan as an immigrant? The highest chances are that your application will be heavily scrutinized due to increased risk. Therefore, you need to prepare adequately. 


Here are some preparation tips;


Get the Necessary Documents


When applying, you will need a copy of your employment form, green card, or visa. They can be form I-766, I-765, 1-94, or 1-797A. Additionally, you will need a FICO score. Finally, if you have recently moved to the U.S and don’t have a credit history, you will need additional documents and information- the credit package.


For example, if you have a credit history from your country, you can gather credit history information from an agency in your country to demonstrate your creditworthiness.


As you find additional information, focus on pulling data from different accounts which prove you can make timely payments. It could be rent, insurance payments, or utility bills. It would help if you found a co-signer, preferably a U.S. citizen with impressive credit, to increase your chances of approval.


Lastly, ensure you have the personal information needed when filling out your loan application. You should have identity information. It can be an identification card or a driver’s license. You also need to have proof of address which you can show from utility bills or other documents like leases that bear your address.


Have your income verification forms like W-2 or bank statements. Get quick access to your personal information like your contact and social security number. You will also be asked to fill in your loan, education, and employment information.

Where to Apply for Personal No Credit Loans


There are a lot of lenders who offer personal no-credit loans to immigrants and non-U.S citizens. However, since non-U.S. citizens have unique needs, the lenders may offer variable terms depending on your needs and unique set of circumstances. Therefore, it is essential to shop around and consult different lenders to ensure you are getting the best deal.


Use Crediverso for Your Personal Loan Needs


Instead of shopping around by getting in touch with every lender and seeing what they have to offer, you can use Crediverso to shop around. Crediverso is a credible site where you can get detailed information on the best personal loans no credit lenders, especially for first-generation immigrants from LATAM countries.


The website compares different personal loan lenders and includes tips on the best way to apply. Additionally, they have a blog where you can interact with other non-U.S. citizens and a community section where you can learn more tips about better managing your finances. So make your search easier and ensure you get the best deal by visiting our website today.