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Personal Loan of $25,000 in US ? Bank to apply? No Credit History?

Recently, I wrote an article on the best way to pay off your education loan after Job. If you have read it, I have mentioned, I took a $25,000 loan in US and sent it to home country to save good amount of money.  The question that might have come to your mind is, Where the hell should I apply to get $25,000 Loan ?  Which bank should I apply ? How should I build credit history ?  What if you don’t have credit history or anything ? I will try to address some these things in this article and how I got my loan and some latest options to get loan even without any credit history.

Importance of Credit History

Credit history in US is of significant importance, if you do not have good history…you are basically screwed…You do not want to commit any mistakes in the beginning (first  few months in US) to build your credit history. Read this article on How to build good credit history in US.  Anyways, if you have bad credit history, it is not a good idea to apply for a personal loan. It can even ruin your credit history more. You just need to know your credit score and assess how much history you have build before applying.

Which Banks to apply ? National or Local ?

Most of you might have an account in nationalized bank like Chase, Bank of America, US bank…the fact is, I would not recommend applying to the nationalized banks. Simple logic, there is too much hassle there and too many rules to deal with because you are dealing with a big bank on a national level. The odds are you getting approval with decent credit score is relatively less. So, where should you apply ? Ever heard of the credit unions ?  Yes, you should apply in credit unions or local banks. Credit unions are very local and they usually deal with local customers and meant for community development and not just mere profit. They will have all the facilities you need and the size of the bank and attention you get is much more. I applied my loan in a credit union and got it approved. So, did my friends…

How to build a good relationship with Banks like Credit Unions ?

When I landed in US for the first time fortunately, I opened an account in a local credit union. I deposited some amount and then did not use it much. After 2 and half years, I called them and asked if I can apply for a personal loan and they said sure. I did some paperwork submitted my pay stubs and I got the loan approved. The reason I say this story is, I opened the account long time ago and had some transactions with them. I have been an old customer for them for 2 and half years…it is basically building the history of the account and not just credit history. Though my credit score was not super high, I got my loan approved because I was an old customer.  So, if you plan to take such personal loans, I would recommend you to open one of those accounts in credit unions and do keep doing some transactions and just build some history.  You have to be very careful; do not open too many bank accounts, unless needed.
[prompt type=”left” title=”Loans for Visa Holders in US” message=”Loans for up to $25,000 USD. No cosigner required. No Prepayment. Build Credit History” button_text=”Check Loan Options at STILT” href=”https://www.stilt.com/?utm_source=REDBUS2US&utm_campaign=2018_08_10&utm_term=personal_loan_25k_banner” rel=”nofollow”]

No Credit History ?  International Students/ Work Visa holders – Personal or Education Loan ?
One of the promising Y-Combinator funded fintech startups founded by international students, who went through the same journey, has an option for international students/ working professionals to get personal/education loan. You can get loan for financing your re-financing your education loan, close our your credit cards, pay for your relocation, spouse education, etc. You can get loan anywhere from $1,000 USD  to $25,000 USD depending on your eligibility, even without credit history. You also build credit history, if you get loan approved. We have partnered with them, you can Apply for Personal Loan / Education Loan at Stilt

Overall, just do not screw up your credit history by applying to every card that comes in mail. Try to build good credit history and if you have plans to take personal loan, open an account in a small credit union and build some history. Once you are prepared, at the right time with right credit history you can apply for personal loan and you will get it approved without any hassle.

Did you apply for any personal loans in US ? Any experiences ?

 Image Credit : http://www.flickr.com/photos/mudricky/1546480135/sizes/m/


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  1. This article is helpful, i was in a position last year where i had bad credits and needed loans for my olive business. I was getting terrible rates so i pulled out, I got a professional man whose name is (JACK BERRY) on Wickr who introduse to ma a microfinance bank of 3% that helped me work on my credit score and records. Now i have applied for the SBA loan, i got my grant early last month their mail(aseiamicrofanance@gmail.com)

  2. Hello.Could you tell me do I have chance for loan?I’m searching about that information but still I can’t find.I’m working for Princess Cruise Line two years. And I’m start new contract one month ago .And I have serbian passport with C1/D vissa on the three years.Do you know maybe where I could apply for loan with serbian passport?because I’m working for American company maybe I have chance.I’m not sure 🙂 Thank you

  3. You can also try companies like Stilt. They are new but one of my close friends took a loan with them and it worked out great for him. They give a loan of up to $25,000 and I think he got it approved with money in the bank in less than 2 days.
    I’d also read their reviews on sites like Google and Yelp, just to make sure they are legit.

  4. Hi,

    Am a filipino, working here in United Arab Emirates, i was looking for loan lenders who can provide loan internationally like here in UAE. Wasn’t able to get loan from the local bank here, since my EMI is already high. Need to closed my credit cards. I been scammed already by online private lenders acclaimed that they are legit loan provider. With all this up front fees, using money gram or western union payment. Pls. Do not email me if you are the same, not willing to do that anymore.

    Thank you

  5. Hi Saurabh,
    First off, thanks for this generous act of helping everyone out in their loan problem.

    I would like to get your opinion on my case (as you seem knowledgeable in this area):
    What would be the most economical way of getting a student loan for my spouse (who is on H4) who is planning to do a MBA in USA which might cost us around $120K-150K? I am on have excellent credit score (720+) with 5 years of relationship with Wells Fargo+Chase. However, I don’t have any relationship with any Local Credit Union Banks yet. I don’t have any co-signer either. What would you suggest me to do in this case?

    Appreciate your help

    • Amit,
      Unfortunately, in general internationals are not eligible for general student loans without a citizen or GC co-signer. You may reach out and speak to few banks, if anything has changed.

  6. Hi,

    I am living in US since 2 years. I am an Indian citizen, have a full time job in US. I wish to apply for the personal loan worth 20000$. Is it possible for the non US citizen to apply and get the personal loan?

    • To add to this, I tried a few banks like Discover, they have a question in their application form asking if I am a citizen. How do I get through this?

      • There are various ways to get that sum of money.

        Easiest and probably the best is a personal loan from a financing company and not a bank.

        Often it is ok to build up a relationship with your current bank but banking regulations and requirements may be tedious for most. If you own a home, you could get a HELOC (Home Equity Line Of Credit. )

        If not or you don’t want to use your home as collateral, then you could borrow from a money lending institution such as Azuritrust or the like. You could get an unsecured loan approved for up to $100k with no advance fee and very competitive interest rate.

      • I’ve tried applying for a personal loan through doscover & they have rejected my application saying I’m not a citizen neither permenant residant.

    • yes i think there is now rule for 10000 dollar whether you are a citizen of us or not.. a friend of mine told me that he apply for one online and i cant believe even if can get that and he did…

  7. Hi Kumar,

    I got auto loan from credit union for $8500 and 3 year term and I purchased car too . My H1B is expiring in 6 months and my employer has already filed for my extension. My concern is what is the probability of H1B extension getting rejected and if for some reasons it is getting rejected how should I pay off the loan here ? I heard that without clearing loans in US it is not possible to get back to India is it true?

    • Thiagu,

      I have heard stories where folks left the car at airport parking when leaving India for good. The cars had a balance on them and had to be written-off by the lending company. It is b/c of this, some companies want visa for at least the loan duration (BMW dealer told me this).

      If you are leaving US for good, then you would have to sell off all your belongings. In order to sell the car, you would have to transfer the title and the loan company would have a lien on it. So it would require the loan to be paid off first, and then transfer of title.

      Not paying loan impacts your credit history. If you ever return to US in future, it may be difficult to get another good Credit card or loan w/ such bad remarks on your credit history.

  8. Hi,

    I am planning to take a personal loan(min 3 yrs term) from US for my wedding in 6 months. I have been in US for 5 yrs now(2yrs study) and have a healthy credit score. My h1b visa is going to expire mid next year. All the credit unions are saying they can approve max of 1 yr loan. Did you face the same problem? Is there a workaround for that?


    • Ashu,
      Every bank has their own policies. The kind of loan that I took from credit union is called Credit Line, it is close to credit card but given from the bank as personal loan and does not really have a fixed term. The monthly installments are always calculated based on the time they specify. It has been years since I took this loan, I recollect getting at least 2 years or more. All I can suggest is to try different credit unions and see how best you can work with them.

  9. Hello,

    Have any of the credit unions asked you what you would do with the loan funds?
    My union is asking, and I am not sure how to respond. The purpose for my application was to pay a portion of my education loan in India and continue paying the loan if sanctioned here in the US.

    • Arch,
      If you are taking a personal loan, there is no reason for them to ask. You can tell that, it is for personal expenses…It can be health, personal care, vacation, etc…does not matter…the whole idea of personal loan is to be able to take it for your personal expenses without any collateral.

  10. I have stayed in US for 1.5 years as a student and have build a good credit history. I need to buy a house in India. Is it possible to get a loan from a US bank to buy an asset(house) in India?

    If yes, which banks should I go for? And upto what amount would they approve?

    • Monica,

      I don’t think US banks will be willing to offer loan to buy property overseas. Does India allow property to have a foreign bank lien? I think not.

      You can get personal loan, but the interest rate will be very high. Why don’t you approach Indian banks who have branches in US like SBI, ICICI etc. They may be more willing to extend loans at preferred rates.

    • Monica,
      US Banks will NOT give you any loan. You can work with Indian Banks with their Overseas divisions to get loan. Just go to any of the Indian banks websites and look for NRI services, you should get more info on the process.

      • We give out loan to interested individuals who are seeking loan with good faith. Are you seriously in need of an urgent loan? then you are at the right place. We give out business loan,personal loan, contact us for your loan request to meet your demand and set out from financial problem email: sksmicrofinances@gmail.com

    • My husband. Talk in bank of wals Fargo …..they credit is 682 nd they don’t give loan. Nd unfortunately I m very trestfull bcz I want money I don’t know now how can I do hear

  11. I have stayed in US for 9 months with good credit history, Now I need 15000$ of personal loan .
    Any idea which bank can give me this much money and at what least possible interest rate I could get this loan? Please advise

    • Nitin,
      Credit history takes years to build…hard to say, if 9 months will establish that. One of things, banks would look at your current income and give loan based on that as well. I suggest you speak to a bank, where your salary is deposited, they could help. Check with couple of credit unions as well, they are very good in offering decent credit, if you have good credit score and history.

  12. My H1b is stamped and I will be moving to US shortly. i will need to apply for a personal loan to help out for my Sister marriage after 6 months or so. Will I be able to take a personal loan in US and send it to India. or will Indian banks provide me loan when I am in US.

    Which do you think is a better option

    Loan in India or loan in USA?

    • Karthik,
      Loan is issued in US if you have a good credit history. As you will be applying for loan within 6 months, you may not have build good credit history. Even if loan is approved, the APR may be pretty high. I would suggest while you are in India, check w/ banks over there and shop around for a good rate. Once in US, you can compare the two and then decide to pick on.

  13. Hi Kumar,

    I am on a H1B visa currently. How do I take a personal loan in USA (to fund my spouse’s education) without a US co-signer/guarantor ?

    Looking forward to hear from you..


    • Ritu,
      Please check with few credit Unions,they are the best in giving credit line or personal loans. Usually, they would ask your pay statements and salary information to give that. Depending on bank, you may expect upto 25,000 USD. It does not hurt to check big corporate banks like Chase and Bank of America too… Just call them or walkin to a bank to get more info.

  14. Hi Mam,

    I am Archana. I have started company has bpo i have financial problem no back round support please me in this….i want to achieve please me…Believe me and help me in money

  15. Good day Ladies and Gentlemen,
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    buy a car or to meet the needs of your families? if this is
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  16. If anybody want to build credit score open account with DCU credit union bank. Along with Savings account they gave me credit card also even I came to US just 2 months back

  17. I am on L1 VISA. When I first came to the States nobody wanted to give any credit. Fortunately, in my home country I had bought a car with Ford and they were willing to check my credit behaviour there and they approved a car leasing for 2 years. Now that my lease is almost up, I went to a Credit Union, Desert Schools in Phoenix and my application was denied just because I am temporary Resident. My Score BTW was fairly good 798 in a scale from 0 – 900. So good credit does not guarantee that banks or credit unions will be willing to work with you.

  18. I have a very bad experience applying for credit card itself, leave alone Personal loan with a credit union, In the initial 1 yr, i did not take any credit card, So NO Credit history & could not get any credit cards easily, When contacted Credit union, they said they need GC/Citizenship just for the $500 credit card.

    Kumar, Can you pls let me know if 1 year of credit history with $500 limit is sufficient to apply for normal credit cards as I have currently 1 credit card $500 limit with 10 months history.

    • Su,
      Ideally, you should apply for loans and credit cards with banks that have your checking or savings account. Well, 10 month history with $500 limit may not add much to your credit history. You should first ask your current $500 limit card issuer to increase the credit limit. Also, talk to the bank that you have checking account with, ask them the chances. To build history have your utility bills on your name or house rental agreement, etc. All these little things help.

  19. Hi Kumar,

    First of all, I appreciate you for all your hard work in coming up with such an essential blog. I have some questions regarding loans. Suppose, after staying 6 months in USA, if I apply for an educational student loan/personal loan for a short amount (say $8000) from any local bank, can I get it, if I am their account holder till that particular period of time?

    Waiting for your kind reply.

    Thank You


    • Different banks have different policies. Some banks would extend the loan to temporary legal residents, while others would want a citizen or GC holder as a co-signer (so that they can get the loan from the co-signee in case you leave US w/o paying off the loan). You ca check the banks and credit unions to know which one of them are ready to extend loan to you.


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