A personal loan is unsecured borrowed money, from a bank, credit union, or online lenders, by non- US citizens or resident aliens in U.S. Unsecured personal loan is not backed by a car or house. The amount of personal loan ranges from $1,000 to more than $100,000. This amount is to be pay backed in fixed monthly payments, over the period of two to five years.

Either you are researching about low interest personal loan lenders or going to submit your personal loan application, it is better to know what documents are needed to apply for a personal loan. If you work on the following, it will definitely increase your chances for approval of personal loan.

What Documents are needed to Qualify Personal Loan

Personal loans do not require collaterals such as a house or car. So it is getting difficult to qualify for a personal loan as a non-U.S resident in U.S.

International lenders, banks and financial institutions have strict eligibility criteria for personal loan. In USA, eligibility criteria are much stricter for non U.S. residents or alien residents.  

Here is the list of documents and general requirements for non – U.S. citizens across U.S.

These Documents can be categorized as

A: Identification Documents

B: Financial Details

C: Credit card report

Detail of required documents is given below. Make a check list of following documents:

A: Identification Documents

Formal processing of personal loan demands a series of documents which help in identification process of the applicant. Following is the list of documents:

• Passport of applicant
• Driver’s license
• State ID or Social Security card
• Your Birth Certificate; applicant must be 56 years of age or older
• Certificate of Citizenship
• Utility bills
• Military ID

B: Financial Details

Personal loan lenders required following information and details for verification of your Income.

• Last 3 months Bank statement
• Salary slips for last 3 months and tax returns
• If you are self employed, you have to provide income proof, audited financial for the last two years.
  • Proof of office ownership and address
  • Provide supportive document proving continuity of income
  • Tax returns from the last two years

C: Credit Card Report

Application form may require information regarding your debt, liabilities and assets. If your credit score is strong then you have better chances of approval of personal loan on lower interest rate. Credit card scores generally categories as follows:

Sr.	Credit Card Ranking	Credit Card Score
1	Excellent	720 and higher
2	Good	690-719
3	Fair or average	630-689
4	Bad	300-629

 It is not possible for you as non residents to provide a two year credit history with valid credit score within U.S. or you have bad credit report. But good news is you still can apply for a loan with bad credit score. In this case, you will need nontraditional credit reference to increase the chances of approval of personal loan. Lenders will need the following nontraditional credit references:

• Proof of additional source of income and working in U.S. for the duration of at least three years
• Payment record of your current rent or mortgage expenses
• Non-payroll-deducted medical bills, life insurance and auto insurance
• School tuition charges
• Paid Utility bills
• Add a co-signer in your application. This will add weight age to your request for loan  

Tips to speed up the application process

Once you have researched best lenders in USA. And finalize the lender who matches best with your need of loan and repayment plan. The next step is to apply formally for personal loan. Following three steps will speed up your application process.

• Make a check list of required documents before you start. Before you start your online application, make everything organized and check the complete list of needed documents. It will save your time, and decrease the chances of missing any important information listed on site of lenders.
• Have a Scanned copy of all your documents. Keeping Electronic copy of your important documents is a good idea. It makes easy to complete online application. With a click, you can open the folder of scanned documents and attach the file of required document with online application form.
• Start now, finish later. While applying online, if you don’t have everything in hand. Don’t get panic. Just use “save and complete later” function offered on most online application forms.

You can easily complete your loan application if you know what documents you’ll need. Now compare lenders and apply for personal loan.

The lender will check your credit score which may knock few points off from your credit score. When you qualify for a personal loan, you will receive your funds within a week according to the lender’s term. Personal loan consolidates debt, improve your credit score and cover unexpected costs.

But before taking personal loan, think things over and then make a final decision. Find the best lenders who offer lowest interest rates. Be sure that you are borrowing only what you need and be punctual with your repayments.