Personal Loans for H-1B Visa Holders

Explore the blog to learn more about personal loan options for H-1B visa holders. Learn more about eligibility, top lenders, and important considerations for making sound financial decisions.
Personal Loans for H-1B Visa Holders
Personal Loans for H-1B Visa Holders
Discover the financial options accessible to H-1B visa holders, including specialized personal loans. Dive into the blog to learn about their specific issues and explore prominent lenders such as Beem, LightStream, Upstart, etc.
In this article

The H-1B visa enables individuals to temporarily live and work in the United States and pursue a Green Card for permanent residency. This guide highlights recommended personal loan options for H-1B visa holders. Additionally, we will tell you the pros and cons of each lender to help you choose an excellent solution wisely.

Personal Loans for H-1B Visa Holders with Good or Bad Credit

Securing a personal loan benefits diverse needs, including relocation for employment, citizenship application fees, or educational expenses. As an H-1B visa holder, eligibility for such loans is attainable, offering financial assistance for various essential purposes. Various personal loan lenders offer loans to H-1B visa holders with excellent and bad credit scores. Let’s explore that below!

Top Personal Loans for H-1B Visa Holders

These are the top providers of personal loans for H-1B visa holders:


For H-1B visa holders seeking personal loans, Beem is an attractive choice tailored to their unique needs. Beem facilitates financial betterment and provides versatile funding options for various purposes. With a seamless blend of user-friendly features and robust security measures, Beem stands out as a compelling solution. 

Leveraging low-cost interest rates from diverse lenders, Beem caters to individuals with H-1B visas across different fields, offering a non-conventional method to obtain personal loans. If you’re looking for an efficient and unconventional route for personal loans, Beem is the ideal choice.

You can easily keep track of your repayment dates and spending.It costs $9.99 a month to become a member.
Extends repayments up to three times.The eligibility criteria for higher loan amounts are more restrictive.
Subscriptions include additional features.For standard transfers, there may be a two-day wait.


SoFi extends its loan offerings to a diverse group, including US citizens, permanent residents, and temporary residents with eligible visas, notably H-1B holders. Setting up your loan incurs no fees, and SoFi goes a step further by providing unemployment support and protections. In the event of job loss, SoFi allows you to reorganize your loan, demonstrating a commitment to supporting H-1B visa holders through various financial circumstances.

Competitive interest ratesLimited loan types
Unemployment supportStrict approval criteria
No setup feesLimited physical branch presence


LightStream, a SunTrust Bank initiative, offers favorable credit terms for personal loans tailored to H-1B visa holders. Renowned for its low APRs and flexible terms, LightStream is an appealing choice for individuals seeking advantageous personal loan options in this specific category. By strongly emphasizing recognizing and valuing creditworthiness, LightStream opens a pathway for H-1B visa holders with solid credit histories to access affordable and personalized personal loans.

There are no origination fees.Pre-qualification options are available on the website.
Rates are discounted for autopay customers.Consolidation loans do not require direct payments to creditors.
Term extension for repayment.Minimum loan requirements are high.


Upstart’s fixed-rate personal loans are crafted to meet the financial needs of H-1B visa holders, providing flexibility ranging from $1,000 to $50,000 over terms of three to five years. The origination fees, spanning from 0% to 8%, offer a reasonable cost structure. Significantly, checking rates with Upstart does not impact your credit scores. 

Upstart employs a distinctive approval model, considering both education and employment factors. Compared to traditional lenders, this approach increases approvals by 27% and lowers rates by 16%. This makes Upstart a compelling choice for H-1B visa holders seeking personalized and advantageous personal loans.

Loans with flexible terms.Origination fees (0% to 8%).
No impact credit score checks are performed.Heavy reliance on credit scores.
The repayment term is between 3 and 5 years.

Happy Money

Happy Money revolutionizes the assessment of the financial landscape for H-1B visa holders seeking personal loans, introducing a compassionate and innovative approach. Providing access to personalized guidance and intuitive resources, Happy Money supports H-1B visa holders on a journey to elevate their overall financial well-being.

Going beyond traditional lending, Happy Money creates a positive and empowering borrowing experience, aligning seamlessly with the broader financial goals of H-1B visa holders. Happy Money is an exceptional partner for those desiring more than a transactional lending relationship, characterized by its holistic and understanding methodology.

Direct payments are made to creditors.Utilization of the loan is limited.
Free access to the credit score.An origination fee may be charged.
Low maximum APR.No co-borrowers or cosigners are permitted.
Provides credit reports to all three credit bureaus.Interest rate discounts do not exist.


Discover extends no-credit-check personal loans designed explicitly for H-1B visa holders boasting good or excellent credit scores (above 689), serving individuals nationwide. The application process is streamlined, allowing for online or phone submissions, with approved funds deposited within one business day. While rate discounts may be absent, Discover offers H-1B visa holders flexible repayment terms and includes a complimentary monthly credit scorecard for convenient tracking.

Origination fees are not charged.Late fees may apply.
Soft credit checks are available to get you pre-qualified.Joint or co-signed loans are not available.
Financing within 24 hours.No rate discount.
Manage loans with a mobile app

Lending Point

LendingPoint stands out for its rapid funding, delivering personal loan funds to H-1B visa holders within one business day. With a relatively low credit score requirement 660 and a comprehensive assessment approach, it is an appealing choice for individuals with diverse credit profiles. However, it’s important to note potential origination fees, which may reach up to 10%, and the maximum APR of 35.99%. Comparing rates with other lenders is advisable to secure the best terms for H-1B visa holders.

A quick funding processAn origination fee of up to 10%
A credit score of 660 is required35.79% is the maximum APR
A holistic approach to assessment


PenFed’s individualized personal loans are designed for many borrowers, including H-1B visa holders. Initially oriented towards the military, these loans are now accessible to anyone with a minimal $5 savings account deposit. Specifically tailored for those with excellent credit, PenFed distinguishes itself from other credit unions by seamlessly integrating membership applications into the loan process. It is a streamlined choice for H-1B visa holders seeking versatile and inclusive loan options.

With a soft check, you can get pre-qualified.Only credit union members are entitled to certain perks.
A co-signing option is available.For debt consolidation loans, there are no direct creditor payments.
Rate discounts are available with Autopay.Loan amounts and terms are not prominently displayed online.
One-week expedited funding.

Universal Credit

Universal Credit Personal loans are crafted explicitly for H-1B visa holders with lower credit scores. Before applying, it is advisable to compare loan offers diligently. Operating under the umbrella of online lender Upgrade, Universal Credit stands out by focusing on borrowers with credit scores of 629 or lower and those with higher debt levels, potentially offering an easier qualification path. 

Upon approval, Universal Credit customers access Upgrade’s features, including credit-building tools, a mobile app, and a discount on creditor payments. This renders Universal Credit a valuable option for H-1B visa holders seeking financial support and tools to enhance their credit while efficiently managing their finances.

Designed to improve low credit scoresComparatively higher starting rates
Provides access to Upgrade’s featuresLimited information on loan amounts and terms online
Focus on bad credit and higher debt qualification


Avant serves as a platform connecting H-1B visa holders with fair to bad credit (689 or lower credit score) to online personal loan lenders. Despite origination and late fees, Avant provides consistent rates for those with bad credit. Notably, Avant reports to major credit bureaus and facilitates prequalification checks. While lacking some flexible features, Avant’s loans are a robust choice for H-1B visa holders managing midsize expenses.

Getting funding quicklyA possible origination fee may apply.
Get pre-qualified with a soft credit check.No co-signer, joint, or secured loans
Mobile app for loan management.No direct creditor payments for debt consolidation loans.
Options for varying repayment terms.
Customer service is available seven days a week.

Best Egg

Best Egg, an online lending platform, is tailored for H-1B visa holders with fair to good credit, offering unsecured and secured personal loans. A distinctive feature is the option to direct loan funds to up to 10 creditors, facilitating convenient debt consolidation. For secured loans, borrowers can utilize home or car fixtures as collateral, albeit with an expected origination fee. Best Egg is versatile for H-1B visa holders seeking swift, personalized financial solutions.

Soft credit check for pre-qualificationAn origination fee is charged
A wide range of loan amountsNo rate discounts
Various secured loan optionsNo choice for the initial payment date
Direct payment to creditors for debt consolidationNo mobile app for loan management.
There are no late fees.


Axos Bank ensures swift access to funds within two days, explicitly addressing the urgent financial needs of H-1B visa holders. Noteworthy is its provision for prequalification without impacting credit scores, coupled with a lower maximum APR of 20.84%, a notable contrast to the standard 36% offered by other lenders. 

However, it’s essential to consider the absence of co-borrower or cosigner options and the presence of origination fees ranging from 1.00% to 2.00%; these are factors H-1B visa holders should weigh when exploring personal loan options.

Quick access to funding within two daysCo-borrowers or co signers are not allowed
Prequalification without affecting the credit score.The loan is subject to origination fees (1.00% to 2.00%).
Comparatively lower maximum APR (20.84%)


Prosper provides small personal loans, starting at $2,000, featuring competitive APRs as low as 6.99%. Those with robust credit profiles among H-1B visa holders can secure the most favorable rates, while joint applications enhance qualification chances for others. H-1B visa holders must weigh potential origination fees (1% to 5%), a high maximum APR (up to 35.99%), and a three-business-day funding delay post-agreement signing. Prosper is ideal for H-1B visa holders searching for prompt, easily accessible financial support and transparent terms.

Starting at $2,000, small personal loans are availablePotential origination fee (1% to 5%)
Low APRs starting at 6.99%High maximum APR (up to 35.99%)
Joint applications increase your chances of qualifyingUpon agreement, funding may take up to three business days

Wells Fargo

Wells Fargo extends unsecured personal loans exclusively to existing customers, providing minimal fees and flexible terms. H-1B visa holders nationwide can conveniently pre-qualify online with a soft credit check. The Wells Fargo mobile app offers a specialized small-dollar loan, the Flex loan, catering to pre-approved H-1B visa holders. It is a convenient and adaptable choice for individuals in this category seeking tailored financial solutions.

Existing customers can apply for secured personal loansMajor offers are only available to existing Wells Fargo customers
Flexible loan options and minimal feesLimited information on specific loan terms online
Online pre-qualification is available nationwide
Flex loan for pre-approved customers via mobile app

How To Apply For Personal Loan for H-1B visa Holders in Beem

Here are some easy steps to follow to apply for a personal loan through Beem: 

  • Visit the Beem website, download the app, and register yourself
  • Visit the “Personal Loans” section in the app or on the website
  • Complete a simple online application
  • Ensure all necessary documents and information are provided, like proof of identity, income statement, US address proof, etc.
  • Await loan approval and funding, often with quick processing for H-1B visa holders. 

Eligibility Requirement

Here are some standard eligibility requirements one must meet: 

  • Applicants must possess a valid and active H-1B visa.
  • Proof of employment in the United States under the H-1B visa program.
  • Demonstrated ability to meet the minimum income requirements specified by Beem.
  • A favorable credit history is typically required, although specific credit score criteria may vary.
  • Submission of necessary documents, including visa details, employment verification, and financial records, as specified by Beem.

Can I Get a Personal Loan as a H-1B Visa Holder?

Securing a personal loan as an H-1B visa holder can be tricky sometimes, but it is not impossible to secure the loan. One must have a limited US credit history, a short visa duration of three to six years, and potential restrictions from specialized lenders specifying the loan’s use for immigration-related expenses. These factors may impact the qualification and choice of lenders based on individual needs.

Are there Special Loans for H-1B Visa Holders?

While no specific loans are exclusively designated for H-1B visa holders, some lenders may offer loans tailored to individuals with limited US credit history or unique visa situations. H-1B visa holders must explore various personal loan options from traditional and specialized lenders, considering factors such as credit history, visa duration, and specific loan conditions to find the most suitable financing solution.

What are the Advantages of Personal Loans for H-1B Visa Holders?

Personal loans for H-1B visa holders offer advantages such as building a US credit history, consolidating existing debts for better interest rates, covering one-time expenses, and providing the convenience of online applications. These loans are a versatile financial tool for individuals seeking to navigate their financial journey in the US efficiently.

What Credit Score Does an H-1B Visa Holder Need to Obtain a Personal Loan?

The credit score needs for personal loans can vary among lenders. Generally, H-1B visa holders must have a credit score of 600 or higher to qualify for loans from traditional lenders. However, specialized lenders or those offering loans tailored for individuals with limited US credit history may be more flexible. H-1B visa holders should check with individual lenders to understand their specific credit score requirements and eligibility criteria.

How Much Can I Borrow With a Personal Loan as a H-1B Visa Holder?

The amount you can borrow with a personal loan as an H-1B visa holder depends on various factors, including your income, credit history, and policies of lenders. Typically, lenders offer personal loans ranging from a few $1000 to $10,000. It’s essential to evaluate your financial situation, determine your repayment capacity, and explore lenders’ terms and conditions to find the loan amount that suits your needs.

Is a Personal Loan the Best Option to Borrow Money as an H-1B Visa Holder?

Whether a personal loan is the best way to borrow money as an H-1B visa holder depends on your financial situation, needs, and preferences. Personal loans offer flexibility for various purposes, but it’s paramount to consider factors such as interest rates, fees, and repayment terms. Explore alternative options like secured loans, credit cards, or lines of credit.

How do I Get a Personal Loan for H-1B Visa Holders?

To obtain a personal loan as an H-1B visa holder, follow these steps:

  • Ensure you fulfill the eligibility criteria, including a valid H-1B visa, proof of employment, and any specific requirements the lender sets.
  • Check your credit score, which is crucial for loan approval and interest rates. Many lenders have minimum credit score requirements.
  • Explore lenders that offer personal loans to H-1B visa holders. Credit Unions, traditional banks, and online lenders may have different eligibility criteria and loan terms.
  • Prepare necessary documents such as visa details, employment verification, proof of income, and any other documentation the lender requires.
  • Evaluate different lenders’ interest rates, fees, repayment terms, and loan amounts. Consider both traditional and specialized lenders catering to visa holders.
  • Complete the loan application process, either online or in-person, depending on the lender’s preferences. Deliver accurate data and ensure all required documents are submitted.
  • Once you’ve submitted your application, wait for the lender’s decision. Some lenders offer prequalification checks that will be fine with your credit score.
  • If approved, carefully examine the loan terms, including interest rates, fees, and repayment schedules. Ensure you understand all the features before accepting the loan.
  • Upon approval, the lender will provide the loan funds. Be aware of any processing times or delays in receiving the funds.

Where Can I Get a Personal Loan for H-1B Visa Holders?

To obtain a personal loan as an H-1B visa holder, consider online lenders like Upstart or Prosper, traditional banks such as Wells Fargo, or specialized platforms like Beem. Online lending platforms often accommodate diverse credit profiles, while traditional banks and credit unions may have specific eligibility criteria. 

Additionally, explore specialized lenders or peer-to-peer lending options like LendingClub. Compare interest rates, fees, and terms across various lenders before deciding. 


Personal loans provide valuable financial solutions for H-1B visa holders, aiding in credit building and addressing specific financial needs despite challenges like credit history obstacles; various traditional and online lenders offer tailored options. By carefully comparing terms and eligibility criteria, H-1B visa holders can secure the right loan to meet their unique financial requirements and navigate their temporary residency more effectively.

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Picture of Raman Gujral

Raman Gujral

An achievement-oriented professional, Raman has 10+ years of experience in B2B SaaS and B2C products across Fintech, Telecom, Digital Media, Social Media and Logistics domains. Defining and communicating product vision and strategy, product roadmap development, product positioning, and data analysis, he is also an expert in health insurance and personal loans content.


This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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