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Guide to Payday Loans for Non-Residents

Payday Loans for Non-Residents
This article provides an in-depth analysis of payday loans available to non-residents. From eligibility criteria to interest rates, we cover the essential information that will help you navigate the lending landscape. Discover the options that align with your financial situation and understand how to make an informed choice.
Offers: 8
Updated:
27.02.2024
14:24
Best Quick Loan Today 27.02.2024*
Finanso
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100.00 – 2000.00 $
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0.05 – 2.50 %
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5 days – 3 months
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3.09
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from 4.00 %
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to 1 months
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Check Into Cash
Payday Loan
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4.06
(20 Ratings)
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650
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$50-$1,500
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Effective interest rate on the product

APR 390%
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up to 30 days
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Moneytree
Payday loan
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3.138
(13 Ratings)
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$100-$500
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up to 482.32%
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up to 14 days
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CashNetUSA
Payday Loan
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3.68
(25 Ratings)
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$50 -$500
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up to 805.28%
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up to 30 days
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Approved Cash
Payday Loans
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2.956
(14 Ratings)
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2.00 – 2.00 %
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Money Mart
Payday Loan
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FaaastCash
Payday loan
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2.3
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up to 2% per day
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Payday Loans Calculator of February 2024

Utilize our Payday Loans Calculator to receive precise estimates of potential loan sums, interest rates, and repayment plans within the U.S. This essential instrument serves as a valuable resource for handling your immediate borrowing needs.

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The Legal Status of Payday Loans in the USA

A payday loan is an expensive short-term financial solution. Some lenders call it cash advance. Typically, a borrower repays it on their next payday. We recommend getting payday loans only to cover unexpected expenses and emergencies. Each state regulates payday lending to protect its residents from predatory lending. Payday loans amount, interest, and fees must not exceed the value under your state law. More

Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
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JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
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OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
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My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
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Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
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Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
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Guide to Payday Loans for Non-Residents

What is a Payday Loan?

A payday loan, also known as a cash advance or paycheck advance, is a short-term, high-interest loan designed to help people who need immediate access to cash to cover expenses until their next payday. These loans are typically small in amount, ranging from $100 to $1,500, with a repayment period that can range from two weeks to a month.

The process of getting a payday loan is relatively simple and can be completed quickly. Borrowers typically have to provide proof of income, a valid ID, proof of employment, and a post-dated check or authorized electronic debit for the amount of the loan plus interest and fees.

Payday loans are known for their high-interest rates, which can be as high as 800% annual percentage rate (APR). This high interest is justified by the high risk taken by the lender as they are lending to borrowers with bad credit or no credit history. These loans typically come with fees and penalties, such as additional charges for late payments or rollover fees, which can further increase the cost of the loan.

While payday loans may seem like a quick solution to financial emergencies, they can be a debt trap for many borrowers. According to a report by the Consumer Financial Protection Bureau (CFPB), the average payday loan borrower takes out 10 loans per year and spends almost 200 days a year in debt. The high interest and fees associated with these loans can quickly accumulate, leading to a debt cycle that can be difficult to break.

For this reason, many states have implemented regulations on payday loans, including limits on interest rates, rollovers, and repayment terms. Understand the cost and risks associated with payday loans before considering them as a solution to financial problems. Alternatives to payday loans, such as personal loans, credit cards, and borrowing from family and friends, may be available and should be explored before committing to a payday loan.

Features

  1. Simple application process. The process of applying for a payday loan is relatively simple compared to other forms of credit. The borrower only needs to provide basic personal and financial information, and the lender makes an instant decision on whether to approve the loan or not.

  2. Short repayment period. The repayment period for payday loans is typically much shorter than other types of credit. The borrower must repay the loan, including interest and fees, within a few weeks or on their next payday.

  3. High interest rates. Payday loans have higher interest rates than other forms of credit, which can sometimes be as high as 800%. This is because lenders consider payday loans as risky due to their short-term nature and ease of access.

  4. Small loan amounts. Payday loans are usually offered in smaller amounts compared to other forms of credit. The amount that a borrower can receive is usually dependent on their income and other factors.

  5. No collateral. Unlike other forms of credit, payday loans do not require any form of collateral. Lenders rely solely on the borrower's ability to repay the loan.

Pros and Cons

Pros

Quick access to cash. Payday loans offer immediate access to cash when an emergency or unexpected expense arises, which can be a pro for those who do not have other options or need money quickly.

No credit check is required. Payday loans do not usually require a credit check, which means those with a poor credit score or no credit history can still be approved.

Easy to qualify. The qualifications for a payday loan are typically straightforward and easy to meet, which can make it an attractive option for those who need immediate funds.

Flexible repayment options. Many payday loan providers offer flexible repayment options, ranging from paying back the loan in full on the next payday to paying the loan back in installments over a longer period.

Cons

Hidden fees. Many payday loan providers charge additional fees beyond the interest rate, such as application fees and late fees, which can make the loan much more expensive overall.

Can lead to a cycle of debt. Due to the high interest rates and fees, many borrowers find themselves unable to pay off the loan in full on their next payday, leading to a cycle of borrowing and accumulating more debt.

Can damage credit score. If a borrower is unable to pay back the loan, it can lead to debt collection efforts and damage to their credit report.

How to Get a Payday Loan for Non-Residents?

Apply For a Loan

Getting a payday loan for non-US residents can be a little more complicated than for US residents. However, with a little research and preparation, it is possible to secure a payday loan even if you are not a US citizen or resident.

Here are some tips on how to get a payday loan for non-US residents:

  1. Check if payday loans are legal in your country. Before applying for a payday loan, it is essential to check whether these loans are legal in your country. Some countries do not allow payday loans, so it is better to be sure before proceeding. You can contact your local financial regulator or by checking the laws and regulations of your country.

  2. Find a payday loan lender that accepts non-US residents. The second step is to find a payday loan lender that accepts non-US residents. Most lenders require applicants to have a US bank account and a Social Security number, which makes it difficult for non-US residents to qualify. However, some online lenders may offer payday loans to non-US residents who have a valid work permit or visa.

  3. Prepare necessary documents. Once you find a lender that accepts non-US residents, you will need to provide some personal and financial information. This may include your passport or other government-issued ID, proof of employment or income, and bank statements. You may also need to provide proof of your address, such as a utility bill or rental agreement.

  4. Apply for the loan. After gathering all the documents, you can apply for the payday loan online or in person. Read the terms and conditions carefully and understand the interest rate, fees, and repayment terms before signing the loan agreement.

Requirements and Conditions

  1. Have a valid ID. Non-US residents must have a government-issued ID like a passport or work permit to confirm their identity. This is important because lenders must verify the borrower's identity and residence to ensure they are not dealing with fraudsters.

  2. Have an active bank account. This is important because the lender will deposit the loan amount into the borrower's bank account, and when the repayment is due, the lender will withdraw the money directly from the account. For non-US residents, having a US bank account may be difficult, but some lending companies can accept bank accounts from other countries.

  3. Provide proof of income. Lenders need to confirm that the borrower can meet the loan repayment obligations. Non-US residents often need to provide additional information to verify their income, such as bank statements, employment contracts, or payslips. The lending company may also require proof of residency in the form of utility bills or rental agreements.

Aside from these requirements, lenders may also conduct a credit check on non-US residents to determine their creditworthiness. A good credit score increases the chances of loan approval and may also lead to lower interest rates. However, some lenders may offer payday loans to individuals with bad credit but will charge higher interest rates.

Best Places to Borrow Payday Loans for Non-Residents Today 27.02.2024

Payday loans are often offered by lenders in the United States, but not all lenders offer these types of loans to non-US residents. You can get a payday loan with a co-signer if the lender requires US citizenship.

CashNetUSA

Apply For a Loan

CashNetUSA is one of the largest online lenders in the US. They offer payday loans to residents in over 30 states, including non-US residents. They require applicants to have a valid passport, social security number, and a US-based bank account.CashNetUSA

Check Into Cash

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Check Into Cash is another popular payday loan lender in the US. They offer payday loans to residents in over 30 states, including non-US residents. They require applicants to have a valid passport, social security number, and a US-based bank account.Check Into Cash

GadCapital

Apply For a Loan

GadCapital. It is an online lender that offers payday loans to residents in several states, including non-US residents. They require applicants to have a valid social security number, valid contact information, and a US-based bank account.GadCapital

ACE Cash Express

Apply For a Loan

ACE Cash Express is a payday loan lender that operates in several states, including non-US residents. They require applicants to have a valid social security number, valid contact information, and a US-based bank account.ACE Cash Express

Cash Central

Apply For a Loan

Cash Central is a payday loan lender that operates in several states, including non-US residents. They require applicants to have a valid social security number, valid contact information, and a US-based bank account.Cash Central

Ways to Get the Money

If you are a non-U.S. resident and are seeking a payday loan, the first step is to research the different lenders that offer payday loans to non-residents. Payday loans may be available from a wide range of lenders, including online lenders, banks, and credit unions.

Once you have identified a lender that is willing to offer you a payday loan, the next step is to determine how you will receive the loan funds. There are several methods of disbursal for payday loans, including in-person, direct deposit, and prepaid debit cards.

  1. In-person disbursal. It involves you visiting the lender's physical location to receive the loan money. This may be a good option if you need the funds urgently. However, it may not be practical if you do not live in close proximity to a lender's physical location.

  2. Direct deposit. It is a common method of disbursal for payday loans. Once you are approved for the loan, the funds are deposited directly into your bank account. This is a convenient option, as it requires no in-person visits to the lender's office.

  3. Prepaid debit cards. The lender will issue you a prepaid debit card loaded with the loan funds. This option may be useful if you do not have a bank account or if you do not want the loan funds deposited into your primary bank account.

Things to Pay Attention To

Here are some things to pay attention to if you are considering getting a payday loan as a non-US citizen.

  1. Loan eligibility. Not all payday lenders will offer loans to non-US citizens. Before applying for a loan, make sure to check the lender's eligibility requirements. You may need to have a valid work visa, social security number, and other documents to qualify.

  2. Interest rates and fees. Payday loans come with high interest rates and fees, so it's important to understand the total cost of the loan. Make sure to read the terms and conditions and ask the lender about any fees that may be charged.

  3. Repayment terms. Payday loans are typically due on your next payday, which could be a challenge if you are not a US citizen and do not have a steady income. Make sure to understand the repayment terms before taking out a loan, and consider whether you will be able to repay the loan on time.

  4. Alternatives. Payday loans should be a last resort, as they can be expensive and can lead to a cycle of debt. Consider alternatives such as borrowing from friends or family, negotiating with creditors, or finding a second job to supplement your income.

  5. Lender reputation. Choose a reputable payday lender to ensure that you are not being scammed or charged unfair fees. Look for lenders that have positive reviews and a history of working with non-US citizens.

How to Repay the Loan?

When it comes to repaying payday loans for non-US residents, it can be a bit tricky. Here are useful tips and information to help you repay your payday loan successfully.

  1. Pay it off in full on your next payday. If you have the funds available, this is the most straightforward method of repayment. However, if you are unable to repay the full amount, most payday lenders offer the option to extend the loan term by paying an additional fee.

  2. Negotiate a payment plan with your payday lender. Some lenders may be willing to work with you to come up with a repayment plan that fits your budget. This can help you repay the loan over a period of time, typically in monthly or bi-weekly installments.

  3. Communicate with your lender. If you cannot make on-time payments, reach your lender as soon as possible. Ignoring the loan or missing payments can result in additional fees and damage to your credit score.

  4. Be cautious of payday loan scams. Some fraudulent lenders may try to take advantage of non-US residents by offering loans with hidden fees or unrealistic repayment terms. Always do your research and work with reputable lenders to ensure that your payday loan repayment is legitimate and fair.

Alternatives

Apply For a Loan

There are several alternatives that people can consider when they need to borrow money quickly.

  1. Personal loans from traditional banks. Some traditional banks and credit unions offer personal loans to non-US residents. These loans typically require a credit check and proof of income and often have lower interest rates than payday loans.

  2. Online personal loans. There are some online lenders that offer personal loans to non-US residents. These lenders typically require a credit check and proof of income, but the application process is often faster and more convenient than traditional bank loans.

  3. Credit cards. Credit cards can be a good option for short-term borrowing needs. Non-US residents can apply for a credit card with a low interest rate or take advantage of balance transfer options to reduce their interest payments.

  4. Borrowing from friends or family. If possible, borrowing money from friends or family members can be a good option. This may be easier for non-US residents who have connections in their local communities.

  5. Peer-to-peer lending. Peer-to-peer (P2P) lending platforms connect borrowers with individual investors who are willing to lend money at competitive interest rates. Non-US residents can access these platforms from anywhere in the world, making P2P lending a potentially attractive option.

  6. Credit unions. Non-US residents may also consider joining a local credit union, which can offer lower interest rates and more flexible repayment terms than traditional banks.

Editorial Opinion

For non-US residents, payday loans can be even riskier because they may not be familiar with the laws and regulations governing these loans in the US. Moreover, non-US residents may have different financial circumstances and may not have access to the same resources as US citizens to repay the loan. Therefore, non-US residents need to be cautious when considering payday loans and to thoroughly research the lender and terms of the loan before agreeing to anything. Alternatively, they can explore other options, such as asking family or friends for a loan or seeking financial assistance from a non-profit organization. While payday loans can be a viable option for some people in need of emergency cash, non-US residents should carefully weigh the risks and alternatives before deciding to take out a payday loan.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
  3. Carefully review all the terms and conditions of your payday loan contract.
  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

In Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

We carefully considered the most critical factors in selecting a lender in each category. These factors include interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

To learn more about Payday Loans for Non-Residents and best practices, check out some of the following resources:

Sources

FAQ

Can you get a loan if you're not a resident?

If you're not a resident of the United States, getting a loan in the country can be challenging. Most lenders require borrowers to be citizens or permanent residents before approving a loan application. However, there are still options available for non-residents who need financing.

The most common way to get a loan as a non-resident is to get a personal loan from a lender that specializes in serving international populations. These lenders often have different requirements than traditional U.S. bank lenders and may be more willing to work with non-residents. However, borrowers should expect to pay higher interest rates and fees for the convenience of accessing these unsecured loans.

Another option is to apply for a personal loan with a cosigner who is a permanent resident or a U.S. citizen. A cosigner is someone who takes responsibility for the loan if the primary borrower fails to make payments. Having a cosigner with a strong credit rating can help improve your chances of getting approved for a loan.

How can I get a loan if I am not a US citizen?

The process of obtaining a loan as a non-U.S. citizen depends on your immigration status. If you're a non-permanent resident, you may still be eligible to apply for loans from traditional lenders, but you'll need to provide evidence of your income and residency status. Some lenders may also require you to have a U.S. bank account.

If you're an international student studying in the United States, you may be able to apply for student loans. Many colleges and universities offer loans specifically designed for international students to help finance their education.

Can someone without an SSN get a loan?

For those without an SSN, it may also be possible to obtain a loan, although it can be more difficult. Some lenders may require a taxpayer identification number (TIN) or an individual taxpayer identification number (ITIN) instead of an SSN. Others offer loans specifically for non-U.S. citizens without an SSN.

Can I get a loan with my SSN?

Having an SSN can improve your chances of getting approved for a loan. Having a credit history helps lenders assess your risk as a borrower. Your credit score shows how well you have managed credit and debt in the past. Without a credit history, lenders have much less information on which to base their decision. Even if your credit score is low, having one shows that you have a history of paying back loans and credit cards on time, making you a more attractive borrower.