The rapid growth of financial technology in the U.S. has given rise to numerous loan apps that cater to specific audiences, including immigrants, students, and mortgage seekers. These apps make it easy to access funds quickly without having to deal with the hassle of traditional bank loans. Here, we review the best loan apps in the USA for these groups and highlight some of the key features and eligibility criteria for each.
List of Best Loan Apps in USA for Immigrants, Students and Mortgage Seekers
1. SoFi – Best for Comprehensive Loan Solutions
SoFi is a well-regarded platform that offers a range of loan products, including personal, student, and mortgage loans, making it ideal for diverse financial needs. SoFi is particularly attractive to students looking for loan refinancing and to immigrants due to its simplified application process and lack of hidden fees.
- Loan Amounts: Up to $100,000 for personal loans; mortgage and student loan refinancing options also available.
- Eligibility: Available to U.S. citizens, permanent residents, and eligible visa holders.
- Key Features:
- No fees (no origination, late, or prepayment fees).
- Offers low fixed or variable rates.
- Access to SoFi community events, financial advice, and career services.
2. Stilt – Best for Immigrants and Non-U.S. Citizens
Stilt is a platform designed specifically for immigrants, international students, and visa holders in the U.S. Unlike many lenders, Stilt does not require a Social Security Number (SSN) for applications, making it easier for recent immigrants and students to secure funds. The app is highly recommended for non-citizens needing financial assistance.
- Loan Amounts: $1,000 to $35,000.
- Eligibility: Available to immigrants, international students, and visa holders without an SSN or credit history.
- Key Features:
- Fast approval with minimal documentation.
- Competitive interest rates based on individual financial behavior.
- Flexible repayment terms up to 36 months.
3. Earnin – Best for Quick, Small Cash Advances
Earnin is ideal for students and part-time workers who occasionally need a small cash boost. Unlike traditional payday lenders, Earnin doesn’t charge interest. Instead, users are encouraged to provide a “tip” for the service. It is particularly useful for those who need a quick loan without committing to long-term repayment.
- Loan Amounts: Up to $750 per pay period.
- Eligibility: Requires users to have a regular paycheck and a checking account.
- Key Features:
- No interest or mandatory fees.
- Fast access to earned wages before payday.
- Balance Shield feature that prevents overdrafts.
4. MoneyLion – Best for Credit Building
MoneyLion offers personal loans but is particularly valuable for students and young immigrants aiming to build their credit profile. It provides various financial products, including loans, investment accounts, and credit-building tools.
- Loan Amounts: Up to $1,000 for eligible users.
- Eligibility: Requires a checking account and some history of financial transactions.
- Key Features:
- Credit-builder loans that report to all major credit bureaus.
- Access to Instacash, which provides cash advances with no interest.
- Financial tracking tools to help manage spending.
5. Upstart – Best for Personal Loans Based on Non-Traditional Factors
Upstart is suitable for students and immigrants with limited or no credit history, as it uses alternative data like education, employment history, and income to assess eligibility. It offers larger loans that can be used for various purposes, including consolidating debt or covering educational expenses.
- Loan Amounts: $1,000 to $50,000.
- Eligibility: Minimum credit score of 300 (or no credit history) and proof of regular income.
- Key Features:
- Fast funding (next business day).
- Flexible repayment terms between 3-5 years.
- No prepayment penalty.
6. Better Mortgage – Best for Mortgage Loans
Better Mortgage is ideal for immigrants and students with stable incomes who want to buy a home in the U.S. Known for its streamlined digital application, Better Mortgage eliminates many of the fees traditionally associated with mortgage lending, such as origination fees.
- Loan Amounts: Varies based on home price and down payment.
- Eligibility: Open to citizens, green card holders, and certain visa holders.
- Key Features:
- No origination or lender fees.
- Quick pre-approval and application process.
- Transparent terms and customer support through the mortgage process.
Comparison of the Best Loan Apps
| App | Loan Types | Max Loan Amount | Target Audience | Notable Features |
|---|---|---|---|---|
| SoFi | Personal, Student, Mortgage | $100,000 | Students, Immigrants, General | No fees, career support, community events |
| Stilt | Personal | $35,000 | Immigrants, Non-U.S. Citizens | Minimal documentation, no SSN needed |
| Earnin | Cash Advance | $750 | Students, Part-time Workers | Tip-based model, Balance Shield |
| MoneyLion | Personal, Credit Building | $1,000 | Students, Young Immigrants | Credit-builder tools, Instacash |
| Upstart | Personal | $50,000 | Students, Limited Credit | Non-traditional credit assessment |
| Better Mortgage | Mortgage | Varies | Immigrants, Stable Income | No lender fees, fast digital pre-approval |
FAQs
Which loan app is best for immigrants with no SSN or credit history?
Stilt is the best choice for immigrants without an SSN or credit history. It is designed to provide financial services to immigrants, international students, and visa holders in the U.S., focusing on a minimal documentation requirement and flexible loan terms. Stilt considers factors beyond credit history, making it easier for non-U.S. citizens to access funds.
Can students apply for personal loans even without a steady income?
Yes, some loan apps, like Upstart, allow students to apply for personal loans even with minimal income or limited credit history. Upstart uses alternative factors such as education and employment history to assess eligibility, which is advantageous for students with part-time jobs or internships. Additionally, SoFi offers refinancing options for student loans, which can be beneficial for students nearing graduation.
How quickly can I get funds from these loan apps?
Most loan apps provide fast funding, typically within one to three business days. Earnin offers instant access to earned wages with no interest or mandatory fees, while Upstart can provide funds the next business day after approval. Better Mortgage also provides a quick pre-approval process for mortgages, often within minutes, making it easier for homebuyers to move quickly on a property.