For many international students, studying abroad presents a unique opportunity to gain a quality education and experience new cultures.
However, financing this journey can often be challenging, especially when access to traditional personal loans is limited.
Fortunately, there are lenders that specialize in providing personal loans tailored specifically for international students.
This article will explore the 9 best personal loan for international students, detailing key features, loan amounts, interest rates, and eligibility requirements.
Best Personal Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Prodigy Finance | Up to $35,000 | No | 7.00% – 12.99% | 10 – 20 years | Graduate students at selected universities |
| MPOWER Financing | Up to $50,000 | No | 10.49% – 12.99% | 10 years | Students attending eligible universities in the U.S. |
| Ascent Funding | Up to $20,000 | No | 8.00% – 12.00% | 5 – 10 years | Students at eligible institutions |
| Future Finance | Up to $35,000 | No | 9.00% – 12.00% | 5 – 10 years | Students enrolled in UK institutions |
| Naiku | Up to $25,000 | No | 7.00% – 10.50% | 10 years | International students in selected programs |
| LendKey | Varies | Yes | 3.00% – 12.00% | 5 – 15 years | Requires U.S. co-signer; no specific eligibility |
| College Ave Student Loans | Up to $50,000 | Yes | 3.34% – 12.99% | 5 – 15 years | Requires U.S. co-signer |
| Sallie Mae | Up to $50,000 | Yes | 1.00% – 12.60% | 5 – 15 years | Requires U.S. co-signer |
| Discover Student Loans | Up to $40,000 | Yes | 4.99% – 12.99% | 15 years | Requires U.S. co-signer |
1. Prodigy Finance
Prodigy Finance specializes in loans for international students pursuing graduate studies.
One of its significant advantages is that it does not require a co-signer, making it accessible for those without U.S. contacts.
Prodigy Finance offers loans of up to $35,000, with interest rates ranging from 7.00% to 12.99%.
Borrowers can choose flexible repayment terms of 10 to 20 years, allowing for manageable payments based on their financial situation.
Eligibility is primarily for graduate students at selected universities, so it’s essential to verify if your institution qualifies.
2. MPOWER Financing
MPOWER Financing is an excellent option for international students as it provides loans without needing a co-signer or collateral.
They offer loans up to $50,000, with interest rates between 10.49% and 12.99%.
The repayment term is fixed at 10 years, helping students manage their budgets effectively.
MPOWER evaluates applicants based on future earning potential and academic performance, making it an attractive option for students from various disciplines attending eligible universities in the U.S.
3. Ascent Funding
Ascent Funding provides loans to international students without requiring a co-signer.
They offer loans of up to $20,000, with interest rates ranging from 8.00% to 12.00%.
The loan terms can be set between 5 to 10 years, giving students flexibility in repayment options.
Ascent primarily focuses on students at eligible institutions, so confirming eligibility is crucial.
4. Future Finance
Future Finance caters specifically to international students and offers loans without requiring a co-signer.
They provide loans up to $35,000, with interest rates ranging from 9.00% to 12.00%.
Loan terms typically last between 5 to 10 years, making it a straightforward option for students needing accessible funding.
Future Finance is especially beneficial for students enrolled in UK institutions, so ensure you check the details if you are studying in the U.S.
5. Naiku
Naiku offers loans to international students without requiring a co-signer.
They provide loans up to $25,000, with interest rates between 7.00% and 10.50%. The repayment term is fixed at 10 years, allowing for predictable monthly payments.
Naiku primarily targets international students in specific programs, so it’s essential to check eligibility.
6. LendKey
LendKey connects borrowers with local and national credit unions and banks.
While they typically require a co-signer, some programs may allow international students to apply without one.
Loan amounts vary, but they generally offer loans up to $50,000. Interest rates range from 3.00% to 12.00%, and loan terms can be set from 5 to 15 years.
LendKey’s community lending focus often results in competitive rates.
7. College Ave Student Loans
College Ave specializes in providing loans for students but typically requires a U.S. co-signer.
They offer loans up to $50,000, with interest rates ranging from 3.34% to 12.99%. The loan terms can be customized from 5 to 15 years, providing flexibility in repayment.
College Ave also offers options like interest-only payments while in school, helping students manage their finances during their studies.
8. Discover Student Loans
Discover provides private student loans for international students, but applicants need a U.S. co-signer to qualify.
The maximum loan amount available is $40,000, with interest rates between 4.99% and 12.99%.
Discover’s loan terms can extend up to 15 years, and they offer flexible repayment options, including deferment while students are in school.
9. Citizens Bank
Citizens Bank offers loans for international students with the requirement of a U.S. co-signer.
Students can borrow up to $50,000, with competitive interest rates ranging from 5.99% to 11.99%. Loan terms are flexible, lasting from 5 to 15 years.
Citizens Bank also provides multi-year approval options, which can simplify the funding process for students pursuing extended degrees.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
What is the maximum loan amount that international students can borrow without a co-signer?
The maximum loan amount varies by lender. For instance, MPOWER Financing offers loans up to $50,000, while Prodigy Finance typically provides loans up to $35,000. Ascent Funding generally offers loans up to $20,000. It’s essential to check each lender’s specific terms to determine your borrowing capacity.
Do international students need a co-signer to qualify for loans in the U.S.?
Many lenders, such as Prodigy Finance and MPOWER Financing, do not require a co-signer, making it easier for international students to secure funding. However, traditional lenders like Sallie Mae and Discover Student Loans often require a U.S. co-signer. Always review the specific requirements of each lender before applying.
What are the interest rates typically offered to international students?
Interest rates for student loans can vary significantly based on the lender and the borrower’s profile. Generally, rates range from approximately 1.00% to 12.99%, depending on factors such as creditworthiness and the presence of a co-signer. It’s crucial to compare rates from multiple lenders to find the most favorable terms for your financial situation.
Conclusion
Navigating the world of personal loans as an international student can be challenging, especially without a co-signer.
However, options like Prodigy Finance, MPOWER Financing, and Ascent Funding provide essential support for those in need.
Each lender has different eligibility requirements, loan amounts, and interest rates, making it vital for students to conduct thorough research to find the best fit for their needs.
By understanding these options, international students can secure the necessary financial support to pursue their education, turning their academic dreams into reality.
