International rental loans are possible for certain situations

Tenants who live outside the United States often feel that they have reduced access to consumer loan products. International rental loans in particular are often more difficult to find in certain countries. You’ll find that you have a variety of loan options available from both domestic banks as well as international lenders that meet a variety of needs.

Domestic Lenders

Getting a loan through a lender that is based near you is generally the best option. Local banks and financial institutions are familiar with the local economy. They are aware of the challenges that you face as well as the opportunities that you have to be able to successfully repay a rental loan.

Whether you need a loan to cover your late rent payments and prevent an eviction, or you are looking for help coming up with the move-in requirements of a new rental unit, lenders can generally provide loan products that can meet the description of a rental loan. Many of these loan products are unsecured, meaning that you would not have to pledge any collateral. Others may require a security interest in a piece of property such as land, a vehicle or other belongings.

Domestic lenders as well as local rental assistance programs vary by country:

International Lenders

Some global corporations provide international rental loans to tenants who live in other countries. Each financial institution has certain rules and guidelines that dictate what types of loans it will provide as well as what the eligibility requirements are.

Kiva is a global charity that provides small business loans as well as loans for personal housing expenses. Their partner organizations lend to individuals all over the world, making this one of the best options for a tenant who struggles to meet rent and other living costs.

Concord Servicing is a financial institution based in the US, but it specializes in loans to Latin American countries. Applicants may contact its Mexico City office at (55) 1101-0370 to apply directly.

The United Nations Federal Credit Union is another global lender that provides loans across international borders. However, membership is limited to UN staff, families and retirees, so it is not an option for most people.

Opportunity International provides loans to help those who need working capital build their own businesses. If you base your business from your home, then you may be able to include your rent in your business model so that you can borrow the money you need to live.

Global banking institutions like HSBC can be a source of borrowing also. These banking giants have a large footprint that usually include most of Europe and Asia.

There are over 40 international loan organizations that partner through the International Association of Jewish Free Loans (IAJFL). An interest-free loan may be possible if you meet the eligibility requirements of the member organizations. Being able to borrow money with zero finance charges is an awesome opportunity if you qualify!

Whatever institution you apply through, make sure that you are honest with your application and your personal details. You may be required to fax in certain documents, or you may be able to simply enter the information through an online application. Just make sure that you are dealing with a reputable organization that is internationally recognized.

Most importantly, never pay upfront fees to borrow money. This is a common trait of international rental loan scams!