Can owner of K1 visa get loan from bank for business?

[Nazokat 13]

I have great plans for what I will do in USA. But we(me and my husband) are not able to make this all come true. So question, can I loan money from bank for business? The fact is that my husband can not get money from bank coz he is already about to ask loan for new house. 

[Roel 7,192]

You might or might not. Some banks won't even let you have an account until you have a green card in hand. No one will give you a loan just based on the k1 visa. (Which btw is kind of useless once you use it at the point of entry ). Also without a credit history you won't get a big loan. Example, the biggest credit card limit I got after I've already been on the USA for a year, was $600. 

[EandH0904 1,184]

And remember also you may have the best plans and be the best business people ever, I don't know you but statistically most small businesses don't make it the first year. It's even less for small businesses like restaurants. 

[NYCruiser 423]

2 hours ago, Nazokat said:

I have great plans for what I will do in USA. But we(me and my husband) are not able to make this all come true. So question, can I loan money from bank for business? The fact is that my husband can not get money from bank coz he is already about to ask loan for new house. 

The K1 Visa is 'never-never' limbo land that you are in. I highly doubt that you will get any kind of loan. You have no credit bureau files in your name, you do not have a I-551 yet. The loan application specifically ask the applicant to provide evidence of immigration status if they feel it is necessary. We had a hard time with Chase Bank and my spouse's status at the time applying for a Line of Credit on the second home which was just for a fraction of the value of the home.

 

The loan officer I spoke with said Banks have had Students/L1/E1 and H1's come in the country apply and get cars, loans, etc and skip the USA and not pay back. 

[Auds 223]

Start small with what you have.

 

there are lots of businesses you csn start with small amounts.

[Penguin_ie 5,993]

***** Moving from K1 to Moving Here and your New Life forum *****

 

Once you have a greencard, you can absolutely apply for a business loan.As mentioned, the lack of credit history will be an issue.  BTW, your husband can absolutely get both a mortgage for your home and a business loan.

[Lemonslice 4,836]

Some newcomers get loans/access to credit within weeks of their entry. For others, it's a longer process. Lenders obviously want to limit their risk, so it depends on what you're bringing to the table... 

[Nazokat 13]

On 16.06.2017 at 3:55 PM, Auds said:

Start small with what you have.

 

there are lots of businesses you csn start with small amounts.

For exmple? I have no idea what can I do with small amounts...

[Nazokat 13]

On 16.06.2017 at 3:59 PM, Penguin_ie said:

***** Moving from K1 to Moving Here and your New Life forum *****

 

Once you have a greencard, you can absolutely apply for a business loan.As mentioned, the lack of credit history will be an issue.  BTW, your husband can absolutely get both a mortgage for your home and a business loan.

So my husband can borrow several loans at the same time?

[millefleur 5,046]

4 hours ago, Nazokat said:

So my husband can borrow several loans at the same time?

Depends on his credit score. If he has a good score, sure, he probably will be able to take out multiple loans. If his score is bad or even just 'ok', then it will be harder to take out a bunch of loans at once.

[Penguin_ie 5,993]

In America, few people buy houses outright, so most people have a house loan/ mortgage. Having a business loan on top, and perhaps a lease/ loan on a car, is quite normal.