Can foreigners get a bank loan?

Yes, in some cases foreigners can get a bank loan. However, the review result depends on the bank, your visa status, your length of stay, and your income. Loan approval is not guaranteed.

What banks usually look at

• They check whether you are a registered foreigner with an Alien Registration Card.
• They check whether you have enough stay period left. If your stay period is shorter than the loan period, it may work against you.
• They check whether you have income from work in Korea, and how much.
• They check whether you have a financial transaction record in Korea.
• They also look at your visa status (for example, permanent resident, marriage immigrant, or professional worker).

Documents you usually prepare

• Alien Registration Card (외국인등록증) (or mobile Alien Registration Card) — used to confirm your identity.
• Employment contract and pay slip (근로계약서·급여명세서) — show your income in Korea.
• Transaction history of a bank account in your name — shows that your salary is paid in.
• Other documents — these differ by bank and loan type.

Good to know

• Credit cards are similar. You need proof of income in Korea and a record of staying in Korea for a certain period or longer. If you have no financial transaction record in Korea, it may be hard to get a card.
• First ask at a nearby bank counter whether there is a loan product available for your visa status.
• If someone asks for money or verification codes under the excuse of loan consultation, it may be voice phishing. Contact the Financial Supervisory Service (금융감독원) at 1332 or the police at 112.

Each bank has different standards, so checking directly with the bank you will use is the most accurate. If you are also preparing to extend your stay period, check at HiKorea (hikorea.go.kr) or the Foreigner Information Center (외국인종합안내센터) at 1345.