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Card loans are also available for foreigners! Types (bank-based, etc.) and recommended loans.

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Can foreigners get a credit card loan when they suddenly need money and come up short? Some foreigners living in Japan may have financial difficulties due to unexpected expenses. At such times, if they can use a card loan, they will be able to overcome the temporary shortage of funds.

This article details the screening requirements for foreigners to obtain a card loan, types of card loans such as bank and credit card loans, as well as recommended card loans.

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Can foreigners get a credit card loan in Japan?

In Japan, there are no rules that restrict access to credit card loans on the basis of being a foreigner. Therefore, as long as they meet the credit card company's screening requirements, foreigners can take out a card loan in the same way as Japanese nationals. In other words, foreigners residing in Japan can also use card loans to borrow funds when needed.

Can I get a credit card loan even if my Japanese is not good?

Unfortunately, many Japanese financial institutions and credit card companies do not support foreign languages. You will need to have enough Japanese language ability to listen to and understand the explanations of the card company staff when you apply, and to read, understand and fill out the contract. However, you do not need to have perfect Japanese. You will be able to understand the details of the card loan if the staff explains it slowly and carefully. Also, do not hesitate to ask questions if you do not understand something. The card loan company will also be kind enough to respond to foreign customers.

What are the requirements for a foreigner to be approved for a credit card loan?

In order to be approved for a credit card loan, you must meet certain criteria set by the credit card company. The criteria may differ from one credit card company to another, but having a stable income and staying in Japan for a long period of time are important conditions. For non-Japanese applicants, the type of visa and its remaining period of validity are also key points in the screening process.

1. have a stable income

Since credit card companies screen borrowers to determine whether they can repay the loan properly, having a stable income is the most important factor. What level of income is considered stable depends on the severity of the credit card company's screening process. While some require full-time employment, students and part-time workers may be acceptable if the credit card company is more lax in its requirements. Note, however, that if you have visa restrictions on the hours you can work, it may be more difficult to pass the screening process.

2. whether to stay in Japan for a long time

Since credit card companies fear that foreigners will return home without returning the money, whether or not they plan to stay in Japan for a long period of time is an important criterion for screening. The longer the remaining period of the visa, the easier it tends to be to be approved.逆にhere are many cases where the screening process becomes more difficult if the remaining period of the visa is short.

3. do i need permanent residency?

When an alien borrows a credit card loan, permanent residency may or may not be required. In general, most card loans by banks require permanent resident status, and those without permanent resident status cannot borrow money. On the other hand, there are many companies specializing in card loans, or so-called "consumer loans," that allow borrowers without permanent residency. If you do not have a permanent resident visa, we recommend that you use a consumer loan.

What types of Japanese card loans are available?

Card loans in Japan can be broadly divided into bank card loans, credit card loans, and consumer credit card loans. Understand the differences between them and choose the one that best suits your needs.

1. bank card loans

Foreigners can apply for card loans offered by banks. However, most bank card loans require permanent residency, which is a higher hurdle for foreigners. Also, the screening process is often relatively tough. Instead, bank card loans have the advantage of lower interest rates compared to consumer loans, which will be introduced later. Borrowing limits are also often set higher, making them suitable when a large sum of money is needed.

2. credit card card loans

A credit card card loan is a card loan function attached to a credit card such as VISA or JCB. It is important to note that the credit card screening process is somewhat difficult for foreigners, and the interest rate is somewhat high. However, if you have a credit card, there is no need to bother applying for a new one, making it easy to use. Another nice feature is that you can earn credit card points.

3. consumer loans

Consumer credit agencies are companies that specialize in personal credit card loans. Interest rates are higher than those of bank card loans, but the advantage is that the hurdles are lower, for example, people without permanent residency or part-time jobs can borrow. Even foreigners can borrow relatively easily, making them a recommended type of card loan. Consumer loans used to have legal problems such as "gray zone interest rates," but these have now been abolished and the image is cleaner and easier to borrow than in the past.

Beware of illegal "black market" or "black market" loans!

Some Japanese card loan companies are illegal "black market" lenders who are not registered or otherwise legally regulated. Black market lenders charge higher interest rates than required by Japanese law, and other malicious practices are common, so do not use them.

In Japan, the interest rate for credit card loans is set at up to 201 TP49T per year, so a company with a higher interest rate than this is a black-market lender. It is also said that vendors whose phone numbers are cell phone numbers are often black market lenders. Please be careful of suspicious companies and use safe and reliable card loans.

Five recommended credit card loans for foreigners

Here are five recommended card loans for foreigners. Compare the features of each company and choose the card loan that best suits you.

Sumitomo Mitsui Banking Card Loan

SMBC Card Loan is a card loan offered by Sumitomo Mitsui Banking Corporation, a major bank. Banking card loans tend to be more difficult to qualify for, but the interest rates are relatively low for this reason. However, permanent residency is often required, so you need to check before applying.

▶️ Sumitomo Mitsui Banking Corporation Card Loan : Sumitomo Mitsui Banking Corporation

SMBC Mobit

SMBC Mobit is a consumer finance company of the Sumitomo Mitsui Banking Group. It is possible to apply even if you do not have permanent resident status, and part-time and temporary employees are also eligible.

▶️ Cash advances and card loans are available from SMBC Mobit 【 official website 】

central

Central is a consumer finance company with a history of more than 40 years in business, offering same-day loans with a web application. The company offers nationwide coverage, with a total of 17 branches in Tokyo, Saitama, Kanagawa, Ehime, Kagawa, Kochi, and Okayama. Since they are affiliated with Seven Bank ATMs, they are easy to use for foreign residents as well. A special campaign is also available for first-time users, with interest rates of zero yen for up to 30 days.

▶️ For card loans, cash advances, and financingGo to Central for 41 years in business.

Rakuten Bank Super Loan

Rakuten Bank Super Loan is a card loan service of Rakuten Bank, a specialized online bank; you can apply online 24 hours a day, 365 days a year, and part-time workers and students can also use the service. You can also earn Rakuten Super Points.

▶️ Rakuten Bank Super Loan

iFUL

Aiful, a major consumer finance company, has ATMs and unmanned contracting machines located throughout Japan for your convenience. With a minimum 30-minute screening time, AIFUL is able to meet your urgent financial needs. They also support web-based completion of applications without the need to visit a store, and 24 hours a day, 365 days a year.

▶️ Card loans and cash advances are consumer loans aiful 【 official 】

These are five card loans that are easily accessible to foreigners. Please choose the best card loan for your situation. Make good use of your card loan and enjoy a comfortable life in Japan.

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summary

If you are a foreigner applying for a credit card loan, it is important to first determine whether you can pass the screening process. It is important to check whether you have permanent resident status, whether you have a stable income, and whether you plan to stay in Japan for a long period of time.

If you have a permanent residence visa, a bank-based loan with a low interest rate is recommended, but if not, a consumer loan is a good choice. Among consumer finance companies, those that offer services accessible to foreign nationals can be chosen for peace of mind.

In particular, "Central", which is affiliated with Seven Bank ATMs, is a recommended card loan for foreigners. Please familiarize yourself with the features of each company's services and choose the card loan that best suits your needs.

Credit and debit cards can also be a convenient means of cashless payment if used well. Please refer to the following article for a detailed explanation of credit and debit cards for foreigners.

・Explains the types of Rakuten Credit Card and how to apply for it for foreigners!
・How to make it easier for foreigners to get credit cards in Japan
・The Complete Guide to Japanese Debit Cards for Foreigners!

Whether you have a sudden shortage of funds or need to prepare a large sum of money in a planned manner, skillful use of a card loan should help you lead a comfortable life in Japan. Find a card loan that suits you and use it wisely.

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