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Taking out a personal loan in Japan.

GenjiMain

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Hi all,

As the title states, I'm looking to take out a loan. Some info on me: I only recently moved to Japan (about 5 months ago) and my income is quite low but is enough to spare 30-40k yen per month. I can speak at maybe an N4 level but my kanji is much poorer. I'm currently with JP bank.

I'm not really sure how to go about asking for a loan with my bank, or whether I should take out a loan with someone else. Does anyone have any advice or suggestions as to where I should start, things I need to be aware of, etc.

Thanks in advance.
 

Majestic

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The biggest barrier to getting a loan is a temporary visa - work visa, student visa, etc. So in practical terms this usually means you need to have permanent residency, and you need to be buying something the bank can repossess if you default on the loan: usually a home or a car. In your case, lack of credit history, lack of tax history, etc... will all be almost insurmountable hurdles to getting a traditional loan through a Japanese bank.
 

tomoni

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I’m with majestic on this, however you do not say what you want the loan for.
so if you can pay ¥30-¥40,000 per month, I’m assuming it’s not for a house. I may be incorrect. If you’re looking at a loan to buy a motorcycle or a car, you can usually get a loan right at the car shop or the bike shop – rates are around 3% interest.

However, you would need to have a guarantor for the loan which would need to be a person that meets the requirements that majestic stated above.

I’m not sure if that helps, but if you give more information perhaps We can be of more help.
Cheers
 

musicisgood

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How does one get a credit card if only income is Social Security in this country?
 
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