# Loan sounds like groan? Then how do you pay a UK loan in the USA?



## OpenSalad (May 3, 2013)

I have three loans - a student loan (which gets taken from my normal wage) and two others.

I can manage paying off all three right now on my current wage, but I'll soon be moving to the USA.

Does anyone have any experience on how best to pay them off? Should I continue paying them as I do in the UK but transferring money from a US bank account, or take a loan out in the USA to pay them off early and not suffer currency fluctuations?

Any help much appreciated...thank you.


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## twostep (Apr 3, 2008)

Will you be able to get a loan in the US?


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## OpenSalad (May 3, 2013)

twostep said:


> Will you be able to get a loan in the US?


I hope so. If not there's no option and I'll have to solve it in the UK. 

If I was able to, which route do you think would be best?


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## twostep (Apr 3, 2008)

Without US work and credit history and probably no attachable collateral but Peter-to-Paul debt you may have to go the spouse/family route.


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## Bevdeforges (Nov 16, 2007)

Your chances of getting a loan in your first few months in the US are pretty tenuous. Easiest thing for the time being would be to hold onto one or more of your UK accounts and continue to pay the loans from there, transferring money as needed from the US to make the payments. After six months or a year, you'll have a better idea as to whether you would be able to get a loan in the US and on what terms.
Cheers,
Bev


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## falcon1959 (Dec 16, 2013)

Why not contact the people who you owe the money to, and ask then if they have some system in place for you to make payments internationally. I am sure the Student Loans must have some experience in dealing with payments from abroad.


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## akmm (Jan 14, 2014)

OpenSalad said:


> I have three loans - a student loan (which gets taken from my normal wage) and two others.
> 
> I can manage paying off all three right now on my current wage, but I'll soon be moving to the USA.
> 
> ...


I can only speak from personal experience. We moved to the US with well-paid employment and a company sponsored visa. We sold our home in the UK and bought a property here in the US with a substantial downpayment. We were treated like students (despite being in our 40's, financially secure) After 2 years here we are gradually building our credit score.
Since the financial crisis borrowing money is very difficult. That said, we leased a car and obtained a mortgage! My husband was very persistent and eventually found a personal banker who helped navigate through the bureaucracy. They are more like independent financial advisers than the personal bankers we are used to.
Don't give up. Build your credit score carefully. It matters here A LOT.
Good luck!


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