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You can get a loan from another Country by finding a bank/finance house which has off-shore operations. As an example Capital One is an American operation, but has offices in the UK, working in Sterling but the account is actually underwritten in US$ Dollars. You could make an application for a loan in the other country- many do it on line now.
Even in 1985, my very first mortgage was payable in Sterling, but actually underwritten ins US$.
Actually applying for a loan is even easier now we have the internet, and you can look up banks that do international lending, whether you are paying in yours, or the local currency
HOWEVER: there is a warning attached to going off-shore, and drawing down a foreign currency loan.
The loan is not controlled by US law, but the laws of the Country where the loan is underwritten. So, make sure you know where the money you are borrowing is actually coming from.
You have no protection relating to collection methods, that you may have in the USA. Certainly even if you took the loan out in the British Isles, as you are an overseas borrower, you would not be protected by our “Consumer Credit Act 1974” which provides valuable protection from rogue lenders. A good example is the current farce with “Pay Day Loans”, where the account is underwritten in Europe or former Eastern-block Country, and therefore falls out of the remit of the protection of the Act. (However, in my view, there is other Statute which could be used, but has not been, but that is a Political issue)
If it is a “floating rate” loan, then you are controlled by that Country’s base rate. Further you are potentially facing “Country Risk”; that is to say how stable is their currency, which in part is controlled by the economics and political stability of that Country. If it is a volatile rate, or a politically unstable country, you need to be even more careful. Make sure that the APR (Annualised Percentage Rate) is. Many of these loans look good, but when you check the APR, then you can find it is (literally) several thousand percent. (See my comment in the closing paragraph.
Even if it is a fixed term, fixed interest rate loan, you will be governed by the laws of that Country, again as in 2 above, you may not have the same protection that you have in the USA.
So, in short, be very careful how you take out overseas loans, and read the terms and conditions VERY carefully. In particular stay away from the likes of WONGA, Pay Day Loans, Quick Quid (although I think they do only operate in the UK, but check that they do not have “sister” operations) or any short-term lender.
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