Best Personal Loans Bank That Accepts INTN
In this article, you will learn about the best personal loans with ITIN. In addition, you will learn about the importance of the ITIN or (Individual Tax Identification Number) and its use to request personal credits.
Remember that non-citizens living and working in the US face challenges, including accessing financial tools like personal loans. But some lenders are willing to lend a hand to immigrants and non-US citizens, regardless of their residency status. Keep reading until the end and find out everything.
What is an ITIN? And what is it for?
An ITIN number (Individual Tax Identification Number) for its acronym in English; is simply an individual tax identification number. And it is used for American citizens to pay taxes issued by the Internal Revenue Service of the United States.
Even if you do not have an SSN, the ITIN allows you to access personal loans, so it is highly recommended that you obtain this number as soon as possible. Personal loans with ITIN are usually available for: foreigners, non-resident foreigners, dependents, and spouses. Of course, they must be ready to pay federal taxes.
Obtaining a personal loan with an ITIN number will improve your financial future in the United States. This is because, the ITIN will grant you automatic access to bank accounts, FICO score, credit history, US driver’s license, business loans, and more.
Can I be used as SSN to Obtain a Personal Loan?
Depends. But, mostly it won’t be possible. The SSN (Social Security Number) can be used to file your taxes and open a bank account. But it cannot be used in place of an SSN in situations such as receiving social security benefits, jumbo personal loans, guarantees, official identification, etc.
Important: Unlike an SSN, there are no restrictions or special requirements to apply for a Taxpayer Identification Number (ITIN) and the process is quite simple.
Where can I get Personal Loans with ITIN for Non-US Citizens?
Some US lenders specialize in making ITIN personal loans to non-citizens; while others extend loan eligibility to both citizens and non-citizen residents.
Next, we will tell you which are the best 4 personal loans that meet ITIN requirements
|lender||Who can apply?|
|Earnest||Eligibility varies by an agent. While some participating lenders (Prosper, Upstart) serve any US resident with a Social Security number, there is no guarantee that all NON-citizens will be approved.|
|sofi||Permanent residents or holders of E-2, E-3, H-1B, J-1, L-1, or O-1 visas who have applied for permanent status. In addition, you must be at least 18 years old, with income or promise of employment. Finally, it is necessary to reside in states where SoFi is licensed.|
|Stilt Personal Loan||Permanent residents or holders of F-1, H-1B, O-1, J-1, L-1, TN, L-1, or G-1 visas valid for at least six months (or proof of DACA or asylum status ). You must have a stable income or a US job offer, a US bank account, and a fixed address in a state where Stilt is licensed.|
|Upgrade||Permanent residents over the age of 18, living in the US on a valid visa, with US bank accounts and valid email addresses.|
4 Best Personal Loans with INTN
Earnest Personal Loans
Earnest has changed the focus of its loan marketplace to specialize in student loans. Her loan deals from him are now handled through a partnership with Fiona; a service that connects applicants with lenders based on self-submitted financial information.
Fiona offers loan amounts ranging from $1,000 to $250,000; with payment terms ranging from 24 to 84 months. Interest rates and fees vary by lender, but the annual percentage rate (APR) starts at 2.49%.
Who is Eligible to Apply to Earnest?
Getting a final offer, including a firm loan amount, payment term, and interest rate, requires submitting a formal application to the lenders Fiona assigns you. Keep in mind that each of the lenders has its eligibility and loan approval criteria. Fiona filters out lenders that don’t do business in her state, but there’s no guarantee that all the lenders she suggests will issue immigrant loans.
SoFi Personal Loans
SoFi is a digital personal finance company. Therefore, with SoFi you can get insurance, investment services, credit and debit cards, as well as student loans, car loans, mortgages, and personal loans.
SoFi personal loan amounts range from $5,000 to $100,000, depending on your state of residence. Payment periods range from two to seven years, and interest rates fall between 5.74% and 20.28% APR (with AutoPay).
Who is Eligible to Apply to SoFi?
SoFi requires non-citizens to comply with the following:
- Be 18 years old in your state and be able to sign a contract.
- Permanent resident or visa holder (E-2, E-3, H-1B, J-1, L-1, or -1).
- If you are a permanent resident, you must provide a copy of your permanent residence card (green card), with a total validity (from issuance to expiration) of more than two years.
- If you are a visa holder, you must provide a copy of your valid visa and proof of an approved application for a green card, including an approval notice I-140 (Immigrant Petition for Alien Worker), or receipt or approval of an I -485 (application for registration of permanent residence).
- If you are a non-permanent resident alien or DACA recipient who does not have a valid visa, SoFi requires that you apply with a co-borrower in good standing who is a US citizen or permanent resident.
- You must reside in a state where SoFi Lending Corp. is authorized to provide service.
- Finally, it is necessary to have a job or at least one job offer to start within the next 90 days or have enough income from other sources to cover the loan payment.
Stilt Personal Loans
Stilt is a specialized lending service dedicated to lending to immigrants and disadvantaged people. In deciding who qualifies for a loan, Stilt conducts standard financial reviews, including obtaining credit reports and scores when available. Stilt may also consider the applicant’s non-debt-related bill payment history and educational background, including grade point average.
Stilt offers personal loans ranging from $1,000 to $35,000, with payment terms from 6 to 36 months. The minimum APR on Stilt loans is 7.99%; the maximum APR varies by state.
Who is Eligible to Apply?
Applicants must meet the following:
- Have a physical address (not a PO Box) in one of the 16 states where Stilt is licensed.
- Bank account.
- Personal phone number in your name (Google Voice and other online-only numbers are not acceptable, nor are business or school phone numbers).
- A legal and valid F-1, H-1B, O-1, J-1, L-1, TN, L-1, or G-1 visa valid for at least six months, or proof of DACA or asylum status.
- Stable source of income or a valid job offer in the US
Personal Loans with Upgrade ITIN
The upgrade is an online bank that offers checking accounts, credit cards, and a variety of loans. Updated personal loans range from $1,000 to $50,000 ; with APR from 5.94% to 35.97%. All Upgrade personal loans have an origination fee ranging from 2.90% to 8.00%, which is deducted from the loan amount before you receive it.
To decide if you qualify for a loan and to set the interest rate, Upgrade checks your credit score and credit report.
Who is Eligible for Upgrade Loans?
Noncitizens must provide proof of the following to qualify for an Upgrade Personal Loan:
- Be a permanent resident and live in the US with a valid visa.
- Be at least 18 years old (or 19 years old if required by law in your state).
- Verifiable bank account.
- Valid email address.
Obtaining personal loans with ITIN is possible. Different types of immigrant loans are also available. Immigrants living in the United States without a Social Security Number ( SSN ) have experienced many limitations to banking and financial services in the past. Fortunately, that is changing.
Even if there are still some restrictions, it is now easier for immigrants to open bank accounts, build their credit history, obtain credit cards and also apply for personal loans.
Read More: How to Get a Loan Without a Social Security Number?