Would you like to buy a house, or a car or pay for your children’s education, but you don’t have a Social Security Number? Are you not a US resident and need financing for your business? If we are describing your situation, we bring you a very useful guide he How to Get a Loan without Social Security Number thisare in the market.
We know that living as an immigrant in the US can be complicated when carrying out certain operations such as opening a bank account, applying for a credit c, ard or applying for a loan. For that reason, below we will explain how you can apply for a loan even if you do not have the SSN (Social Security Number).
What is the Social Security Number?
Before starting, it is convenient to be clear about what we mean when we talk about the Social Security Number. The SSN is a 9-digit code that the United States Government assigns to citizens and applicable residents to keep track of the years of work and income generated before retirement.
As you can imagine, the SSN is used for many basic procedures such as applying for a driver’s license, passport, ort and opening a bank account. In addition, it is also a requirement to be able to benefit from some programs such as unemployment benefits.
As if all this were not enough, the Social Security Number is also a frequent requirement in banks and lenders, making it difficult for those who do not have it to apply for loans and other services.
How to Get a Loan Without a Social Security Number?
Thanks to the huge network of financial institutions and loan providers thexiststs today, undocumented people in the US have several options to receive financing even if they do not have a social security number.
However, we must be realistic and understand that there are not many banks or institutions that grant loans to immigrants without this important document. In addition, if the entity agrees to give loans without any interest rate will likely rise quite a bit.
Where Can I Get Personal Loans Without a Social Security Number?
If you’ve already gone to the big financial institutions and all of them turned you down, you should consider smaller entities like community banks and credit unions in your area. These types of institutions can be more flexible and approve a loan even if you do not haanthe SSN.
The reason that most banks do not grant money loans without social security is that use, without that code, it is impossible to determine the applicant’s credit history. Without this history, banks and lenders cannot verify that you are a good candidate to receive a loan or know what amount would be the most convenient.
Another reason is that, for a banking institution, granting a loan to an immigrant without a social security number increases the tpossibilityies of fraud, since if he leaves the US before returning the money, there is no way to retrieve it.
Personal Loans Without Social Security Number
Well, now that you know what an SSN is and why most banks don’t approve loans without it, it’s time to turn to the only tool that could grant you the financing you need so much: the IIN.
With the ITIN you can not only apply for a personal loan, but you can use it as a replacement for the Social Security Number in certain situations.
What is the ITIN Number?
The ITIN, translated from English as Individual Taxpayer Identification Number, is a number used for tax processing. As you know, in the United States, everyone who is working and earning a salary is required to file taxes.
For this reason, the IRS (Internal Revenue Service) grants ITIN numbers to all citizens who do not have an SSN. In this way, the US government ensures that all employees, regardless of their immigration status, comply with their duty to pay taxes.
This is how the ITIN can be used as a substitute for the Social Security Number, and allow you to apply for a loan.
What is Needed to Get the ITIN Number?
Here we explain step by step how to obtain your ITIN number:
- Visit the IRS online page and look for the W-7 form available in English and Spanish.
- Present a valid identification document such as your driver’s license or passport.
- File your tax return so it can be processed along with your ITIN application.
- Choose the method you want to use to deliver your form and the relevant documents. It can be by email, by going to an IRS off, ice or through an authorized agent.
- Clever! Within approximately 6 weeks, you will receive your ITIN number and you can use it to apply for money loans without social security.
Can I Get a Loan with An ITIN Number?
Although not all financial institutions will approve your loan application without your SSN, there are many others where you can do so using your ITIN number. Here is a small list of banks that offer ITIN loans:
When we talk about money loans without social security, many immigrants turn to Oportun. This company offers personal loans and credit cards for both those who have a social security number and those who only have an ITIN. Of course, keep in mind that tintereststs can be quite high.
2- ACE Cash Express
ACE Cash Express is a financial services provider that, despite being one of the largest in the United States, allows access to some of its loans and credit cards by presenting timber. Like the previous one, the interests can be much higher than in other institutions, being able to reach an APR of 400%.
3- Financial Support
Financial Support is another excellent option if you are looking for a loan and do not have an SN since you can even borrow money without having an IIN. Request up Uto SD 10,000USD with interest and choose the payment term that ranges from 12 to 60 months. Please note that this entity only operates in the state of California.
Contrary to what many think, it is possible to apply for money loans without social security in the US We hope that this guide has been useful to you and that now you can find the financial support you have been looking for so much.