Many people ask us how they can apply for a loan if they do not have Social Security and they only have an ITIN. Although applying to personal loans with ITIN is complicated in this article we will explain the 3 options that may be of help.
For those who do not know, an ITIN is a number that the IRS gives you to be able to declare your taxes if you are not a resident or legal citizen. Many Latinos living in the United States work with these ITIN numbers and do not have other American documents which makes it difficult for them to create a credit record and be able to apply for loans to finance their purchases, cars and other expenses.
Why is It Difficult to Get Personal Loans With ITIN?
As we mentioned earlier applying to personal loans with ITIN is difficult since you do not have a legal identity or an established credit record. Would you lend money to someone you do not know and who has no idea if he keeps his promises? This is the question that lenders ask each time someone applies for a loan, but having a credit record and an identity they can verify makes it much easier to answer that question.
Even if you are an honest person and you are serious about repaying the loan by not having a social security and only having ITIN it is impossible for most lenders to offer you a loan. The good news is that there are some options that can possibly help you which we mention below.
3 Possible Personal Loan Options With ITIN
- Ace Cash Express: This company is one of the largest lenders in the United States. They offer several products such as advance loans, credit cards and other services to clients with ITIN as well as social security. Personal loans from $ 100 to $ 4,000. APPLY NOW FOR FREE.
- Loan Solo: This company is a network of lenders that works with more than 100 lenders. Although the majority of lenders with whom they work only give loans if you have a social security equal worth trying as some lenders in this network can possibly help you. If you wish to apply, click here and use the first 9 numbers of your ITIN instead of the social security that they ask for. The application is free and takes 2 minutes.
- Oporto: This company offers loans for people with social security as well as with ITIN. The loans they offer are of low amounts but their interests are a little high. The good thing is that they speak Spanish and help people with ITIN. The only downside of Oportun is that it only works in a few states so not anyone can apply for a loan with them.
Car Loans With ITIN
Although it is sometimes a bit more complicated to get personal loans with ITIN, getting a car loan is easier.
If you have an ITIN and a Visa (F-1, J-1, L-1, H-1B, E-1, O-1, etc.) you can apply with our LendBuzz affiliate. They have auto loans up to $ 50,000 from 1.99% interest.
Other Resources for Personal Loans with ITIN:
For personal loans with ITIN we recommend you always check with the FCC (Federal Communications Commission) and the CFPB (Consumer Financial Protection Bureau). These sites give information and personal finance news which give you tips to avoid fraudulent online lenders.