If you’re looking to apply for a US loan with an ITIN number, there are a few critical factors you need to consider.
In this article, we’re going to share these factors, the process to apply, and how you can determine which banks are best for you right now.
That said, if you do not already have a bank account in the US, you may want to consider reading our article “Can a tourist open a bank account in the US” to make sure you qualify.
Feel free to use the table of contents to jump ahead to any sections that are immediately relevant to your search.
Table of Contents
- Personal Loan With ITIN Number
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
Personal Loan With ITIN Number
Getting approved for a personal loan with an ITIN number, or an ITIN mortgage loan, is possible. In fact, if you know where and how to apply, the entire process can be rather straightforward.
But that requires navigating a number of important considerations, including the following:
- Being able to open a US bank account
- Demonstrating creditworthiness
- Providing acceptable proof of income
There are many more considerations that you will need to navigate as well. However, these three are often the most challenging for foreign non-residents to navigate.
Let’s take a closer look at each of these considerations.
Being Able to Open a US Bank Account
Opening a US bank account is the first step in getting approved for a personal loan as a foreign non-resident. This is because most of the institutions that will lend to a foreigner with an ITIN are banks in the United States.
Alternatively, if you’re looking to open a non-resident US account or a vacation savings account, you also have options.
Regardless of the account type, you’ll need to navigate the process of account opening before you can apply. That said, opening a US bank account as a foreign non-resident can be very challenging. This is especially true if you are looking to open an account without visiting the United States.
In fact, most sources on the internet even say it’s impossible. But, our team helps foreign non-residents open US bank accounts all the time, including without visiting the US in person.
Demonstrating Credit Worthiness
Not surprisingly, before a financial institution is going to be willing to lend money to you, they will want to know that you are a trustworthy borrower. This is especially true if you are looking for a loan with just an ITIN number. In other words, can they realistically expect that you will pay them back?
To assess your creditworthiness, banks will want to see a history of your past debts and payments, which is your credit history.
Of course, if you are applying for a personal loan in the United States, banks will ideally want to see your US credit history. However, not all foreign non-residents are able to demonstrate credit history. With this in mind, there are banks that are willing to accept foreign credit history as well.
Providing Acceptable Proof of Income
The final consideration that we’ll discuss in this article is providing acceptable proof of income. Unfortunately, if you do not have US-sourced income, this can be a challenge.
That said, the banks that our members apply to when they want a loan with just an ITIN number are capable of accepting foreign-sourced income and related proofs.
In certain cases, this may require you to provide tax documentation showing how much you have earned in the past two to four years. In other instances, banks may accept statements from certified professionals such as chartered accountants.
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Frequently Asked Questions
Below are three of the most common questions that we receive from people looking to obtain loans in the US with an ITIN. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can Non-Residents Obtain Loans With just an ITIN?
Yes, non-residents can obtain a loan with just an ITIN number. However, depending on the bank and your existing credit history, they may require additional documentation from your home country and extra collateral against the loan.
Which Banks Allow You to Apply for Loans With an ITIN?
Many US banks will accept an ITIN on a loan application. However, certain banks are more likely actually to loan with ITIN number than others. The specific banks that approve ITIN loans are available to members of our premium service GlobalBanks USA.
Do I Need a Social Security Number to Obtain Loans in the US?
No, you do not need a social security number to obtain loans in the US. Instead, you can apply for a US loan with an Individual Taxpayer Identification Number (ITIN). That said, even with an ITIN most banks will want to see your credit history either in the United States or in your country of residence.
Ready to Open Accounts With Banks in the USA?
If so, you can get access to GlobalBanks USA (our dedicated US banking service) in just a few clicks.
GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.
When you join, you receive…
+ Expert suggestions on where to open US bank accounts.
+ Step-by-step support to navigate opening US bank accounts.
+ Direct introductions to helpful and responsive bankers.
+ Plus, detailed guides to maximizing the value you get from your new US bank account.
And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!
