Are you looking to obtain loans without a social security number (SSN) or an individual taxpayer identification number (ITIN)? If so, you’ve come to the right place.
Below, we break down the process and explain the options that exist for anyone looking to get loans and financing at the top institutions, including the best US banks for non-residents.
Feel free to use the table of contents to jump ahead to the sections that are most relevant to you.
Table of Contents
- Is It Possible to Get a US Loan Without an SSN or ITIN?
- Loans & Mortgage Considerations
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
Is It Possible to Get a US Loan Without an SSN or ITIN?
While it’s true that most banks in the United States, including institutions with the best US bank accounts for expats, require applicants to have a US credit history, a decent credit score, and a US tax identification number to apply for a loan, there are options available that cater to foreign non-residents.
Unfortunately, most people are unaware of these options and therefore think it’s impossible to complete a loan application without a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN).
Well, now that you know it’s possible, let’s discuss how to start the process of applying for a loan in the US without a social security number or an ITIN.
What Is the US Loan Application Process?
The loan application process will vary depending on the bank or lender you choose to apply with.
Generally speaking, you will be required to fill out an application form, submit identification papers, and provide any supporting documentation requested by the bank.
The loan application process can take anywhere from a couple of days to a couple of weeks depending on the type of loan you are applying for (typically a mortgage or auto loan), the documents needing to be reviewed, and the lender processing the application.
What if I Don’t Have a Social Security Number or Identification Number?
If you do not have an SSN or an ITIN number, it is common for the bank to require a sizable deposit to be kept on deposit with the bank for the term of the loan as added security. However, some banks will consider other forms of collateral as well.
In other words, banks use your deposit to help offset some of their risk in lending to a non-resident with an unverifiable credit history.
Additionally, the bank may request supporting documentation from other countries where you have established credit history. For example, it is common for banks to request credit history from Canada and the UK in the case of Canadian and British borrowers.
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Loans & Mortgage Considerations
It’s important to note that if you are specifically looking for a mortgage, most banks will only provide personal finance loans for specific regions of the United States (or specific US states).
In most cases, the regions that they are willing to finance overlap with the regions where the bank has an operating presence and therefore an understanding of the local market.
So, if you are specifically looking for a mortgage lender that will give you a mortgage loan without an SSN number or an ITIN, it’s important to target banks in the area where you are looking to buy real estate.
Frequently Asked Questions
Here are three of the most common questions that we receive from people exploring how to apply for US bank loans without social security numbers and individual taxpayer identification numbers. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can Foreigners Get Loans in the US?
Yes, foreigners can get loans in the United States if they choose the right bank (or lender). That said, the process to get approved and the specific documents required will vary depending on your citizenship, residency, income sources, assets, and the type of loan you are trying to obtain.
Can I Get a Loan With an ITIN Number?
Yes, a foreign non-resident individual can apply for a loan with an ITIN if they have an established US credit history. If they have an ITIN number but no US credit history, other alternative options are also available.
Note: additional requirements and supporting documents will be required to prove identity and income if you do not live in the United States.
Can I Get a Loan Without a Social Security Number?
Yes, you can get a loan without a social security number as long as you choose the right bank, meet the bank terms, and have a suitable client profile. That said, not all banks allow you to apply for a loan without a social security number. So, bank selection will be an important factor to consider before you apply for a personal loan in the United States.
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