How to Get a Personal Loan with ITIN Number

Immigrants living and working in the U.S. have a difficult time getting access to adequate financial services. Their lack of Social Security Numbers causes them to miss out on many offers. What can they do when they need credit? Are they allowed and able to get credit in the U.S.?

What is an ITIN Number?

An Individual Taxpayer Identification Number (ITIN) is a unique 9-digit code used to identify someone for tax purposes. It does not replace any other forms of identification. It only serves as another form of identification. People without a Social Security Number (SSN) need an ITIN to file their taxes. The Internal Revenue Service (IRS) issues these unique codes to those who are eligible and who require it in order to be able to file their taxes. An ITIN number will expire if it has no tax filings for three consecutive years.

Can I get a Personal Loan with an ITIN Number?

Securing a personal loan with an Individual Taxpayer Identification Number (ITIN) is indeed possible, providing a financial avenue for individuals who may not have a Social Security Number (SSN) but are in need of credit. The ITIN serves as a tax processing number issued by the Internal Revenue Service (IRS) to ensure that people, including undocumented immigrants and foreign nationals residing in the U.S., can comply with U.S. tax laws and provide a means to efficiently process and account for tax returns and payments for those not eligible for Social Security numbers.

The process of obtaining a personal loan with an ITIN begins with identifying lenders that are open to working with ITIN holders. This is crucial because not all financial institutions may offer credit services to individuals without an SSN. The next steps involve:

1. Research: Look for banks, credit unions, and online lenders that accept ITINs for loan applications. Some lenders specifically cater to non-U.S. citizens and residents by offering loans and credit products that require only an ITIN.
2. Prepare Your Documents: In addition to your ITIN, you will likely need to provide proof of income, identification, and residency. This can include pay stubs, tax returns, a government-issued ID (such as a passport), and utility bills or lease agreements to prove your address.
3. Check Your Credit: While an ITIN can be used in place of an SSN for applying for credit, lenders will still review your credit history to determine your creditworthiness. If you have established credit in the U.S. using your ITIN, lenders can access your credit report. If not, you may need to demonstrate your financial responsibility through other means, such as bank statements or proof of regular rent and utility payments.
4. Apply: Once you’ve found a lender and prepared your documents, you can proceed with the application process. Be sure to review the terms of the loan, including interest rates and repayment terms, before committing.
5. Consider a Cosigner: If you find it challenging to get approved on your own, consider applying with a cosigner who has a strong credit history. A cosigner can increase your chances of approval and help you secure better loan terms.

Remember, while an ITIN opens the door to obtaining credit, your ability to secure a loan will also depend on your credit history, income, and the lender’s requirements. For those seeking personal loans with an ITIN, exploring options through platforms like Fiona can provide access to lenders willing to accommodate ITIN holders, making it easier to compare loan offers and find one that best suits your financial needs.

5 Best ITIN Personal Loans

If you don’t have a US Social Security Number, the unfortunate truth is your personal loan options will be more limited. That said, there are a handful of lenders who don’t require an SSN and will take an ITIN instead. Here’s a quick overview of our picks for best ITIN personal loans:

1. AmOne (Best for ITIN with Okay or Good Credit)
2. Spotlight Loans (Best for Bad Credit)
3. Spring Loans (Best for ITIN with Bad Credit)
4. First Premier Lending (Best for ITIN with Bad Credit)
5. Upgrade (Best for ITIN with Good Credit)
6. BestEgg (Best for ITIN with Okay Credit)

Read on to learn about each of these lenders and why we picked them. 

1. AmOne (Best for ITIN with Okay or Good Credit)

For individuals holding an ITIN and seeking personal loans, AmOne’s lender-matching platform can be beneficial. They connect borrowers with a wide range of lenders, some of whom might be open to considering applications from non-traditional applicants who use an ITIN instead of a Social Security Number, catering to diverse financial needs.

Check rate on website

on website

AmOne Personal Loan

4.5

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.

Min. credit score

600

Fixed APR

3.99%-35.99%

Variable APR

N/A

View details

Overview

• Minimum credit score: 600.
• Fixed APR: 3.99%-35.99%.
• Loan amounts: $1,000 to $50,000.
• Repayment: 1 to 7 years.

Qualifications

• Must be at least 18 years old.
• Must be a U.S. citizen or permanent resident.
• While there’s no specific income requirement, a consistent source of income is essential for the applicant.

Pros

• Suitable for individuals with lower credit scores.
• No cost for the matching service.
• Attractive loan rates.

Cons

• Acts as an intermediary, not a direct lender.
• Risk of multiple contacts from prospective lenders.
• Lack of clarity on lender details.

2. Spotlight Loans (Best for Bad Credit)

By offering personal loans designed for quick disbursement and flexible repayment, Spotlight Loans serves as a financial ally to borrowers looking to manage debt, finance unexpected expenses, or invest in personal goals, with a focus on simplicity and customer satisfaction.

Check rate on website

on website

Spotlight Loans

4.8

Stilt rating

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.

Min. credit score

None

Fixed APR

6.63% and up

Variable APR

N/A

View details

Overview

• Minimum credit score: n/a
• Variable APR: 4.99% and up
• Loan amounts: $100 – $5,000
• Repayment: Depends on choice of lender

Qualifications

• Be 18 years of age or older
• Have a checking or savings account
• Have regular income
• Have a fair credit rating

Pros

• Spotlight Loans is willing to work with individuals who have less-than-perfect credit, making it a viable option for those who may struggle to secure loans from traditional lenders​​​​.
• Spotlight Loans offers same-day approval and funding, which is beneficial for those in urgent need of funds. This makes it a good option for emergency financial situations​​.
• Unlike traditional payday loans, Spotlight Loans provides the option to repay the loan over a period of months, offering more flexibility in repayment planning​​​​.

Cons

• One of the most significant drawbacks of taking a personal loan with Spotlight Loans is the potentially high interest rates. With APRs that can be much higher than traditional personal loan lenders, this can lead to substantial interest payments over time​​.
• Spotlight Loans offers loan amounts that are relatively low, which may not be sufficient for all borrowers’ needs​​​​.
• Spotlight Loans services are not available in all states, so it’s important to check if you reside in an eligible location before applying​​.

3. Spring Loans (Best for ITIN with Bad Credit)

Spring Loans offers various lending solutions designed to fit a spectrum of needs. Recognizing the unique financial situations of ITIN holders, they might have provisions or partnered lenders that understand the distinct requirements and challenges faced by this group, potentially making loan access more attainable.

Check rate on website

on website

Spring Loans Personal Loan

4.2

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.

Min. credit score

None

Fixed APR

27.00%

Variable APR

N/A

View details

Overview

• Minimum credit score: None.
• Fixed APR: 27.00%
• Loan amounts: $3,000.
• Repayment: 48 months.

Qualifications

• Demonstrate a recurrent income.
• Minimum age prerequisite: 18 years.
• Validate U.S. citizenship status with an SSN.
• Provide a legitimate U.S. driver’s license or a state identity card.
• Establish a functional bank account for incoming deposits.
• Adhere to any specific demands by the loan provider.

Pros

• Open to applicants with any credit background.
• Four-year loan period aids in structured financial management.
• The $3,000 offer addresses several short-term financial challenges.
• Wide-reaching eligibility criteria invite a broad spectrum of applicants.
• The focus on dependable income over job title benefits varied income sources.

Cons

• The set 27% APR is higher than many alternatives.
• Restriction to a $3,000 loan might not cover all financial outlays.
• Possessing specific IDs is mandatory, sidelining some applicants.
• A prerequisite for an ongoing bank account may limit certain users.

4. First Premier Lending (Best for ITIN with Bad Credit)

Known for its bespoke lending services, First Premier Lending might entertain applications from ITIN holders. Their focus on custom-tailored solutions means they consider various factors beyond just traditional credit scores, potentially accommodating borrowers who primarily identify with an ITIN.

Check rate on website

on website

First Premier Lending Personal Loan

4.2

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.

Min. credit score

None

Fixed APR

27.00%

Variable APR

N/A

View details

Overview

• Minimum credit score: None.
• Fixed APR: 27.00%.
• Loan amounts: $3,000.
• Repayment: 48 months.

Qualifications

• Maintain a consistent source of income.
• Must be at least 18 years of age.
• Possess valid U.S. citizenship and a legitimate social security number.
• Hold a current U.S. driver’s license or state-issued ID.
• Keep an active bank account for direct deposit.
• Satisfy any lender-specific criteria, such as credit rating, borrowing history, or place of residence.

Pros

• No minimum credit score requirement allows accessibility for those with varied credit histories.
• 48-month term provides clarity and allows for long-term financial planning.
• Specific loan amount of $3,000 can meet many short-term financial needs.
• Broad set of qualifications make the loan accessible to a wide range of people.
• Emphasis on consistent income, not necessarily employment type, allows flexibility for borrowers.

Cons

• A fixed APR of 27% is relatively high.
• Loan amount is capped at $3,000, which might not cater to larger financial requirements.
• Requirement of a U.S. driver’s license or state-issued ID could exclude some individuals.
• Mandatory active bank account could be limiting for those who are unbanked.

5. Upgrade (Best for ITIN with Good Credit)

Upgrade’s comprehensive lending process emphasizes clarity and inclusivity. For ITIN holders, this could translate into an approach that considers their unique financial context. While their policies might vary, Upgrade’s transparency ensures potential borrowers are well-informed about their prospects.

Check rate on website

on website

Upgrade Personal Loan

5.0

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.

Min. credit score

560

Fixed APR

8.49% - 35.99%

Variable APR

N/A

View details

Overview

• Minimum credit score: 560
• Fixed APR: 8.49% – 35.99%
• Loan amounts: $1,000 to $50,000
• Repayment: 3 to 5 years (7 years on some larger loans)

Qualifications

• Possess an active bank account.
• Able to provide a legitimate email address.
• Minimum age requirement: 18 years (19 for Alabama residents).
• Credit score of 600 or higher.
• Annual income of $25,000 or more.

Pros

• Willing to accommodate borrowers with a credit score as low as 560.
• Offers flexibility with a range of loan amounts from $1,000 to $50,000. This can be suitable for both small and large financial needs.
• Provides options for repayment, allowing borrowers to choose a timeline that best suits their financial situation.
• Once approved, borrowers can access funds in just one day, which is useful for urgent financial needs.

Cons

• Origination fees can go as high as 9.99%, which might add a significant cost to the loan.
• Apart from the origination fee, there are fees for late payments and failed payments, which can add up if one is not careful.
• While there is an option to extend repayment for larger loans up to 7 years, it’s not standard for all loan amounts.

6. BestEgg (Best for ITIN with Okay Credit)

BestEgg, with its user-friendly platform and diverse loan options, could be an avenue for ITIN holders to explore. While it’s crucial to understand their specific policies regarding ITIN-based applications, BestEgg’s modern approach to lending might offer solutions for those with non-traditional financial backgrounds.

Check rate on website

on website

BestEgg Personal Loan

4.5

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.

Min. credit score

600

Fixed APR

8.99-35.99%

Variable APR

N/A

View details

Overview

• Minimum credit score: 600.
• Fixed APR: 8.99-35.99%.
• Loan amounts: $2,000-$50,000.
• Repayment: 3 to 5 years.

Qualifications

• Targets borrowers with good to excellent credit; fair credit may qualify.
• Minimum credit score of 600.
• At least two years of credit history.
• Minimum annual income: $3,500 from various sources like employment, alimony, and more.
• Debt-to-income ratio: 40%, or 65% when including a mortgage.
• Must be a U.S. citizen.

Pros

• Soft credit check available for pre-qualification.
• Offers a diverse spectrum of loan amounts.
• Provides options for secured loans.
• Direct payments can be made to creditors for debt consolidation.
• Late fees are not charged.

Cons

• Charges an origination fee.
• Doesn’t offer rate discounts.
• Initial payment date isn’t customizable.
• Lacks a dedicated mobile app for loan management.

3 Reasons to Get a Personal Loan with an ITIN Number

You can qualify for a personal loan with an ITIN number, but what will you use it for? Here are a few possible scenarios that could use a personal loan for.

Buy a Car

Traditional lenders in the U.S. like to take on secured loans. An auto loan is a form of secured credit. The car financed by the loan serves as collateral for the loan. This means the lender may repossess the car and take it as payment for the loan if the borrower defaults on payments. Auto loans also require a down payment. This is a type of deposit you need to pay before the loan is approved. You can always use a personal loan to finance your down payment for an auto loan if you don’t have enough cash saved up.

Immigrants also often struggle to get a car loan approved without an SSN. If this is you, you can even use a personal loan to buy a car. Find the right lender willing to help you and use a personal loan to buy the vehicle you need.

Rental Deposit

The U.S. real estate industry is infamous for expensive property. It may differ depending on where you buy or lease. But rent in the U.S. is not cheap. This also means the rental deposits associated with rental contracts are expensive. Depending on the agreement you have with your landlord, you could be expected to pay up to 3 months of rent as a deposit (or worse even more).

You don’t have to lose out on that deal because of a deposit. Get a personal loan with an ITIN number and use it to cover your rental deposit. A loan for a rental deposit may just be your answer.

Pay to Relocate Family

Moving your family can be a stressful time. But sometimes it’s a necessary change Whatever your reason is for moving, it won’t change the cost. Moving is expensive and especially if it is on short notice. You need to find help fast and don’t have the luxury of looking for the cheapest and easiest solutions.

You don’t have to struggle with cash flow issues and potentially miss out on a new job opportunity. Even if your new job offers better payment and could help you to cover the extra costs of moving, you still need that money now. How can you bridge this gap? Take a personal loan with an ITIN number and cover the costs required to relocate your family. Apply for the amount needed to pay the removal company and any transport costs included in the process. A loan for relocation can be your answer.

Credit Cards as an Alternative to ITIN Personal Loans

Perhaps you need a different kind of credit. You don’t need something like a personal loan which is a once-off disbursal of funds. You don’t need to finance a big project. You need something that helps to cover costs on a month-to-month basis or whenever you need it. What solutions are there?

Have you thought of getting a credit card with the ITIN number? A credit card can help ease your budget constraints. You get access to a credit limit on your credit card and you can spend on your credit card up to that maximum limit. You just need to pay the required monthly payment which is determined by the interest rate on the card. Credit cards are useful because once you have it you have access to a specific amount of credit. You don’t need to ask permission from your bank to use it. Simply use and repay in the ways agreed with your credit provider.

Here’s how you can get your credit card without an SSN:

1. Apply for an ITIN – Visit the IRS website and follow the instructions to apply for your ITIN.
2. Find lenders – Find the lenders who offer credit cards to people with an ITIN number.
3. Check your credit – Get your credit report and check if all information is complete and truthful. Errors may cause obstacles in the future.
4. Apply for a credit card – Once you’re comfortable with your credit you can apply for a credit card with your ITIN number.

Use your credit card wisely and repay it as required to also build a stronger credit score. Happy spending!

Also, it’s essential to remember that matching with the perfect loan is quick and easy. Regardless of the type of loan you need, you can find a suitable option effortlessly. Visit Fiona to discover a range of loan options that meet your financial needs.

Read More

• Guide to ITIN Home Loans
• How to Get an Auto Loan with ITIN Number
• Can I Get a Loan With an ITIN Number?

Frequently Asked Questions (FAQ)

Can I Get a Personal Loan with an ITIN Number?

Yes, you can get a personal loan with an Individual Taxpayer Identification Number (ITIN) in the U.S. An ITIN allows lenders to verify your financial history even if you don’t have a Social Security Number.

What is Required to Apply for a Personal Loan with an ITIN Number?

To apply for a personal loan with an ITIN number, you typically need the ITIN documentation, proof of income, bank statements, and identification. Some lenders might also require credit history or a cosigner.

Are Interest Rates Higher for Loans with an ITIN Number?

Interest rates for loans obtained with an ITIN number might be higher than standard rates due to perceived higher risk by lenders. However, rates vary widely based on lender, income, and creditworthiness.

Can Non-U.S. Citizens with ITIN Numbers Apply for Personal Loans?

Yes, non-U.S. citizens with ITIN numbers can apply for personal loans. An ITIN number allows non-citizens to comply with U.S. tax laws and is used by lenders to process loan applications.

How Does Having an ITIN Number Affect Loan Approval Chances?

Having an ITIN number helps establish financial identity in the U.S., which can aid in loan approval. Lenders use it to review credit history and financial behavior.

What Types of Loans Are Available to Borrowers with ITIN Numbers?

Borrowers with ITIN numbers can access various types of loans, including personal loans, auto loans, and sometimes home mortgages, depending on the lender’s policies.

How Can I Build Credit in the U.S. with an ITIN Number?

You can build credit in the U.S. with an ITIN number by getting a credit card, paying loans on time, and ensuring that your creditors report your payments to credit bureaus.

What Challenges Might I Face When Applying for a Loan with an ITIN Number?

Challenges can include finding lenders who accept ITIN for loans, potentially higher interest rates, and the need for a solid proof of income or a cosigner.

Can I Refinance a Loan with an ITIN Number?

Yes, you can refinance a loan with an ITIN number. The process and requirements are similar to getting a new loan, focusing on your credit history and ability to pay.

Do Online Lenders Accept ITIN Numbers for Personal Loans?

Many online lenders accept ITIN numbers for personal loans. It’s important to compare different lenders to find the best terms and rates available for ITIN holders.