Many non-US citizens living and working in America struggle to access credit and financing without a social security number.

If you want to open a business such as a startup, restaurant, or car wash, you might think your only option is an extremely high-interest rate loan. But you can get a personal loan with an ITIN (Individual Taxpayer Identification Number).

Obtaining an ITIN opens up new financing options, sometimes at much better rates than you can find elsewhere.

What is an ITIN?

An ITIN is a 9-digit tax ID number issued by the Internal Revenue Service (IRS) to track tax returns for immigrants and foreign nationals ineligible for social security numbers.

Nearly five million ITINs enable non-US citizens to comply with tax laws, build US credit history, open bank accounts, get phone plans, and more. They must be renewed every five years.

For non-citizens, accessing credit in the form of personal loans with ITINs becomes crucial because lenders require either an SSN or ITIN to identify and assess applicants.

Specialty lenders now provide access to affordable personal loans for those with an ITIN, ranging in amounts from $1,000 up to $100,000. The interest rates on these loans are higher than traditional loans, but far lower than predatory payday/title loan alternatives.

Read on to understand how ITIN personal loans work, some top lenders to consider, loan details, eligibility criteria, use cases, and tips for getting approved for personal loans with ITIN.

ITIN personal loan amounts, terms, and rates

Specific loan details vary by lender, but generally:

  • Loan amounts range from $1,000 up to $100,000
  • Interest rates range between 1% to 35.99%
  • Loan repayment terms range from 12 months to 7 years
  • Origination fees from 0% to 10% may apply

Always compare offers side-by-side for a personal loan ITIN number, including payments, total costs, and terms. Consider your budget and income to avoid over borrowing.

Top specialty lenders offering ITIN personal loans

Most major banks avoid ITIN loans, fearing compliance risks. But many online lenders and credit unions now cater specifically to ITIN holders needing personal loans.

A simple online search along the lines of “best personal loans with ITIN number near me” can help you find the right provider for your needs. For a starting point, here’s a list of our top picks based on loan amounts, rates, terms, eligibility factors, and other features:

SoFi offers $5,000 to $100,000 personal loans for those holding an ITIN, are employed, and have valid visa docs. Rates range from 8.99% to 25.81% APR and no origination fees. Sofi is well-rated and holds a 4.7/5 star rating on Trustpilot from over 6,000 reviews

Wells Fargo provides personal loans ranging from $3,000 to $100,000. APRs on these loans begin at 7.49% for existing Wells Fargo account holders who qualify for a relationship discount rate.

Loan terms offered are 12 months up to 84 months. Wells Fargo is one of America’s largest banks. Their reviews vary from region to region.

Strata Credit Union offers personal loans to its ITIN members with APRs beginning at 12.20% for unsecured loans. Loan amounts and terms vary, but you must have a membership to be eligible to apply. Strata Credit Union is accredited by the BBB and currently holds an A+ rating.

One Percent for America offers 1% APR personal loans that accept ITINs and also cover USCIS immigration application fees. This is a unique option for those seeking U.S. citizenship because the 1% immigration loan can be used for the following:

  • Citizenship: $725 - $1,170
  • Green card: $540 - $1,225
  • DACA: $135 - $930
  • Temporary Protected Status (TPS): $135 - $930

So while not as flexible as some of the other options we recommended, they can be extremely helpful for immigration expenses and establishing credit.

It is important to understand the different rates credit unions charge and to do your due diligence to find the best personal loans with ITINs for your needs.

What lenders look for when underwriting ITIN loans

Along with verifying immigration status, ITIN loan lenders look at traditional credit qualifications. Typical requirements include:

  • Valid ITIN
  • Government-issued ID
  • Proof of income/employment
  • Minimum credit scores around 580
  • US bank account & routing numbers
  • Current visa, green card, work permit, etc.

Adding an ITIN co-signer with excellent credit can significantly increase approval odds for personal loans with ITIN. Some lenders require up to 24 months of US credit history.

5 uses for ITIN personal loans

ITIN holders can leverage personal loans with ITIN to cover large expenses and investments like:

  1. Immigration application costs — Attorney fees, USCIS filing fees, and other costs can total thousands of dollars. Personal loans help pay these upfront.
  2. Purchasing a used car — Financing a car without an SSN is extremely difficult. A personal loan provides funds to buy a used car outright.
  3. College tuition — Because education loans aren't available, personal loans can pay for classes and vocational training programs.
  4. Funding a business venture — Personal loans for those with an ITIN can provide startup capital to get a business going before revenue begins flowing in.
  5. Consolidating Debt — These loans can be used to combine multiple high-interest debts into one loan at a lower interest rate and single, lower monthly payment.

Tips for getting approved for an ITIN personal loan

While getting personal loans with ITINs is possible, expect a thorough verification process.

Follow these tips to strengthen your application:

  • Maintain a valid visa and stable income to demonstrate you can repay debt
  • Open a secured credit card to start building your US credit history early
  • Add an ITIN co-signer with a long, excellent credit history
  • Get pre-approved to check rates without a hard credit check for personal loans using ITIN
  • Gather and organize all required documents like bank statements, IDs, visas, etc.
  • Compare lender offers to find the best personal loans for ITIN terms for your needs
  • Only borrow what your budget allows you to comfortably repay monthly

The bottom line

Personal loans with tax ID numbers for non-US citizens present an accessible financing option for ITIN holders needing to cover major investments and expenses in America.

Although interest rates are higher than traditional loans, they're far lower than what you can get from a loan shark. With proper preparation, getting approved ITIN funding is possible.

Even if you are not eligible for a social security number, you can still pursue the American Dream by using your ITIN number to secure a personal loan