Can I Get a Loan With an ITIN Number?

Posted by in Loans | Updated on July 14, 2023
At a Glance: An ITIN (Individual Tax Identification Number) is a nine-digit account number issued by the IRS for individuals who need to file federal taxes but don’t have a Social Security Number. It serves as a unique identification number for tax and financial transactions. To obtain an ITIN, complete Form W7, provide identification documents, and submit the application to the IRS. An ITIN can be used to apply for loans, including auto loans and mortgages, helping individuals build credit history. To improve chances of loan approval, research ITIN-friendly lenders, pay down existing debt, and borrow only what is needed.

As an immigrant living in the United States of America, or as a nonresident, you might have come across the term ITIN when you start earning enough to pay taxes. So, what is an ITIN number? And can it help you take out a loan? Let’s find out!

What Is an ITIN Number?

ITIN stands for Individual Tax Identification Number, and it is necessary to obtain one so you can file your federal taxes which are mandatory regardless of your immigration status. Anyone living in the U.S. must file their taxes and an ITIN works as the unique identification number in all of your finance and tax-related transactions. It is a nine-digit account number that can be requested from the IRS.

  • An ITIN is quite different from a Social Security Number (SSN). An SSN can be obtained only by U.S. citizens whereas an ITIN has lesser restrictions and does not pose any special requirements to obtain.
  • An ITIN number will expire if not used for five consecutive years in any of your federal tax returns.

How to Get an ITIN Number

To apply for an ITIN number, follow the steps below:

  • First, fill out Form W7 to apply for an ITIN. You can download it from the IRS website.
  • Include your identification documents in the application along with the form. This can include your passport, driver’s license from your country of origin, or any document that identifies your nationality. An official birth certificate can also be used for children under 18 years of age. A U.S. state ID card or military card is also applicable.
  • Include your tax return in the application. For your future tax returns, inputting your ITIN is mandatory. So the first time you try to file your tax returns, fill out Form W7 and attach your tax return in the application.
  • The next step is to submit your application either by mail or in-person to the address indicated on Forms 1040, 1040A, or 1040EZ which is the IRS office in Austin, Texas. Alternatively, you can also use TACs (Taxpayers Assistance Centers) to assist in the application submission.

It takes about six weeks for the application to be processed and for you to receive your ITIN number. So be patient and wait. If it takes longer, you can seek assistance from the IRS. You can use their toll-free number 1-800-829-1040 for further details.

Can I Get a LoanWith an ITIN Number in the U.S.?

Yes, an ITIN number is a necessary document when you try to obtain any loans in the U.S. It serves as the verified identification used by banks and financial institutions to grant you loans and credit cards.

Reasons People With an ITIN Number Take Out Loans

Your credit history can be managed with an ITIN number as the credit bureaus can easily collect information when you use your ITIN number to obtain a loan or make credit card transactions.

Your credit score and history can be strengthened by making use of your ITIN in your transactions. Remember to use the exact initials and name you use with your ITIN number for all your transactions so all your activities will build into your credit history giving you better chances of getting a loan. Your ITIN can help you secure all types of loans given you have a good credit score.

To Buy a Car

Several lenders offer auto loans by accepting your ITIN number and credit score. An SSN is not mandatory in these cases.

To Buy a Home

You can easily apply for a mortgage just with an ITIN number and an identification document. These loans can be obtained regardless of your legal status and citizenship but with the downside of likely having to put down a comparatively higher down payment.

For Personal Reasons

You might require a personal loan to pay for schooling, establish a business, or other personal expenses. All you need is a good credit score and an ITIN number to help you secure the loan. Different banks may have their own eligibility criteria but the one common mandate is the inclusion of an ITIN number in your loan application.

3 Tips to Improve Your Chance of a Loan Approval With an ITIN Number

Now that you know the importance of an ITIN number for getting a loan, you need to understand that just having an ITIN number doesn’t guarantee you will be given a loan. It is only an identification number. Here are some tips to help you make the best use of your ITIN number in your loan applications.

Research Lenders Known for Being ITIN Friendly

Choose your lenders wisely and see if they are ready to lend you money considering your credit score. Some lenders will be ready to lend smaller amounts for people trying to rebuild their credit score.

Big banks might turn you down if you do not have a really good credit history. Try making use of lending networks like MoneyMutual,, and to get familiar with smaller financial institutions that might be ready to give you a loan.

Consult with other debtors and get recommendations from friends and known experts to guide you in your search for a loan.

Pay Down Any Existing Debt

A credit score makes all the difference when you are trying to get a loan. So, if you are in a pinch and need to improve your credit score, try to pay down your existing debt. You don’t have to slave away to pay every penny. Just pay enough to improve your score and demonstrate your financial responsibility. Start with paying off delinquent debts first and then move on to high-interest debts like a high-interest credit card balance.

Borrow Only What You Need

Despite being a very obvious way to level your credit score, this is often overlooked. High utilization doesn’t always mean a better credit score. Borrow only when you need it and pay it back on time.

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An ITIN number will help you manage your finances in the U.S. It helps in opening a bank account, creating your credit history, paying taxes, applying for a driver’s license, and obtaining loans and credit cards. It is highly recommended that you get yourself an ITIN number as soon as possible if you plan to live in the U.S.

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Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.