Useful tips delivered to your inbox.
We will send you information only that's proven to be useful.
If you want to secure a loan but the lack of social security number is stopping you from getting one, this article is for you. Here, we will talk about ways through which you can get a loan even you don’t have a social security number. Let’s get started.
Table of Contents
Today, if you desire something – a home, a car or you wish to pay for your college fees, you don’t have to wait for gathering the required amount or borrow money from relatives. With so many banks and lenders available in the market, you just have to fill out the loan approval forms, furnish all the required documents and you are done. One of the things that are required at the time of application is the Social Security Number (SSN).
U.S. government issues a 9 digit number, used for keeping track of the number of years spent in workforce and earnings, to all its citizens and eligible U.S. residents. Once a person retires, the government then calculates the payments based on the information recorded. The SSN is used at various places including, but not limited to, at the time of job or filing for returns. SSN is required:
Having an SSN makes getting a loan considerably easy. A bank/lender can retrieve all the necessary information required to process the loan with a person’s SSN. It rules out the need for filling in a plethora of forms or submitting a bunch of documents. However, not having an SSN may raise certain issues. But don’t worry, you can still apply for and get loans from a bank or a lender.
For long, this myth has been propagated by brokers and middlemen that if you are not a resident of the U.S. and you lack an SSN, you will not be able to get a personal loan. Well, this myth has been busted. Today, even if you are an immigrant with no SSN, you can open a bank account or apply for a personal loan. All you need is an ITIN (Individual Tax Identification Number).
If you are paying federal taxes, you can apply for an ITIN. Follow these 4 steps as mentioned below:
This entire process takes 4 to 6 weeks to complete once you complete all the documentation.
As mentioned above, if you don’t have an SSN number, you can still manage to get a loan with an ITIN Number.
An ITIN Number stands for Individual Taxpayer Identification Number. It is a tax processing number in the US issued by the Internal Revenue Service.
Once you have an ITIN number, you can apply for a personal loan or a credit card depending on your needs. A bank or a lender looks at following things before lending out to you:
AN ITIN number gives them a clear picture of the aforementioned things related to you. Thus, making it easier for you to get the credit.
If you do not have a social security number, you can still get a loan with Stilt. To start the process, all you need to do is submit your loan application. We will then update you within 24 hours. If needed, we will give you a call to extract more information and verify the things.
Once the documents are verified, we will send a promissory note to sign. After you sign, we will initiate the transfer within two to three business days. You can then schedule the payments through your account. If needed, you can also make prepayment without any penalty.
If you are an immigrant with no SSN, you might have been turned away by many banks when you approached them for opening an account or borrowing a sum to further your business or buy a car. There are important reasons why a bank refuses to provide a loan.
Given all that, if you are an immigrant looking to set-up or expand your business, buy a house or a car, or require a loan for a personal reason, it is tough to get the banks to lend you the money. It becomes even more difficult if you don’t have an SSN. But there is no reason to worry. If you are paying federal taxes and have an ITIN, you can easily develop a credit score and take a loan from the bank.