In some cases, you might be living in the United States but not be able to get a Social Security number (SSN). In that case, you’re issued an Individual Taxpayer Identification Number (ITIN) that can be used for identification purposes, including applying for loans.

One of the first things a lender will ask for when you apply for a personal loan is your SSN. If you don’t have one, your ITIN might be used instead. Not every lender accepts an ITIN, though.

Here’s what you need to know about getting a personal loan with an ITIN.

What Is an ITIN?

An Individual Taxpayer Identification Number, or ITIN, is a nine-digit number designed for those without Social Security numbers (SSNs) to file their taxes. An ITIN is usually meant for resident and nonresident immigrants who aren’t eligible for SSNs. Additionally, dependents and spouses of those immigrants might be able to apply for an ITIN.

You can get an ITIN by filling out Form W-7 from the Internal Revenue Service (IRS). Even if you don’t file taxes in the United States, having an ITIN can be useful if you plan to apply for a personal loan with a U.S.-based lender. Some lenders accept an ITIN if you don’t have a SSN.

How to Get a Personal Loan With an ITIN

If you decide to get a personal loan using your ITIN, there are some steps you need to take to move forward. Here’s how to proceed:

1. Find out where you can open an account with an ITIN: Some non-bank lenders can work with you as long as you have an ITIN. However, if you want to get a loan with a bank or credit union, you might need to have an account with them. Learn the requirements, and open an account with an institution that offers ITIN personal loans.
2. Gather necessary documentation: In addition to providing your ITIN, a lender might need other identification, such as a driver’s license, passport, residency card, or official documentation from another country. In many cases, you also need to show your residency card or visa. You might also need bank statements or tax returns (from the U.S. or another country) to prove your income. Finally, make sure you have documentation of your address from a utility bill, credit card statement, lease agreement, or some other accepted paperwork.
3. Complete the personal loan application: Once you have your documentation together, fill out the loan application. Check to see if there’s a different ITIN personal loan application and make sure you’re using the correct application. Submit all required documentation with your application.
4. Provide additional information if needed: You might need to give the lender more information, or you might be required to get a co-signer. Keep tabs on the process and pay attention to communication from the lender so that you can address any issues quickly.
5. Sign the agreement and receive your money: After you’ve been approved, you can sign the personal loan agreement and receive your funds. In many cases, you might need to receive the money through direct deposit, so it’s a good idea to set up a bank account before you apply.
   

List of Banks and Credit Unions to Get a Personal Loan With an ITIN

If you’re looking for lenders that offer ITIN personal loans, here are some places to start:

• Wells Fargo: The bank offers loans from $3,000 to $100,000 with annual percentage rates (APRs) starting at 8.49% (with a relationship discount for account holders). Term lengths range from 12 to 84 months.
• SoFi: Receive $5,000 to $100,000 with APRs starting at 8.99%. You can get a rate discount with direct pay. Loan terms range from 24 to 84 months.
• Strata Credit Union: Members can access loans with APRs starting at 12.20% for unsecured personal loans. Amounts and term lengths vary, but you need to be a credit union member to apply.

Most of these lenders require you to provide documentation about your employment as well as your residency status in the United States. You’ll need to disclose your visa information as well as your ITIN in many cases.

Alternatives to Personal Loans With an ITIN

If you decide a personal loan isn’t the right move for you, there are some alternatives. Some of them might require an ITIN, while others might allow you to get by without applying for and receiving an ITIN.

• Credit card: A credit card with a relatively low rate can allow for easy purchases and simple repayment. Additionally, you don’t need to reapply for additional funds.
• Payday loans: Payday loans can be easy to get and are often based only on your paycheck and how often it arrives. However, APRs can be incredibly high, so it’s important to be careful and only use them for short-term issues.
• Friends and family: You might also choose to get personal loans from friends and family. If this is possible, it can provide a way to get the funds you need without extensive documentation.
• Secured loans: In some cases, you might be able to get a loan by utilizing valuable items you own as collateral. This can be a way to get funding without a lot of documentation, but you need to be careful—if you don’t make payments, the lender could take your valuables.

The Bottom Line

You can get a personal loan with an ITIN if you don’t have a SSN. Before you apply, though, it’s a good idea to do some extra research to find out which lenders offer ITIN personal loans, in addition to learning about their requirements. There might be extra hoops to jump through, but once you have an ITIN, you should be able to apply for personal loans.