In addition to the different types of credit, immigrants in the United States should know the types of lenders available and the benefits of each one.
There are various financial institutions that can facilitate personal and commercial loans to immigrants and businesses in the United States. Commercial banks are one of the most common options, however, there are institutions that offer the same benefits.
Commercial banks offer various services for immigrants who have a Personal Taxpayer Identification Number (ITIN), such as mortgage loans or personal loans.
Another option is credit unions, which are generally one of the main options for immigrants, since their requirements are not as strict as in banks. To obtain a loan through this type of institution, it is only necessary to present rental records, or utility bills and the ITIN.
Likewise, there is the option of online lenders, as they are faster alternatives than a conventional bank and also require fewer requirements. This type of loans can be obtained after filling out an online form and submitting an application, upon obtaining a response, the applicants will be able to receive the agreed amount directly in their bank account.
There are other financial organizations that provide loans, such as savings and credit associations, investment banks, or mortgage companies.
Some financial institutions that offer personal loans to immigrants are:
- Camino Financial: Makes loans of between 1,500 and 7,500 dollars, in a fixed monthly payment scheme. It is possible to apply with ITIN or Social Security Number (SSN).
- OneMain Financial: Likewise, it offers loan options only with ITIN. Their loans range from 1,500 to 20,000 dollars, without the need for collateral and with payments from 24 to 60 months.
- Citibank: Offers loans of up to $30,000 and various payment options, from 12 to 60 months.
- Opportun: In the same way it is possible to apply for a loan with ITIN, SSN and it is a useful institution for immigrants with low credit scores.
