By Jennifer Tucker
November 13, 2024 | 3 Min. Read

You might think you need a Social Security Number to open a checking or savings account or apply for a loan. But what if you’re not eligible for a Social Security Number? Don’t worry; there’s another I.D. number that is meant specifically for non-U.S. citizens: the ITIN.

An ITIN may make it easier for people who believe they are not eligible for a bank account to access financial services.

Here, we’re explaining what an Individual Taxpayer Identification Number is, why you might need one, and how to get a loan with an ITIN.

What does ITIN mean? An Individual Taxpayer Identification Number (ITIN) is a number that the U.S. Internal Revenue Service (IRS) issues to individuals who are required to have a taxpayer identification number but are not eligible to obtain a Social Security Number (SSN). ITIN and SSN numbers serve similar purposes, but ITINs are exclusively issued to non-U.S. citizens, resident and non-resident aliens, or dependents and spouses.

You might be wondering, “Can I get a loan with ITIN?” The answer is yes. Many major banks and credit unions accept ITIN numbers to open accounts and apply for loans. A credit union can be a good choice for ITIN holders because they often provide competitive rates and personalized service. ITIN lending programs allow credit unions to fulfill their mission of people helping people.

You can use an ITIN to apply for personal loans, auto loans, and even mortgages. The terms and availability of these loans can vary, and not every financial institution accepts ITINs, so do your research and compare your options.

So, how do you get a loan using an ITIN? The application requirements are similar to those used for other loans, but additional documentation may be required. Here is a summary of the information that may be required when you apply for a loan using an ITIN:  

While your ITIN number can stand in for a social security number, some lenders will also require additional identification, such as:

Some lenders may request recent bank statements to assess your financial stability and ability to repay a loan. If you don’t already have an account in the U.S., many banks and credit unions also accept ITINs to open checking and savings accounts.

Your credit history is a key factor in loan approval. However, it’s important to understand that ITINs are not reported in the same way as Social Security Numbers and do not influence your credit score. While having a good credit score—typically above 640—can help you qualify for certain loans, your ITIN alone will not help you build credit.

Lenders will also ask you to demonstrate proof of employment. This can be provided by producing pay stubs or a W-2.

Demonstrating tax compliance is important to the lending process. Your tax returns provide additional information about your earnings and financial liabilities.

Many major banks and financial institutions allow you to use an ITIN number to open accounts and apply for loans.

Yes, many credit unions accept ITINs for membership and offer various financial products to ITIN holders, including loans.

Applying for an ITIN number is the first step toward getting a loan and achieving financial well-being. A non-US citizen can get an ITIN number by completing IRS Form W-7 and providing the necessary documentation that proves their identity and status. Accepted documentation includes passports, national identification cards, visas, and others. The W-7 form and documentation can be submitted by mail, through a Certified Acceptance Agent (CAA), or at an IRS Taxpayer Assistance Center.

Marine Credit Union can help you find the right loan to reach your goals. Get in touch with a Marine Credit Union lender today and learn more about applying for a loan using an ITIN.