Top Banks That Accept ITIN for Personal and Business Loans

Camino Financial31 Oct 2023
There are a lot of banks that accept an ITIN (Individual Taxpayer Identification Number) to open bank accounts and get personal and business loans. If you're an immigrant and don't have an SSN, you can use an ITIN to run your business, open a checking account, or prove how long you've lived in the United States. Many people arriving in this country are unaware that they can use an ITIN to apply for:
  • business loans with ITIN
  • personal loans with ITIN
Many others assume ITIN loans are expensive, unsafe or let other misconceptions about ITINs prevent them from gaining access to financing.
Table of contents
1. What is an ITIN
2. How to get a loan with an ITIN
3. List of ITIN accepting banks
4. Where to get a personal loan with an ITIN
5. Where to get a business loan with an ITIN
6. FAQs
Apply For A Business Loan with ITIN!

Word ITIN with dollar bills

What is an ITIN Number

The Individual Taxpayer Identification Number or ITIN is a number that the IRS issue for those who aren't eligible for an SSN, and you can ask for it on the IRS website. This document allows undocumented immigrants to build credit with an ITIN and access financial products while living in the United States.

Open Bank Accounts with an ITIN number

Below find some banks available to open a business bank account with an ITIN. You can open a bank account without SSN with a specific financial institution. We've listed in our complete guide on "How To Open a Bank Account Without an SSN."

Which Banks Accept an ITIN to Opening Business Bank Accounts?

With the following banks, you can open a business account with an ITIN:
  • Alliant Credit Union
  • Bank of America
  • BMO Harris
  • Charles Schwab
  • Chase
  • Citibank
  • HSBC
  • PNC
  • TD Bank
  • U.S. Bank
  • Wells Fargo

Financial Institutions and ITINS

You must know that while there are options for ITIN-holders, banks don't offer that many alternatives if you don't have an SSN. That doesn't mean it's the end of the road for you. You could either apply with one of the few banks that accept the ITIN numbers or find alternative lenders that offer a more comprehensive range of financing options that don't need SSN.

How to Get a Loan With an ITIN Number

It's pretty easy to get a loan with an ITIN number once you have found a lender that accepts ITIN in lieu of Social Security numbers. While banks might not be your best option, many lenders offer ITIN loans. You'll have to complete a standard application process and provide the lender with any documentation they require. The lender will require additional information when asking for an ITIN loan. Documents such as a valid driver's license, a passport, an I.D. issued by a state, a residency card, or an I.D. from another country. You also will likely have to provide proof of your current address. Once you have these things in order, you'll just need to complete the application process, providing your basic information along with whatever documentation they ask you to provide. In short, you only need to follow these three simple steps:
  1. You can apply for a loan online, and you know in the application process if you get pre-approved.
  2. Submit your financial records and get approved
  3. Sign your contract and receive your money!
While some lenders may force you to go into a branch, they have to complete the process; online lenders allow you to do it anywhere, anytime. Apply For A Business Loan!

List of Banks That Accept ITIN for Loan Applications

The following banks don't ask for Social Security numbers and accept ITINs to access loans.
#DidYouKnow A credit union in your community may offer to fund individuals with an ITIN even though they don't advertise the service.

Personal Loans with an ITIN Number in the USA

These banks accept ITINs to get personal loans.

1. Wells Fargo

wells fargo logo Wells Fargo offers ITIN personal loans starting at $3,000 and up to $100,000 with 12 to 84 months repayment terms. Their APR ranges from 5.74% to 24.24%. Applicants must open an account at a Wells Fargo branch before applying for ITIN bank loans. Once you have an account set up, you'll learn that they accept an SSN or an ITIN in their credit applications. You will need to provide personal information such as date of birth, citizenship status, permanent address, gross monthly income, and preferred loan amount and terms. Wells Fargo also requires copies of pay stubs, W-2s, tax returns, and other additional documents.

2. U.S. Bank

US Bankcorp logo

U.S. Bank offers personal bank loans with ITIN numbers from $1,000 to $50,000 at fixed rates and terms, with repayment terms from 12 to 60 months. Their APR ranges from 6.49% to 18.49%. Once enrolled in their online banking system by setting up a checking account, you will be able to fill out their loan application. You can register digitally or visit one of their bank branches.
#CaminoTip Banks are not the only ones that offer ITIN personal loans, many other alternative lenders have fewer requirements and are easier to get. Find here the best personal loans in the US.

A note about ITIN lending for business purposes:

To finance your business, you may try to get a personal loan instead of a microloan. However, that's not a good idea! Accountants always tell their clients NEVER to commingle funds because it's harder to keep track of expenses and qualify for tax deductions. Additionally, personal loan proceeds don't build a business credit history. As your business grows, so does your need for more significant amounts of money. By not establishing credit in your business's name, there's a reduced chance that a lender will loan your company money.
Keep learning: How To Get a Personal Loan With ITIN Number.

Business Loans with an ITIN

Unfortunately, established brick and mortar banks do not routinely offer ITIN business loans but limit lending to those who have social security numbers. But as we previously mentioned, some alternative lenders offer small business loans to applicants that only have ITIN.
#CaminoTip Did Your Itin Expire? Learn About Itin Renewal

Banks that Accept ITIN for Credit Cards

You can get a credit card with an ITIN. Here's a list of them:
  • Bank of America and Citibank require that you visit a branch office to apply for a credit card when you are an ITIN holder.
  • Credit card issuers such as Capital One indicate they accept an ITIN, but their application only has SSN entry. Contact them to get more information.
You can learn more about financial aids without an SSN in the following articles: The best credit cards without SSN and How To Get ITIN Loans to Finance your Business. camino-financial-logo Apply For A Loan with ITIN!

The Best Business Alternative to Bank Loans that Accept an ITIN

Discouragement can set in when you can't obtain ITIN bank loans.
However, Camino Financial offers business loans to clients without an SSN.
We help the immigrant community obtain finances when other financial institutions turn them down simply for not having a traditional taxpayer identification number. Getting a business loan with an ITIN is super easy with us! learn how to get a small business loan: We offer small business loans from $5,100 to $25,000 with fixed interest rates repaid in 24 months. The best thing is that your funds are available in as fast as two days. Camino Financial has fewer requirements as compared to traditional banks:
  • Your business must be registered and active for at least 12 months
  • Have annual sales of at least $30,000
  • Have no past due payments on debt obligations
And, we're proud to offer these benefits:
  • Fixed loan terms and payments
  • Ability to qualify for a loan renewal after 12 months of timely payments
  • Collateral not required
  • No prepayment penalties
  • Quick deposit of funds into your bank account
  • A free subscription to our financial newsletter

Get a Small Business Loan Using your ITIN

Having an ITIN gives you access to products and services that are otherwise unavailable. For example, ITINs provide documentation when you need to rent space, purchase supplies, and run your business in the U.S. Not only that, you can use your ITIN to apply for a business loan to finance your business. And while there are only a few banks that accept ITINs when applying for a loan, there are lenders like Camino willing to help you. Our company finances companies that only have an ITIN and haven't established credit history. That's pretty rare and reflects our core business goal, "No Business Left Behind." Ask for a Business Loan With Your ITIN!

smiling business owner because he has discovered a bank that accept itin


Banks That Accepts ITIN: FAQs

Can I Get a Personal Loan With an ITIN?

Yes, you can! You can choose a bank (like Wells Fargo or U.S. Bank), but they usually have stringent requirements. So instead, we recommend applying with an online lender: they can give you as much money and have fewer requirements.

Which Banks Accept an ITIN?

There are a few banks that accept ITIN numbers instead of SSN. The most popular ones are Wells Fargo, US Bank, Bank of America, Chase, Marcus by Goldman Sachs, Self-Help Federal Credit Union, and Latino Credit Union.  Online lenders such as Camino Financial also accept ITIN numbers.

Can You Buy a Home With an ITIN?

It may be more challenging to find a lender who will give you a loan to purchase a home without a Social Security number, but it is possible.  With non-traditional lenders, you will have limited choices, but you can purchase a home with an ITIN number. This, of course, only applies if you're getting a loan to purchase your home.

Can I Get a Credit Card With an ITIN?

Yes, some credit card companies will allow you to apply for their products using an ITIN.  Like many personal loans and bank accounts, these companies may allow you to start the application process online but may require you to go to a branch in person to finalize the application.  Still, this is a good option for people who don't have a Social Security number.

What Banks Do Loans with an ITIN?

For personal loans, Wells Fargo and U.S. Bank are your best options.

Can I Open a Bank Account Online With an ITIN?

Yes, some financial institutions will allow you to open a bank account online with just an ITIN. You will need to provide some form of I.D. along with your ITIN and proof of address.  You may need to finalize the application process in person, but you can start it online.

Do Credit Unions Accept ITIN?

Yes, some credit unions accept ITIN instead of Social Security numbers.  The credit unions that accept ITIN will most likely allow you to open various accounts with them, including personal loans, credit cards, and traditional checking and savings accounts.  Once you are a credit union member, you can usually apply for whatever products they offer.

Where Can I Open an Account With an ITIN?

You can open an account with an ITIN online and in person at certain financial institutions.  First, you'll have to research which institutions accept ITINs instead of SSNs and then settle on the one that works best for you.  Then, you'll have to follow their particular application process and provide them with whatever documentation they require.

What Bank Account Can I Open Without an I.D.?

It's improbable that you will find a financial institution that will allow you to open a bank account without any form of I.D.  While some institutions may allow you to use an ITIN instead of an SSN, they will always require some form of I.D. to prove that you are who you say you are. Again, this helps prevent fraud on a massive scale.

Can I Get a Personal Loan With an ITIN?

Some financial institutions will allow you to use an ITIN to get a personal loan.  Some traditional financial institutions will accept an ITIN, and some online lenders will get an ITIN as well, such as Camino Financial.  You will just need to provide other documentation that they require to prove you are who you say you are.

How to Check Your Credit Score With an ITIN?

The credit bureaus don't use just a person's Social Security number to match their credit report.  This means that if you use an ITIN to open a credit account, the financial institution could still help you build good credit by reporting the account to a credit bureau.  However, the particular credit bureau may require you to take other steps to get a copy of your credit report because they may not accept ITIN as an identifying document.

What Online Banks Accept ITIN?

Some of the online banks (and traditional banks with online platforms) that accept an ITIN to open an account include 
  • Alliant Credit Union
  • Ally
  • Axos Bank
  • Bank of America
  • Charles Schwab
  • Chase
  • Citibank
  • Citizens Bank
  • Digital Federal Credit Union
  • Fifth Third Bank
  • PNC
  • Santander Bank
  • U.S. Bank
  • Wells Fargo

How to Check Your Credit Score With an ITIN?

Checking your credit score is possible if you only have an ITIN. You can get a free credit report with Credit Sesame adding your ITIN instead of an SSN when you register. Because you don't have an SSN, you might have to provide additional information to help confirm your identity.

How to Get a Loan With an ITIN?

Getting a business loan with your ITIN is super easy! You need to follow these three simple steps:
  1. Complete an online application and get pre-approved
  2. Submit your financial records and get approved
  3. Sign your contract and receive your money!

*Terms and requirements subject to change without notice.

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