At WECU, we are committed to financial inclusion and providing equal opportunities to all community members. We understand that not everyone has a Social Security Number, but this shouldn't be a barrier to accessing financial opportunities. Our ITIN (Individual Taxpayer Identification Number) loans are designed to empower individuals without a Social Security Number to achieve their financial goals. With WECU, you can explore a range of ITIN loans and ITIN lending options tailored to your needs.
An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service (IRS) for individuals who are not eligible for a Social Security Number (SSN).1 ITINs are essential for financial inclusion, allowing individuals to file taxes, open bank accounts, and access financial services.2 You might now be wondering, “What is an ITIN loan?” A loan with an ITIN number is specifically designed for individuals with an ITIN, enabling them to access credit and lending without an SSN.3
At WECU, we offer a variety of ITIN lending products to support financial inclusion for all our members:
While the products above are focused on lending, we also offer a convenient way to manage everyday expenses:
Before you can apply for an ITIN loan, you must first obtain an ITIN. The application process for an ITIN is straightforward and includes the following steps:
1. Get Form W-7: Download the form from the IRS website or pick it up at a local IRS office.4
2. Complete the Form: Fill in the necessary personal information accurately.
3. Gather Documentation: Collect required documents such as your passport or birth certificate to verify your identity and foreign status.
4. Submit the Application: Mail your completed Form W-7 and documentation to the IRS.4
5. Wait for Processing: The IRS will review your application, which typically takes 7 weeks.4
6. Receive the ITIN: Once approved, you will be issued a nine-digit ITIN, opening the door to opportunities like ITIN loans and other financial services.
At WECU, we make it easy to qualify for an ITIN loan, offering you the support and resources you need to reach your financial goals. Here’s what you’ll need:
Here are answers to some common questions about ITIN lending:
ITIN loans are designed for individuals without an SSN, allowing them to access credit and other financial services using their ITIN.2
Yes! You can secure a loan with an ITIN number, such as personal, auto, and credit card loans, at WECU. These options are tailored to meet various financial needs.2
ITIN lending provides access to credit and helps build a credit history, offering financial opportunities that support your financial journey.2
Yes, you can build a credit history and credit score using your ITIN by responsibly using financial products like credit cards and loans.2,3
Yes, online loans with an ITIN number are available, providing convenient access to funds without the need for an SSN.3
Applicants typically need to provide a valid ITIN, proof of income, identification, and any other documentation the lender requires.2
ITIN holders can access a variety of loans, including personal loans, auto loans, and credit card loans. The specific types of loans available may vary by lender.2
Non-U.S. persons who are not eligible for an SSN but have a requirement to file a U.S. tax return can apply for an ITIN. This includes individuals such as foreign nationals with tax obligations, as well as their dependents and spouses.1
Yes, since credit reports are linked to your identifying information, parts of your ITIN credit history can carry over when you obtain an SSN. To ensure your credit history is correctly transferred, you’ll need to contact the major credit bureaus and update your SSN with your creditors.5
No, you can apply for an ITIN loan without being a WECU member. If you are approved for and accept the loan, you will become a WECU member through your new loan.
1. Internal Revenue Service (IRS). “Individual Taxpayer Identification Number.” https://www.irs.gov/individuals/individual-taxpayer-identification-number. Accessed August 16, 2024.
2. “Individual Taxpayer Identification Number (ITIN) Lending” https://inclusiv.org/wp-content/uploads/2019/03/2018.ITIN_.Lending.Guide_.pdf. Accessed August 16, 2024.
3. Arnfield, Robin. “No Social Security Number? No Problem: ITIN Loans Fill a Gap.” American Banker. 24 March, 2022, https://www.americanbanker.com/creditunions/news/no-social-security-number-no-problem-itin-loans-fill-a-gap. Accessed August 16, 2024.
4. Internal Revenue Service (IRS). “Instructions for Form W-7, Application for IRS Individual Taxpayer Identification Number.” https://www.irs.gov/instructions/iw7. Accessed August 16, 2024.
5. CitizenPath. “New U.S. Immigrants with No Credit Can Establish Good Credit and Obtain a Loan.” 6 June, 2024, https://citizenpath.com/credit-building-immigrants-with-no-credit. Accessed August 19, 2024.
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