Gud Story
  • Home
  • Business
    • All
    • Automotive
    • Crypto
    • Education
    • Entrepreneurs
    • Finance
    • Healthcare
    • Industries
    • Investment
    • Legal
    • Market
    • Moving
    • Real Estate
    • Retail
    • Startup
    holistic rehabilitation center

    Why Holistic is The Ideal Luxury Center

    Email Marketing Tips

    Email Marketing Tips for Education Industry

    Invest in Your Business

    Why You Need to Invest in Your Business

    Dock and Marina

    How to Effectively Manage Your Dock and Marina

    Bitcoin Transforming The World

    How is Bitcoin Transforming The World

    Executive Coaching

    Executive Coaching: Everything You Need to Know

    Trending Tags

    • Decor
      • All
      • Design Ideas
      • Events
      • Furniture
      • Gardening
      • Home Repair
      • Housekeeping
      • HVAC Control System
      • Kitchen
      • Painting
      • Pest Control
      Small Sectional Sofa

      Best Small Sectional Sofa for Small Spaces

      Fluted Wall Panels

      How Can You Decorate Your Home with Fluted Wall Panels?

      Most Common Appliances

      Top 6 Most Common Appliances That Easily Break

      Outdoor Gazebos

      Best Outdoor Gazebos to Enjoy All Weathers

      Jack-o-Lantern designs

      Jack-O’-Lantern Designs for Pumpkin Carving 

      How to Clean an Air Filter

      How to Clean an Air Filter?

      Trending Tags

      • Lifestyle
        • All
        • Beauty
        • Culture
        • Drink
        • Fashion
        • Food
        • Hair Care
        • Health
        • Jewellery
        • Make up
        • Parenting
        • Shopping
        • Skin Care
        • Travel
        How To Pass The Time At The Airport

        How To Pass The Time At The Airport

        Enjoyment Out of Your Own Company

        Ways You Can Get More Enjoyment Out of Your Own Company 

        silk pajamas for women

        Women’s Pajamas for Comfort, Relaxation and Quality 

        Target Gift Card Balance

        How to check Target Gift Card Balance and Claim Money?

        South Carolina to Live In

        Is South Carolina a Good State to Live In?

        Portugal Golden Visa Program

        Key Advantages of Portugal Golden Visa Program

        Trending Tags

        • Sports
          • All
          • Basketball
          • College Football
          • Cricket
          • Formula 1
          • MLB
          • NBA
          • NCAA
          • NFL
          • NHL
          • WWE
          Deontay Wilder During His Comeback

          What Can The World Expect from Deontay Wilder During His Comeback? 

          Darnay Holmes Stealing The Show in Training

          Darnay Holmes Stealing The Show in Training

          NIL program of WWE

          What is The NIL Program of WWE to Find The Next Superstars?

          Los Angeles Rams

          Can The Los Angeles Rams Repeat Super Bowl Success?

          Best Players in The UAE T20

          Latest in Cricket: The Best Players in The UAE T20 Event will Each Get A Contract for 450 Thousand Dollars

          Benefits Associated with A Game of Cricket

          Benefits Associated with A Game of Cricket That You Cannot Ignore

          Trending Tags

          • Gaming
            • All
            • Apex Legends
            • Call of Duty
            • FIFA
            • Fortnite
            • Genshin Impact
            • GTA
            • League of Legends
            • Overwatch
            • Pokemon
            • Valorant
            Platforms Like Twitch

            How Platforms Like Twitch Have Become Ever More Important for The Gamers Out There

            Great Gambling Site

            What Makes a Great Gambling Site?

            Winnings in Online Sport Betting

            How to Ensure Winnings in Online Sport Betting

            History of Online Poker

            A Brief History of Online Poker

            Nintendo news

            The Round Up of  Nintendo News Via Nintendo Direct Mini: Partner Showcase

            Moonveil Katana

            The Moonveil Katana: The Game Changer in Elden Ring

            Trending Tags

            • Tech
              • All
              • Apps
              • Blockchain
              • Digital Marketing
              • Gadgets
              • How To
              • Mobile
              • NFT
              • PC & Mobile
              • Science
              • Work Life
              iOS vs Android for Gaming

              iOS vs Android: Which is Better for Gaming?

              CenturyLink Internet Outage

              How to Claim Compensation for CenturyLink Internet Outage?

              Framework in Software Development

              What is The Need for a Framework in Software Development?

              Story of RAM NFT

              Building a Strong NFT Community: The Story of RAM NFT 

              How to Check Traffic to Work

              How to Check Traffic to Work or Home on Google Map?

              iPhone 14

              iPhone 14: Leaks, Rumors, and Release Date

              Trending Tags

              • Entertainment
                • All
                • Anime
                • Biography
                • History
                • Quotes
                • TV & Movies
                Sasha Obama

                Here’s What You Did Not Know About Sasha Obama

                Tayshia Adams

                Tayshia Adams & Zoe Clark: What is The Cause Behind Their Breakup?

                Tristan Thompson

                Tristan Thompson & His Ex-Girlfriend Will Soon Welcome Their Second Child

                Princess Qajar

                The Real Story Behind The Viral Photo of Princess Qajar

                Edward Mordrake

                Edward Mordrake: The Truth Behind The Story of Two Faced Man

                Owen Wilson Nose

                What is The Reason Behind Owen Wilson’s Misaligned Nose?

                Trending Tags

                No Result
                View All Result
                Gud Story
                • Home
                • Business
                  • All
                  • Automotive
                  • Crypto
                  • Education
                  • Entrepreneurs
                  • Finance
                  • Healthcare
                  • Industries
                  • Investment
                  • Legal
                  • Market
                  • Moving
                  • Real Estate
                  • Retail
                  • Startup
                  holistic rehabilitation center

                  Why Holistic is The Ideal Luxury Center

                  Email Marketing Tips

                  Email Marketing Tips for Education Industry

                  Invest in Your Business

                  Why You Need to Invest in Your Business

                  Dock and Marina

                  How to Effectively Manage Your Dock and Marina

                  Bitcoin Transforming The World

                  How is Bitcoin Transforming The World

                  Executive Coaching

                  Executive Coaching: Everything You Need to Know

                  Trending Tags

                  • Decor
                    • All
                    • Design Ideas
                    • Events
                    • Furniture
                    • Gardening
                    • Home Repair
                    • Housekeeping
                    • HVAC Control System
                    • Kitchen
                    • Painting
                    • Pest Control
                    Small Sectional Sofa

                    Best Small Sectional Sofa for Small Spaces

                    Fluted Wall Panels

                    How Can You Decorate Your Home with Fluted Wall Panels?

                    Most Common Appliances

                    Top 6 Most Common Appliances That Easily Break

                    Outdoor Gazebos

                    Best Outdoor Gazebos to Enjoy All Weathers

                    Jack-o-Lantern designs

                    Jack-O’-Lantern Designs for Pumpkin Carving 

                    How to Clean an Air Filter

                    How to Clean an Air Filter?

                    Trending Tags

                    • Lifestyle
                      • All
                      • Beauty
                      • Culture
                      • Drink
                      • Fashion
                      • Food
                      • Hair Care
                      • Health
                      • Jewellery
                      • Make up
                      • Parenting
                      • Shopping
                      • Skin Care
                      • Travel
                      How To Pass The Time At The Airport

                      How To Pass The Time At The Airport

                      Enjoyment Out of Your Own Company

                      Ways You Can Get More Enjoyment Out of Your Own Company 

                      silk pajamas for women

                      Women’s Pajamas for Comfort, Relaxation and Quality 

                      Target Gift Card Balance

                      How to check Target Gift Card Balance and Claim Money?

                      South Carolina to Live In

                      Is South Carolina a Good State to Live In?

                      Portugal Golden Visa Program

                      Key Advantages of Portugal Golden Visa Program

                      Trending Tags

                      • Sports
                        • All
                        • Basketball
                        • College Football
                        • Cricket
                        • Formula 1
                        • MLB
                        • NBA
                        • NCAA
                        • NFL
                        • NHL
                        • WWE
                        Deontay Wilder During His Comeback

                        What Can The World Expect from Deontay Wilder During His Comeback? 

                        Darnay Holmes Stealing The Show in Training

                        Darnay Holmes Stealing The Show in Training

                        NIL program of WWE

                        What is The NIL Program of WWE to Find The Next Superstars?

                        Los Angeles Rams

                        Can The Los Angeles Rams Repeat Super Bowl Success?

                        Best Players in The UAE T20

                        Latest in Cricket: The Best Players in The UAE T20 Event will Each Get A Contract for 450 Thousand Dollars

                        Benefits Associated with A Game of Cricket

                        Benefits Associated with A Game of Cricket That You Cannot Ignore

                        Trending Tags

                        • Gaming
                          • All
                          • Apex Legends
                          • Call of Duty
                          • FIFA
                          • Fortnite
                          • Genshin Impact
                          • GTA
                          • League of Legends
                          • Overwatch
                          • Pokemon
                          • Valorant
                          Platforms Like Twitch

                          How Platforms Like Twitch Have Become Ever More Important for The Gamers Out There

                          Great Gambling Site

                          What Makes a Great Gambling Site?

                          Winnings in Online Sport Betting

                          How to Ensure Winnings in Online Sport Betting

                          History of Online Poker

                          A Brief History of Online Poker

                          Nintendo news

                          The Round Up of  Nintendo News Via Nintendo Direct Mini: Partner Showcase

                          Moonveil Katana

                          The Moonveil Katana: The Game Changer in Elden Ring

                          Trending Tags

                          • Tech
                            • All
                            • Apps
                            • Blockchain
                            • Digital Marketing
                            • Gadgets
                            • How To
                            • Mobile
                            • NFT
                            • PC & Mobile
                            • Science
                            • Work Life
                            iOS vs Android for Gaming

                            iOS vs Android: Which is Better for Gaming?

                            CenturyLink Internet Outage

                            How to Claim Compensation for CenturyLink Internet Outage?

                            Framework in Software Development

                            What is The Need for a Framework in Software Development?

                            Story of RAM NFT

                            Building a Strong NFT Community: The Story of RAM NFT 

                            How to Check Traffic to Work

                            How to Check Traffic to Work or Home on Google Map?

                            iPhone 14

                            iPhone 14: Leaks, Rumors, and Release Date

                            Trending Tags

                            • Entertainment
                              • All
                              • Anime
                              • Biography
                              • History
                              • Quotes
                              • TV & Movies
                              Sasha Obama

                              Here’s What You Did Not Know About Sasha Obama

                              Tayshia Adams

                              Tayshia Adams & Zoe Clark: What is The Cause Behind Their Breakup?

                              Tristan Thompson

                              Tristan Thompson & His Ex-Girlfriend Will Soon Welcome Their Second Child

                              Princess Qajar

                              The Real Story Behind The Viral Photo of Princess Qajar

                              Edward Mordrake

                              Edward Mordrake: The Truth Behind The Story of Two Faced Man

                              Owen Wilson Nose

                              What is The Reason Behind Owen Wilson’s Misaligned Nose?

                              Trending Tags

                              No Result
                              View All Result
                              Gud Story
                              No Result
                              View All Result
                              Home Business Finance

                              What are ITIN Loans, and Can They help Immigrant Businesses?

                              Albert Smith by Albert Smith
                              July 10, 2021
                              in Finance
                              Reading Time: 4 mins read
                              0
                              What are ITIN Loans
                              ADVERTISEMENT
                              Share on FacebookShare on Twitter

                              People who emigrate to the United States often believe that they won’t have access to borrowing opportunities until they obtain a Social Security Number (SSN) since traditional institutions are commonly reluctant to offer loans to undocumented aliens. However, a new type of financing instrument has emerged to assist business owners who have not yet obtained their SSN so they can secure the funding they need to keep their businesses up and running.

                              These financing instruments are known as ITIN loans. In the following article, we will explain how they work, their advantages compared to other forms of financing, and how you can obtain one for your company.

                              Table of Contents

                              • What is an ITIN?
                              • How can immigrants get a loan?
                              • Advantages of ITIN loans
                                • Bottom line

                              What is an ITIN?

                              An Individual Taxpayer Identification Number (ITIN) is a document issued by the Internal Revenue Service (IRS) of the United States – the institution in charge of collecting taxes from individuals and businesses within the country.

                              ADVERTISEMENT

                              Immigrants can apply and obtain an ITIN regardless of their residency status as this document is only used for filing taxes.

                              The process of applying for an ITIN starts by submitting a W7 form to the IRS along with other documents such as a driver’s license and school records. Typically, the IRS takes from four to six weeks to approve an ITIN application. All immigrants who incorporate a business in the United States are required to apply and obtain an ITIN so they can file taxes if applicable.

                              Nowadays, non-traditional lenders like Camino Financial offer ITIN loans, which work like a traditional installment loan but with the added benefit that the borrower is not required to present a Social Security Number (SSN) to apply for one.

                              How can immigrants get a loan?

                              ITIN Loan Program

                              With lenders like Camino Financial, the process of applying for a loan can be completed online, and it will only take the borrower a few minutes to fill the required forms. These loans are approved based on the applicant’s creditworthiness, credit history, tax records, bank statements, job situation, and other similar variables – just like any other loan.

                              The loan works similarly to an installment loan in which a fixed payment has to be made every month. A portion of the monthly installment will be used to amortize the loan’s principal. In contrast, the remaining amount will be used to pay the interest expenses resulting from the loan’s outstanding balance.

                              Currently, interest rates for these loans have been lowered due to the Federal Reserve’s decision to reduce its benchmark interest rate to 0.25%. This means that the current environment is particularly advantageous to get a cheap loan due to the favorable conditions of the credit market.

                              Meanwhile, it usually takes around 24 to 48 hours for online lenders to review and issue a response on the loan applications, as these companies use artificial intelligence and technology to expedite their internal processes.

                              Advantages of ITIN loans

                              For undocumented individuals, this type of financing is one of the best alternatives to get funding in the United States. The following is a summary of all the advantages of securing an ITIN loan for an immigrant business owner:

                              • It will help you in the process of building your credit score, as every installment payment you make on time will contribute to strengthening your credit report.
                              • You will not be required to present a Social Security Number (SSN) to apply for the loan.
                              • Applying for the loan can be completed in a few minutes. This avoids the need for visiting a branch, scheduling an appointment, or waiting in line to be served by a representative.
                              • Response times for the loan are typically faster compared to regular loans offered by traditional financial institutions.
                              • The funds obtained through the loan can be used for any financial need that the business may have, such as buying inventory, covering a temporary cash gap, or buying equipment.
                              • The interest rates and credit periods offered are typically flexible, ranging from 24 to 60 months, depending on the provider.

                              Bottom line

                              In the past, immigrant business owners had little to no alternatives to obtain financing for their businesses. This era has come to an end. Modern companies are spearheading this effort to help non-resident business owner securing the funding they need to keep growing their businesses.

                              These loans can be used to obtain funds for an immediate cash need, or they can also be employed as a bridge loan that could be exchanged for another loan with more advantageous conditions once the applicant receives an SSN.

                              Meanwhile, technology has enabled lenders to offer faster application and response times, which results in savings for borrowers in the form of lower fees.

                              If you are an immigrant in need of borrowed funds, an ITIN loan can be a convenient alternative for you.

                              Also read: 7 Websites for Private Student Loans

                              Related Posts

                              Group Health Insurance

                              A Business Owner’s Guide to Selecting The Right Group Health Insurance

                              August 7, 2022
                              Insurance for a Used Car

                              Why Do You Need Insurance for a Used Car?

                              August 5, 2022
                              Get Into Banking

                              4 Careers To Check Out If You Want To Get Into Banking

                              August 2, 2022
                              Exchange Rates

                              Currency Exchange Rates: Things You May Consider

                              August 1, 2022
                              ADVERTISEMENT
                              Gud Story

                              Gudstory is the ultimate guide that will keep you updated about almost everything and anything. We aim to provide our readers with an informative detail about the viral stories that have been occurring around us. Here at Gudstory, we focus on delivering our readers with the latest information about everything.

                              The stories that we cover specialize in a wide niche which includes News, Lifestyle, Fashion, Entertainment, Technology, and Women. The purpose of the blogs and articles is to keep you updated using vivid formats and interesting styles so that significant information stays in your mind.

                              Business World

                              • Business
                              • Automotive
                              • Crypto
                              • Education
                              • Entrepreneurs
                              • Finance
                              • Healthcare
                              • Industries
                              • Investment
                              • Legal
                              • Market

                              Decor

                              • Home Improvement
                              • Design Ideas
                              • Events
                              • Furniture
                              • Gardening
                              • Home Repair
                              • Housekeeping
                              • HVAC
                              • Kitchen
                              • Painting
                              • Pest Control

                              Company

                              • Advertise
                              • About Us
                              • Contact Us

                              Entertainment

                              • Gaming
                              • Sports
                              • Biography
                              • TV & Movies
                              • Anime
                              • Quotes
                              • Home
                              • About
                              • Advertise
                              • Contact
                              • Privacy Policy

                              © 2018-22 Gud Story

                              No Result
                              View All Result
                              • News
                              • Business
                                • Automotive
                                • Education
                                • Finance
                                • Healthcare
                                • Investment
                                • Legal
                                • Real Estate
                                • Startup
                                • Entrepreneurs
                                • Industries
                                • Retail
                              • Decor
                                • Design Ideas
                                • Home Repair
                                • Furniture
                                • Gardening
                                • Kitchen
                                • Housekeeping
                                • HVAC Control System
                                • Events
                              • Lifestyle
                                • Health
                                • Food
                                • Drink
                                • Travel
                                • Beauty
                                • Make up
                                • Hair Care
                                • Skin Care
                                • Fashion
                                • Jewellery
                                • Shopping
                              • Sports
                                • NBA
                                • NFL
                                • College Football
                                • MLB
                                • NHL
                              • Gaming
                                • Esports
                                • Apex Legends
                                • Battlefield
                                • GTA
                                • Call of Duty
                                • Fortnite
                                • Cosplay
                                • CS:GO
                                • FIFA
                                • Genshin Impact
                                • Guides & Tips
                              • Tech
                                • Work Life
                                • Science
                                • Apps
                                • Mobile
                                • Gadgets
                                • Digital Marketing
                                • How To
                                • PC & Mobile
                                • Blockchain
                                • NFT
                              • Entertainment
                                • Biography
                                • TV & Movies
                                • Anime
                                • Quotes
                                • History
                              • Relationship
                              • Women
                              • Animals
                              • Luxury
                                • Billionaires
                                • Leaders
                                • Cars & Bikes
                                • Jets
                                • NCAA
                                • UFC
                                • Culture
                                • Homes
                                • Hotels
                                • Interiors
                                • Formula 1

                              © 2018-22 Gud Story