There are quite a lot of migrants in the USA. For them, there are various programs to protect the population, however, there are many questions and obstacles in the issue of banking services. Not every bank agrees to work with a migrant.
The subtleties of obtaining a loan for migrants
There are no problems with opening a debit account, but there are difficulties with obtaining a loan. The easiest way is to get a loan for migrants on board-finance.website. To open a bank account, you will need a standard set of documents:
- a valid passport;
- driver’s license;
- birth certificate;
- confirmation of the place of residence;
- Social Security number.
An SSN is only issued to legal US citizens, but if there is none, an ITIN or Alien Number, which is assigned to every migrant upon entry into the country, will do.
As for obtaining a loan, for quick approval it is necessary to develop a positive credit history in banks for years. How respectable the payer is, shows the number of Credit Score points. For those who have more than 700 points, credit organizations themselves send offers to obtain a loan from them. Anything below will require detailed review by the borrower’s organization.
You can find out your history and the number of points earned directly at the bank or using Credit Karma and Experian services. For those who have just arrived and have not had time to get any credit history, one secured credit card is offered. With proper use, timely payment and as points increase, credit organizations can offer an unsecured card.
For migrants, getting a loan from the largest American banks is almost impossible. They do not have the necessary set of documents and credit history. However, many private organizations are ready to go for rice and offer a credit card even to those who have not yet arrived in the country, but only to get a VISA. You can even get a mortgage for immigrants, but the annual rate will be higher than that of local residents.
America has not forgotten about students, because they leave a larger percentage among migrants. They also have special student credit cards on favorable terms. The main requirement is proof of study in the United States of America.