Personal Loans For Hispanics In The United States

The article was originally published on La Red Hispana.

Photo: Los Muertos Crew via Pexels.

Requirements for Applying for a Loan

The requirements for applying for personal loans for Hispanics in the United States can vary depending on the type of loan and the financial institution. Being a Latino immigrant in the United States does not exclude the possibility of obtaining a loan, but it's important to understand that requirements can differ based on your immigration status, credit history, and other circumstances.

Here are some factors and requirements that could influence the application for personal loans for Hispanics:

1. Immigration Status:

   • Citizenship or Permanent Residence: Some lenders may require citizenship or permanent residence to offer certain types of loans.

   • Work or Study Visa: If you are in the United States with a work or study visa, you might qualify for certain loans.

2. Credit History:

   • Credit History in the United States: Having a credit history in the United States is essential for many loans. If you are new to the country, you might have a limited credit history.

   • ITIN or Social Security Number (SSN): While many lending companies require an official ID like the Social Security Number, some institutions may accept the Individual Taxpayer Identification Number (ITIN) to assess credit history.

   • Employment and Financial Stability: Lenders typically require evidence of stable and sufficient income to ensure you can repay the loan. Additionally, demonstrating that you have a regular and stable job.

   • Collateral and Co-Signers: Some loans may require collateral, such as properties or vehicles, and the support of a co-signer with a good credit history and immigration status.

Loan Amounts for Hispanics

The amounts of personal loans for Hispanics vary depending on the institution you approach. The average loan amount can range from $1,000 to $100,000. As mentioned earlier, these amounts are subject to your credit history, immigration status, and the magnitude of your request.

The best and first place to inquire is your bank. They can guide you on the different options they have for their clients, and they likely have staff who speak Spanish. If you don't have a bank account or want to explore other options, among the institutions that offer loans to Latinos with limited credit history are:

• OneMain Financial: From $1,500 to $20,000.

• Avant: From $2,000 to $35,000.

• Upgrade: From $1,000 to $35,000.

• Rocket Mortgage: From $2,000 to $45,000.

• Upstart: From $1,000 to $50,000.

For those with a solid credit history, other options include:

• Best Egg: From $2,000 to $35,000.

• Discover: From $2,500 to $35,000.

• Lightstream: Limits from $5,000 to $100,000.

• SoFi: From $5,000 to $100,000.

Other Loans for Hispanic Immigrants

Some institutions offer personal loans for Hispanics specifically designed for immigrants, taking into account their particular circumstances. It is important to communicate directly with lenders to understand their specific requirements.

Other companies that provide personal loans for Hispanics include:

1. Self Lender:

   • Self Lender is a platform that offers credit-building loans. It works through a loan secured by a CD. As you pay off the loan, a positive credit history is created.

2. Oportun:

   • Oportun specializes in loans for people with limited or no credit history. They offer personal loans that could be accessible to Latinos without a credit history.

3. Stilt:

   • Stilt focuses on providing loans to immigrants and international professionals and is known for considering individuals without a credit history. They could be an option for those without an established credit history in the United States.

4. Lending Circles:

   • Some non-profit organizations offer loan programs called "Lending Circles." These programs allow individuals without traditional credit history to access group loans where they mutually support each other.

5. Crediverso:

   • Crediverso is the first financial platform in Spanish dedicated entirely to Latinos and Hispanics residing in the United States. Crediverso provides a valuable tool for making informed financial decisions and helps you build your credit history from scratch.

Remember that the process for applying for personal loans for Hispanics varies depending on the lender you approach, the city where you are located, and your personal condition. We recommend directly contacting lending companies to obtain specific information about their parameters and requirements.