ITIN Lending Program (Non-Citizen Lending)

Improve economic access in your community by offering consumer lending products, including credit cards, personal loans, and vehicle loans, to non-citizens and individuals with an ITIN number at the same rates as traditional consumer lending products.

ITIN Lending Program (Non-Citizen Lending) Details

The disheartening reality is that 45.5% of Hispanic and 49.3% of African American households have historically been unbanked or underbanked with many traditional financial institutions struggle to meet the needs of minority households.

During the past two years, Filene tested five products designed to meet the needs of minority households through the Reaching Minority Households Incubator. The ITIN Lending program being one of these five products. 

The ITIN Lending program began at Point West Credit Union in 2008 and as of 2015 the program has provided $2.1 million in loans to non-citizen borrowers. This program includes a variety of consumer lending products, including credit cards, personal loans, and vehicle loans, to non-citizens and individuals with an ITIN number with the same rates as traditional consumer lending products. 

Filene is currently working to develop an ITIN Lending implementation guide in partnership with the National Federation of Community Development Credit Unions and Coopera, a Hispanic consulting firm, to promote the launch of ITIN Lending on a larger scale.