You must be careful when you need a loan. There are many businesses in Iowa that will make getting a loan very easy, but you will be charged a lot of money in interest. Some of these businesses have names like Payday Loans or Car Title Loans. It is best to get your loan from a bank or credit union. However, in the United States, you must have a “credit history” in order to get a loan. This is a history of all the times you have borrowed money and whether you paid the money back on time. People want to know that you will be a good person for a loan and that you will pay the money back. Many people who are new to the United States do not have a credit history, so it is difficult to get a loan to buy a car or pay for an emergency. However, many banks and credit unions will help you build your credit history with small loans that you can pay back easily.
But some banks and credit unions require a Social Security Number. This is how they check your credit history. Some banks and credit unions will work with you if you have an Individual Taxpayer Identification Number called ITIN. This is a number you get from the federal government. You will need to apply for an ITIN. When you have a relationship with a bank or credit union, someone will help you build your credit or help you with a loan.