Benefits of obtaining loans for migrants in the USA

Benefits of obtaining loans for migrants in the USA

19.01.2023 0 Автор admin

The share of immigrants in the United States is 14%. This is a big market for banks, but not everyone decides to work on it. More detailed — https://morson.org/how-to-get-a-loan-for-a-migrant-in-the-usa.html.

Treasurers for immigrants

Fintech company Stilt interviewed 3,000 American immigrants in 2018 and found out where they keep their money. The survey showed that 82.6% of them trust the following banks: Bank of America (over a third of them), Chase, Wells Fargo, PNC Bank, Citi. The rest of the immigrants have accounts with 64 other banks and credit unions. At the same time, the vast majority — 94.7% — are serviced in one bank, only 5% of immigrants have a second bank account. 

It is noteworthy that among the five largest national banks there is one local — PNC Bank with headquarters in Pittsburgh, Pennsylvania. He operates only in 19 states of the country, mainly on the East Coast. Its products are popular among students, as well as those who appreciate the benefits of online banking. 

It is more difficult with credit cards — here you will have to earn a credit history, which is built over years of good relations with banks. The credit history is reflected by the Credit Score indicator, which varies from 300 to 850 points. If it is above 700, then American banks automatically consider a resident of the country as a good customer and send him a variety of loan offers themselves.

You can find out your Credit Score level both in a bank branch and on special resources, such as Credit Karma (credit offers from various banks are also concentrated here) or Experian. 

Also, for those who are just building their credit history in the USA, some banks offer a special product «secured credit card». For example, Wells Fargo Secured Credit Card works as follows: the client deposits $ 300 to the account, the bank opens a credit line for the same $ 300, you need to pay 20.74% per annum for using the loan, the service fee is $ 25 per year. After some time of using the card and as the credit rating increases, the customer can qualify for an unsecured credit card. For comparison, the rate on ordinary credit cards is zero in the first 12-15 months and then starts from 13.74% per annum.

Special creditors

What should immigrants do who do not have the necessary documents, which means they cannot be serviced by the largest banks, but they still build their lives in the United States — buy cars and houses? For them, more and more financial offers are appearing on the American market.