When we arrive in the United States, we think about achieving the American dream, however, only the most daring or “crazy” are able to look for personal loans for Hispanics. Even if they are undocumented. Some are able to achieve it and below I will show you the tricks that are currently being used to do so. There are stories of even immigrants who set up their own business in these lands, thanks to this.
Required documentation for loans in the USA.
Don’t panic when you see the following documentation, you probably don’t have it. In the following paragraphs, I will discuss various alternatives to this.
- Identity documentation: in any part of the world, this is necessary. Even if it is a passport.
- To have a bank account: this is easy to obtain, since opening a bank account in the USA is within the reach of many. Without the need to have a residence permit.
- Payroll receipts: many immigrants do not have this, since they are not working legally. In this case you have to be very careful with deportations and try to convince the financial company to have a bank account with good numbers.
- Work permit or travel document: only the most fortunate have this and the truth is that it opens many doors.
Don’t have all of the above? Don’t worry. Here are the most commonly used tricks.
What financial alternatives are available for Hispanics?
The best way would be with a private equity firm. However, when immigrants are turned down for that type of financial business. There are still other opportunities, which they may not have thought of yet.
- Ask for it in the country of origin: this is a very common practice among immigrants from countries all over the world. Some do it out of shame, so as not to confess to their friends or relatives that they are having problems during their emigration. They prefer to borrow from financial institutions in their country of origin. Some finance companies give loans to immigrants, knowing that they are located in other countries, while with other companies, such as banks, it is better for them to think that you are there all year round.
- Pawnshops: within the private equity lending business, there is a small niche market, which is born in pawnshops and thrift stores. Some of these businesses make money thanks to the clients that are rejected by the banks. We could say that they “scratch” among the leftovers of the financial sector. Accepting clients who are, for example, ludopaths, drug addicts or undocumented immigrants. In special cases, they have even earned millions of dollars, thanks to this.
- Deferred payments: Companies such as PayPal, banks and international payment platforms offer installment payment services. So if it is a small loan, this option is also worth mentioning.
- Private moneylenders who are also immigrants: be very careful with this, because it would not be unusual to end up being a client of the same Mafia. There are groups of immigrants of Chinese, Latin American, Indian, etc. origin. They work as private moneylenders for immigrants. If they are of the same nationality as you, it will be easier to get approved or to reach them. Some of them are usually close to gambling parlors or call shops. Be careful, that they do not try to scam you, extort you or similar things and never pay in advance, for the supposed study of the loan.
- Search for lending companies on Linkedin: as I always say, be very careful with scams and better to meet in person. Certain owners and workers of small financial companies are present in this social network. Also advisors who are dedicated to be intermediaries. Personally, I have seen several who are dedicated to offer mortgages through Linkedin, in a totally legal way.
Pawnshops that provide loans.
Find them at the following link: NPA – Pawnfinders.com. Some provide loans without explanations about your personal life.
The best banks for Hispanics.
To have a bank account in the United States, it is not necessary to be a resident. The banks where it is easiest to open an account as a foreigner. They are the following.
Zenus Bank.
It is one of the easiest for Hispanics to open bank accounts in the USA, even before arriving in the country, it is possible to open an account.
They are available for 180 countries around the world and it is not necessary to be a resident, besides, among their favorite customers are Mexicans. They present themselves as the best bank for expatriates. They have been offering this service since 2019, so it is not really an old company, compared to most banks that offer this type of accounts.
The CEO of this company is Mushegh Tovmasyan, someone with quite a lot of experience in the world of investments, trading and algorithmics. He has been brave and has taken advantage of the boom in neobanks, which is currently taking place all over the world. When in fact his professional field had been the stock market for twenty years.
Payoneer.
Here we are already talking about one of the most pioneering companies in the world, in online banking and digital payments. Being a US company, it has always been one of the most likely to offer US bank accounts online. They have been around since 2005 and have been market leaders for many years. In particular, this company is very useful for immigrants who want to have a debit card in the USA, but do not want to do it from the more traditional banks or prefer something more technological.
Payoneer customers receive an aba routing number with which they can receive bank transfers from U.S. bank accounts. Then, with the Payoneer debit card, it is possible to make purchases at physical stores or withdraw money at any ATM with international compatibility.
Wise.
It is the main alternative for immigrants using Western Union or MoneyGram. In addition to offering international bank accounts worldwide, they also specialize in international transfers, with the best currency exchanges available today. It is very difficult to find companies that have such low exchange fees. Even banks use it as an intermediary to be able to offer a competitive service.
If you are looking for an international bank account with the lowest commissions, this is probably one of the best companies out there. However, if you are only looking for a U.S. bank account, I don’t think it is the best option. You can receive money by Wire and ACH transfer, from US accounts. However, Wise is not an American neobank.
This payment platform is more used by European immigrants looking for high mobility and international compatibility. It is not usually a favorite among Latin Americans.
How to make money as a Hispanic?
I think the most important thing, is to be living in a state where immigrants are not so discriminated against and once you are there, start looking for work in jobs like the following:
- Cannabis industry and agriculture: in several states of the USA this plant is legal, so there are Hispanics who are dedicated to the cutting of the buds of these plants, cleaning, maintenance and care of them. There are private entrepreneurs who have large extensions of land. Many of the workers in this sector are undocumented or undocumented immigrants. Fruit packing in general and agriculture also offer job opportunities.
- Dishwashing and cooking: in states where immigration is less persecuted, such as California, New York or Florida. It is normal for non-face-to-face jobs, as in this example, to have illegal immigrants working in them.
- Home delivery and odd jobs: there are applications that you can download and see odd jobs, such as helping with a move or cleaning a garden. Many immigrants use these apps to earn extra money or even dedicate themselves to it, while they find something with more hours.
- Own businesses: mainly home cleaning, repairs and construction. These types of businesses are not usually registered and are usually paid in cash.
- Construction: Among the best paying jobs for immigrants is the construction sector. In this sector there are many types of specialties and it is possible to earn considerable amounts of money. Even some undocumented immigrants get visas to work in this sector. If they demonstrate experience and skills in specific branches of construction.
How to get a work visa?
- Marriage with resident: it must be demonstrated that economically the national person with whom you are married, is able to “support” your partner. In addition to this, an interview will be conducted to ensure that this marriage is real and not fictitious. There are illegal organizations that are dedicated to this. So it is possible to illegally buy a nationality. If a fake marriage is detected, the penalty can be 5 years in prison and a $250,000 fine.
- E-2 Visa for entrepreneurs: it is popularly said that the minimum investment or budget of the company must be $50,000. However, there is no exact figure. If, for example, you show that you are going to create jobs in the United States, it will be easier for the project to be approved. It is also advisable to present a business plan.
- Start an internship: there are schools and universities that provide internships to their students studying in the United States. In this way it is possible to live legally in the USA, without having the nationality. Afterwards, some of them can work in the USA and get a better visa. Although, of course, this has very high costs.
- Immigration agencies: there is a big business behind all this. Many lawyers have specialized in this and help a lot during the process. Some of these agencies have contacts with personnel placement companies or cultural exchange programs. If you have close relatives, they can also facilitate this.
- The visa lottery: there is an official government program that randomly grants visas. Approximately 1 in 300 are granted visas.
- Visas for specialized, agricultural and multinational workers: this is quite complicated to obtain, however, for those who are experts in something very specific, they can be offered work in the United States, legally. Such as truck drivers, health experts in certain areas, experienced construction workers, or tech professionals in certain more specific programming languages, such as in the Blockchain industry. However, don’t lose hope, every year they hire thousands of agricultural workers.
How many Hispanics fulfill the American dream?
About 1.2 million immigrants enter the United States each year. Of these, 170,000 are deported for being undocumented and more than 800,000 have obtained a job. Depending on the origin, they usually get different jobs and salaries. Take a look at these data:
- Average salary for Hispanics: $54,000 per year.
- Average salary for Europeans: $69,000 per year.
- Average salary for Indians: $89,000 per year.
It is amazing the difference between the salaries of Hispanics and Indians. This is due to the fact that Indians enter the workforce with very scientific and technological profiles. Millions of Indians in your country study very complex degrees related to mathematics, science and technology. Some of them achieve very relevant positions, such as the CEO of Google, who was born in India.
Hispanic celebrities who achieved the American dream.
Cesar Millan: he moved to the USA, with only $100 and in only 8 years, he went from dog trainer to TV celebrity. He came from a poor family and crossed the border irregularly. He was an illegal immigrant.
Sofia Vergara: she was a model in Colombia, at the age of 23 she decided to move to Miami to fulfill her dream of working as a model. For a long time she was living with a work visa, until she reached the residency. She is now a world famous actress.
Salma Hayek: she arrived in the United States with a tourist visa, which later expired. She began working undocumented, in places such as bars and cleaning companies. She is currently one of the most famous Mexican women in the world.
My personal opinion.
I think that if you really want to fulfill the American dream and also ask for a loan in the United States, you should not give up and you should inform yourself as much as possible about it, in order not to end up deported. It is also true that it is advisable to have a considerable amount of money first, in order to make everything easier, for example to be able to have a student visa or to pay the costs of the immigration agencies. Then, I would not rule out the possibility of emigrating to another country or working very hard in the United States in the meantime.
Read this article in Spanish: Préstamos para indocumentados (USA) – Javierfinance.com