CEO Immigration Loans offers clients of IRC's Immigration Services access to flexible financing to help pay for USCIS fees and/or other immigration-related expenses.
Current loan term for immigration loan.
| Maximum Amount | $8,000 |
| Maximum Term | 60 months |
| Interest Rates | 4.99 % - 6.99 % |
| Closing Fees* | 2% |
*See Loan Product Rates and Terms for state-specific closing fees.
Current interest discount for immigration loan
| Discount Condition | All States |
| Special Discount | |
| Fresh Start | -1 % |
| Credit Score Discount | |
| FICO 660+ | -1 % |
Please check out How does CEO determine interest rates for more information on how we price loans.
Immigration Loan FAQs
Who can apply?
Any individual engaged with IRC’s immigration services.
- Applicants must complete training on credit.
- CEO also requests applicants engage in a 1:1 “Financial Fitness” check-in with a financial coach before or during the application process.
- Applications begin with a referral from IRC Immigration & Legal Services staff and may only be submitted by clients supporting the legal matter active with IRC. The matter can be an immigration case for which the IRC represents the client or an asylum matter for which the IRC has provided legal consultation and direct referral to an external asylum attorney.
It is important to note that being eligible to apply for a loan is very different from being approved. Please review the document entitled How CEO Makes Loan Decisions to familiarize yourself with the various factors that influence the approval process for a CEO loan.
How much income do I need to apply?
Generally, you need proof of income verifiable by pay stubs, receipts, or other documentation. There is no exact income threshold, as we consider your debt-to-income ratio during the application review process.
Please review the document titled How CEO Makes Loan Decisions for important information on getting approved for a CEO loan.
How much will it cost?
The monthly payment amount will depend on the total loan amount and the number of months to repay.
- Generally, the longer the repayment on a loan, the lower the monthly payments but the higher the total interest paid will be.
- As with all CEO loans, interest rates are fixed and will never increase after you sign your contract.
The table below offers examples of total costs and estimated monthly payments for various loan sizes and terms.
Example Loans:
| Loan Amount | Term to Repay | Est. Monthly Payment | Total Interest & Fees Paid** |
| $2,000 | 24 months | $91 | $192 |
| $5,000 | 36 months | $157 | $668 |
| $8,000 | 48 months | $195 | $1,377 |
** Total interest and fees paid includes the 2% closing fee and assumes the maximum interest rate of 6.99%.
Other things to consider
- You may request funding to pay for both USCIS fees as well as other expenses related to your IRC Immigration matter, including DNA testing, certified translations, transcripts, etc.
- Loan funds cannot be used to pay for fees charged directly by IRC, inclusive of IRC’s fee for legal services, interpretation, passport photos, etc.
- After consular processing is approved, you may request loan funds to pay for travel/airfare. If you want to use loan funds to help pay for both application-related expenses AND travel, it makes sense to apply for two smaller loans at separate times. This way, you won’t incur any interest expense on the portion of your loan used to pay for travel while you wait for consular approval.
- There are alternative funding sources like Miles for Migrants that could provide free airfare that should be fully explored before considering any loans.
How to apply
- Visit your local office to complete a CEO Loan Application and meet with a financial coach. Here’s a list of the items you’ll need for the loan request:
- Personal email address
- Valid government-issued photo ID
- A U.S. checking bank account with routing and account number
- 2 most recent monthly bank statements (personal and business)
- 2 most recent pay stubs or other verifiable income statements
- Referral from IRC immigration staff
- Your financial coach can help you complete your application (loan decisions are usually made within three weeks of application).
- If approved, your contract will be ready for signature within three (3) business days of approval notification. You can review and electronically sign your loan contract.
- Funds are deposited directly into your bank account via electronic ACH and are available within one to three business days after signing the loan contract, depending on bank processing times.
Your local contact will be able to answer any additional questions you might have.
For California Residents
- CA FINANCE LENDER’S LICENSE #60DBO54868
- LOANS MADE OR ARRANGED PURSUANT TO CALIFORNIA FINANCE LAW LICENSE
- FOR INFORMATION CONTACT THE DEPARTMENT OF BUSINESS OVERSIGHT, STATE OF CALIFORNIA
Comments
0 comments
Article is closed for comments.