The Left desperately wants to let illegal immigration continue. There’s no such thing as borders for them.
And this radical Leftist organization was caught in this scandal involving illegal immigrants.
Beneficial State Bank, backed by billionaire Democrat and former presidential candidate Tom Steyer, is offering loans to undocumented immigrants using a unique financial strategy. The Oakland-based institution leverages Individual Taxpayer Identification Numbers (ITINs) to provide credit to those who lack Social Security numbers, framing the initiative as a step toward dismantling “centuries of systemic racism.”
“Beneficial State Bank is committed to addressing financial inequalities that disproportionately affect communities of color, a result of centuries of systemic racism,” the bank stated in its 2022 impact report.
“The bank aims to foster financial security and broaden access to fair, transparent financing for all its customers, including those in immigrant communities.”
This commitment is evident in the bank’s lending practices. “A key initiative is lending to immigrant customers who may not have Social Security numbers but possess Individual Taxpayer Identification Numbers,” the 2022 report noted.
That year, the bank issued $25 million in auto loans to 707 ITIN borrowers, a figure that reflects its dedication to serving illegal aliens. By 2023, the bank deepened its efforts, with approximately 10% of its 16,000 active auto loans issued to customers using ITINs.
“Because many financial institutions require social security numbers, people without them, such as recent immigrants to the United States, can face barriers to qualifying for the loan they need to purchase a car,” the 2023 impact report explained.
“The bank lends to customers with Individual Taxpayer Identification Numbers, providing critical access to credit and expanding financial inclusion.”
The program’s roots trace back to a subsidiary of Beneficial State Bank, which initially targeted illegal immigrants through furniture loans in partnership with retail stores, according to the Global Alliance for Banking on Values.
The bank has since expanded its offerings to include loans for holders of California AB 60 driver’s licenses, designed for individuals unable to prove legal residency. “People without a social security number can access credit,” the bank emphasized, highlighting its role in opening doors to financial services.
Beneficial State Bank isn’t alone in this space. Other institutions, like Prysma Lending, have also embraced ITIN loans, disbursing over a billion dollars, per a Daily Wire investigation.
Prysma has gone further, hosting a talk with an immigration lawyer and creating guides for undocumented clients, advising them on navigating federal law enforcement encounters. The guide explains how to request a “credible fear” interview to stop deportation, noting that “the interview process can slow deportation proceedings, giving you time to build a legal defense.”
WATCH:
WATCH: A mortgage lending company admitted that its loans are targeted at illegal aliens — and even created a guide for illegals on avoiding deportation.
— Spencer Lindquist 🇺🇸 (@SpencerLndqst) May 28, 2025
While Americans struggle to buy homes, Prysma Lending is selling out our country to illegal aliens one home at a time.🧵 pic.twitter.com/E9n1bql7bi
This lending model has also fueled developments like Colony Ridge in Texas, which has drawn scrutiny for attracting thousands of illegal immigrants, including some linked to serious criminal activity, as reported by The Daily Wire.
Leaked emails from a former Texas land development lobbyist revealed the industry’s reliance on illegal aliens, with one developer admitting in an email that was gathered by The Daily Wire, “we will not be able to sell our developments if each of our buyers have to have [social security numbers].”
Beneficial State Bank’s efforts, alongside those of other lenders, signal a growing trend in the financial sector: catering to undocumented immigrants through seedy lending practices.
Stay tuned to The Federalist Wire.
