We all know how hard it is to get assorted with all the new surroundings when we move to a new place to study and pursue a career. Sorting the financial issues, getting settled, and doing all the essential on your own is quite a daunting task.
A former international student in the United States started an initiative of opening a new bank in the United States, which is solely meant for financially helping international students coming there to study.
When you move to a new country taking a loan, creating a new bank account, ask for getting credit cards, and debit cards are going to be extremely hard. If you are a student, there dealing with all of these issues is going to be a huge headache for you.
This is exactly what Tahem Veer Verma, the founder of North Loop, the new bank for international students felt when he was studying an MBA at Cornell in the year 2017.
He faced a lot of hassle while he shifted to the United States and went for opening a new bank account form a bank there. He faced an equal amount of complications when he planned to request for getting a credit card.
The problems he faced there as an international student forced him to come up with a plan as a cure for all these miseries. He finally took the initiative of opening North Loop, which was launched this year.
The difference between North Loop and any other bank is that the students or any other person do not require a US social security number to open a bank account.
Also, North Loop enables students to request for debit cards even before they have permanently moved to the United States. On arriving at the destination, they will get access to their debit cards.
Approximately 20,000 by this year students have requested to open their accounts in North Loop only via verbal recommendations. North Loop provides easy loan requesting procedures for students which make their experience in the country a lot easier than what it was for Verma.
In the United States students living in small towns will not get access to national banks. So, they have to travel to other cities to just apply for a bank account there.
The whole process is extremely time-consuming, and an international student is definitely a new individual in the country, and he or she is not expected to know every corner of where they are living.
Traveling and knowing about where the banks are is a lot complicated for a student alone. Standing in the queue, going through the bank requirements, checking if they stick to the eligibility criteria is going to waste a lot of their time.
In these conditions, North Loop is nothing less than a savior to the students. Verma himself faced these issues while he was studying.
Verma plans to work with educational institutions and agencies all around the country and overseas to reach out to students who plan to come to the United States to pursue a career there.