About lender
Stilt personal loans offer transparent and reasonable means for international students, visa holders, DACA recipients, and refugee and asylum seekers to achieve their financial goals for various financial requirements. Stilt also provides student loan refinancing to F-1 visa students and student loans to F-1 and OPT visa students who work part-time.
People living and working abroad can get a private personal loan from Stilt. The company helped international students pay for their education. They now lend for a variety of purposes to build credit. Stilt is an online lender that gives loans to immigrants and other groups that don't get enough help. It is one company that provides loan options for people with bad or limited credit scores. You may have better loan terms if you have a good credit score.
Pros and cons
Pros
No collateral or cosigner is required to be approved in Stilt loans;
You can still get a personal loan even if you don't have a Social Security number or credit score;
Stilt personal loans can help persons with a bad credit score;
There are no prepayment fees;
Serves a variety of visas, including F-1, OPT, H 1B, TN, and DACA.
Cons
Processing an application could take up to 24 hours or more;
Not clear about the full range of rates of interest;
Students who take out private student loans to pay for school don't get the same benefits as those who take out federal student loans;
Limited availability;
Only 36 months at the most.
Terms and conditions
Stilt personal loan amount range from $1,000 to $35,000. Loan terms can be as long as 36 months. No prepayment penalties are required, so you can pay off your loan early without paying hidden fees and save on interest. If you want to work for Stilt, you don't need a Social Security number or a green card. People with DACA and the following types of visas can apply for a loan: CPT, OPT, H-1B, O-1, TN, J-1, and L-1.
Stilt doesn't list all its interest rates, so the interest rates are not precise if you don't have good credit. The lender also charges an origination fee. Getting the best rates depends on your current employment, education, and visa status.
But if you accept a Stilt loan offer, one or more consumer reporting agencies will have to make a hard inquiry. Your credit score could go down after a hard inquiry. If you could borrow $10,000 for 18 months at an APR of 13%, your monthly payment would be $614.48. There is no need for a down payment. In Georgia, the minimum loan amount is $3,001. In California, the minimum loan amount is $2,600. And in Massachusetts, the minimum loan amount is $6,001.
Funding a loan
Stilt transmits payment history to most major credit bureaus. Thus, it may help you develop favorable credit scores in the United States if you make payments on time and in full. On request, credit reporting agencies keep separate credit records on each individual. During the application process, Stilt personal loans need you to connect to your bank account so that it can check your future income.
The Stilt loan approval takes up to 24 hours. If you get approved, the money should be in your bank account in two to three days. Stilt only offers personal loans in 16 states: Arizona, California, Florida, Georgia, Illinois, Texas, Utah, Washington, Wisconsin, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania, and Virginia. If you are not a US citizen but studying in the US, Stilt will only lend you up to $5,000.
