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This Lender Offers Personal Loans To Immigrants And The Underserved

Stilt is a lender that prides itself in providing loans for immigrants and the underserved. If you fall into one of those categories, see if Stilt is the right fit for you.

Getting a personal loan can be tricky if you don’t have a Social Security number or green card, lack credit history, and are new to the U.S. Luckily, at least one lender may be willing to work with you: Stilt.

Stilt Personal Loans For Immigrants And The Underserved

A quick trip to the Stilt home page reveals what this lender is all about, as it proudly displays “Loans for immigrants and underserved” in large font. With a Stilt personal loan, you can borrow $1,000 to $35,000, with APRs starting at 7.99 percent with a maximum that depends on the state you live in.

While $35,000 may be a large amount to borrow, Stilt gives you loan terms of 12, 18, 24, and 36 months to pay it off with fixed monthly payments. And even though you may lack credit history since you’re new to the country, paying off your Stilt personal loan can build your credit over time.

If you want to see what type of monthly payment you could be looking at, Stilt offers an easy-to-use loan calculator. Simply select your desired loan amount, term, and interest rate, and you can uncover your probable monthly payment and how much interest you’ll pay over the life of the loan.

Who are Stilt’s personal loans ideal for? In a broad sense, immigrants and the underserved, but more specifically:

  • Someone who does not have a Social Security number.
  • People who hold the following visa types: F-1, G-1, H-1B, J-1, L-1, O-1, TN (B1/B2 and other visa types are not eligible).
  • DACA recipients.
  • Refugees.
  • Asylum seekers.

To be eligible for a Stilt personal loan, you must be physically located in the United States and have a U.S.-based bank account in your name. A U.S.-based personal phone number is another requirement, and you must also live in one of the following states where Stilt does business:

  • Arizona
  • California
  • Florida
  • Georgia
  • Illinois
  • Michigan
  • New Jersey
  • New York
  • North Carolina
  • Ohio
  • Pennsylvania
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin

Lastly, your visa must be legal and valid for at least six months.

Will fulfilling the above requirements guarantee a loan from Stilt? No, as the lender will also look at the following when making a lending decision:

  • Current employment
  • Employability in the near future, if you’re not currently working
  • Education (including GPA)
  • Work experience
  • Financial behavior (how you spend via credit and debit accounts)
  • Previous collections, bankruptcies, or defaults

And while a credit score doesn’t apply to your situation if you’re new to the U.S., Stilt does a soft pull as standard procedure.

The Pros And Cons Of Immigrant Loans From Stilt

Is Stilt the right fit for your personal loan needs? Use these pros and cons to decide:

Pros:

  • Helps certain visa holders.
  • You don’t need an SSN.
  • Interest rates are competitive.
  • Looks beyond just credit scores.
  • Prequalification to see what type of loan you can get.
  • Builds your credit as you repay the loan.

Cons:

  • No co-signers are allowed.
  • The application process can take longer than one day, which is slower than some typical personal loans.

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