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J.G. Wentworth (formerly Stilt) personal loans review

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Stilt personal loans
4.0
★★★★★
Finder score
Max. Loan Amount
$35,000
APR
7.99% to 15.99%
Min. credit score
Not required

Summary

This lender that specializes in loans for nonresidents is on hiatus until mid-2023.

Bottom line: Stilt was one of the only lenders that offered loans to nonresidents and recent immigrants — with relatively low rates and terms to boot. But after financial services company J.G. Wentworth acquired the lender, Stilt's lending program is on hold. Compare other options if you need financing in the meantime.

Pros

  • Excellent customer service
  • No credit score required
  • No prepayment fees

In this guide

  • Review
  • Details
    • Product details
    • Contact info
  • Your reviews
  • Ask a question

Details

Product details

Min. Loan Amount $1,000
Loan Amount $35,000
APR 7.99% to 15.99%
Interest Rate Type Fixed
Min. credit score Not required
Loan term 6 months to 3 years
Turnaround Time 2 to 3 business days

Contact info

Phone number 415-630-2323
Email team@stilt.com
Twitter @Stilt_Inc
Facebook @YourStilt

J.G. Wentworth acquired Stilt and paused its lending program

Stilt is a fintech company that offered personal loans that weren’t limited to US citizens — you didn’t need a green card or Social Security Number to be considered for a personal loan.

J.G. Wentworth, a financial services company that offers debt relief services, recently acquired Stilt. J.G. Wentworth has plans to use Stilt’s technology to start originating loans in the first half of 2023.

The CEO of J.G. Wentworth states, “The Stilt platform will provide industry-leading digital capabilities to J.G. Wentworth’s customers with a user-friendly experience and rapid underwriting decisions,” according to PR Newswire.

However, it’s not clear right now if Stilt will continue to offer loans to nonresidents. It’s a possibility given that J.G. states they will utilize Stilt’s tech and underwriting process which involved reviewing and underwriting loan applications without relying on traditional credit history.

What Stilt used to offer

Stilt offered personal loans with APRs that ranged from 7.99% to 15.99% — a relatively low maximum compared to some alternative lenders that don’t require US citizenship or permanent residence. It also didn’t charge an origination fee, while many other online lenders do.

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How pricing worked

Stilt didn’t only consider your income and credit score. It also considered your education, employment and financial behavior on the whole.

If you have a full-time job or the offer of one, it will work in your favor when it comes to getting a good rate. How you spend your money — specifically if you show responsibility from month to month — will also help.

While it still used a soft credit check, it will have much less of an impact compared to whether you have an education, job or job offer and how you manage your money.

What did I need to qualify?

To be eligible for a Stilt personal loan, you needed to meet the following criteria:

  • Physically be in the US
  • Have a US phone number
  • US bank account holder
  • Live in an eligible state and have a physical address — not a PO Box
  • Hold one of the following visas:
    • F-1 and OPT: Student visa for full-time students that are allowed to temporarily work in the US.
    • H-1B: Specialty worker visa.
    • H-4: Visa for family members of an H-1B Visa holder
    • O-1: Individuals with extraordinary ability or achievement work visa.
    • L-1: Intracompany transferee work visa.
    • TN: NAFTA professional visa.
    • J-1: Exchange visitor visa for work- or study-exchange program participants.
    • DACA: Visa for undocumented immigrants who entered the country as a minor.

What states did Stilt lend in?

Stilt personal loans were not available in the following states:

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

Pros and cons

Before you apply with Stilt consider all of what it has to offer — and what it might be missing for you.

Pros

  • No green card necessary
  • No credit score required
  • Excellent customer service

Cons

  • Limited availability
  • Can’t apply with a cosigner
  • Maximum term of just 36 months

Compare personal loans from top online lenders

Compare Stilt against other personal loan providers by entering your credit score and state. These lenders have different requirements — including residency requirements — so be sure to check that you meet them before applying.

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Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
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8.99% to 35.99%
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$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Credible personal loans
Finder Score: 4.3 / 5: ★★★★★
Credible personal loans
4.60% to 35.99%
Fair to excellent credit
$600 to $100,000
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Freedom Debt Relief
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Freedom Debt Relief
N/A
N/A
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Freedom Debt Relief works to help people with unmanageable, unsecured debt get back on their feet.
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Stilt reviews and complaints

BBB accredited No
BBB rating A+
BBB customer reviews 1 out of 5 stars, based on 1 customer reviews
Trustpilot Score 4.7 out of 5 stars, based on 102 customer reviews
Customer reviews verified as of 19 October 2020

For the most part, customers seem happy with Stilt’s low rates, quick funding — in just two to three days — and easy application. Others highlight Stilt’s helpful customer service representatives and transparent terms.

How do I apply?

Stilt isn’t issuing loans right now, but in the past, it offered an online application that went like this:

  1. Click Check my rate on this page or go to Stilt’s website and fill out the required fields before clicking Get started.
  2. If you meet Stilt’s basic eligibility requirements, a representative will contact you and invite you to apply.
  3. Once you submit your application, Stilt does a soft credit pull if you have a Social Security number and goes over your finances, then gets in touch for a quick verification call to make sure your information is correct.
  4. If you’re approved, Stilt will send you an offer. Carefully read your loan terms and conditions before signing. Stilt will then do a hard credit inquiry, which may affect your credit score.
  5. Your funds will be disbursed to your bank account.

What documents did I need to apply?

All non-US citizens or permanent residents needed to provide:

  • Copy of your passport
  • Copy of your visa
  • I-20 documents — if you’re a student

What happens after I apply?

After you submited your application, a Stilit loan specialist would have responded within 24 hours with the next steps. You might have been asked to provide recent bank statements and other documentation, depending on your application.

Stilt sometimes asked to connect to your bank account so it could access information about your past transactions. This gave its underwriting team another way to evaluate your past financial habits and could help you qualify for a larger loan amount or more competitive rates.

If approved, you should have received your funds in your bank account two to three business days after signing your loan documents.

How did Stilt evaluate applications if it doesn’t check credit?

Since having a credit score wasn’t a requirement — you need a Social Security number for that — Stilt might have considered the following when determining your rates:

  • Education and work experience. Stilt looks at your work history, level of education and your GPA if you’re still in school.
  • Financial behavior. Similar to a credit check, Stilt looks at your debit and credit accounts to see how you handle your personal finances.
  • Derogatory fees. If you have any late fees, overdraft or nonsufficient funds fees regularly taken out of any of your bank accounts, it could hurt your application.
  • Defaults, collections or bankruptcies. If you’ve defaulted on a large debt, it could have a negative effect on your application.
  • Accuracy of application. Make sure to reread your application a few times before submitting it. It could hurt you if its underwriters find inaccuracies.

Stilt’s personal loans came with monthly repayments with terms up to three years. You have a few ways to make repayments, including by check, bank transfer or online.

How do repayments work with Stilt?

Stilt doesn’t have an autopay option, but once you set up your bank account for online payment, making additional payments is relatively painless. You can even set up payments for a future date.

Since Stilt doesn’t have any prepayment penalties, try repaying your loan as quickly as possible to save on interest. If you notice anything wrong with your account or have any questions, contact customer service as soon as possible.

What other types of loans did Stilt offer?

Stilt, a San Francisco-based fintech company, provided a variety of unsecured loans and other services to nonresidents legally working in 16 US states:

  • Student loan refinancing. Students on an F-1 visa about to graduate with a job offer can apply to refinance their student loans, even if they originated in another country.
  • Student loans. Stilt offers private loans to students on F-1 and OPT visas who are working part-time, though it isn’t advertised on its website yet. The customer service representative we spoke with told us Stilt was still working out some of its features.
  • Credit-building tool. This free service isn’t a loan, but it can help you build credit. Just sign up, register some of your monthly bills with Stilt and provide your bank account information. Stilt takes care of paying your bills by withdrawing the money from your account and reporting the payment to credit bureaus.

Explore other borrowing options as a nonresident and compare your options.

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Anna Finder

Editor

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Jsy

July 16, 2018

If if I get rejected with stilt when can u reapply?


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joelmarcelo

July 16, 2018

Hi Jsy,


Thanks for leaving a question on Finder.


If you get rejected by Stilt, you’re going to know why — the company sends you a letter detailing why it denied you a loan. You can still reapply after a while but make sure you have resolved the reasons you were rejected before getting approved. You can always compare from our list of personal loan providers so you can weigh your options.


Cheers,

Joel


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Nathan

April 01, 2018

Working visa…C1 D…working cruise ship..can we avail loan?


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Joshua Finder

April 01, 2018

Hi Nathan,


Thanks for getting in touch with finder.


If you wish to apply for a loan, you may do so even if you are on a working visa. You may want to read our loans for nonresidents in the US. Click that link and it should redirect you to a page where you can compare your loan options. Once you find the right one for you, click on the “Go to site” button to learn more or initiate your application.


I hope this helps. Should you have further questions, please don’t hesitate to reach out again.


Have a wonderful day!


Cheers,

Joshua


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Sara

March 20, 2018

Why do they ask for username and password for bank account? and ask for a verification code too.


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Anna Serio Finder

March 20, 2018

Hi Sara,


Thanks for your comment! Stilt might ask you for information that allows it to connect to your bank account if you’re not a US citizen and have a limited credit history. It uses this information to access read-only bank statements to get a better idea of your financial behavior. Allowing it to connect with your bank could potentially help you qualify for a larger loan and more competitive rates if you don’t have a strong credit history.


This shouldn’t involve sharing your username and password, however, and it doesn’t give Stilt permission to withdraw funds from your account or make any other changes.


If you think you’ve been asked for your login credentials, reach out to Stilt’s customer service line for clarification. If you’re still not comfortable with sharing the information Stilt requires, you might want to check out our personal loans guide for general information on loans, or our nonresidents loan guide for information on getting a loan without a green card.


Thanks,


Anna


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