No green card? No problem. You could still qualify for a personal loan.
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| Product Name | Stilt personal loans |
|---|---|
| Min Loan Amount | $1,000 |
| Max. Loan Amount | $25,000 |
| APR | 7.99%–15.99% |
| Maximum Loan Term | 2 years |
- Be employed
- Have a US bank account
- Live in a state where Stilt operates
- Hold one of the following visas: F-1 and OPT, H-1B, O-1, L-1, TN, J-1, or DACA
What makes Stilt personal loans unique?
Stilt personal loans are designed with nonresident workers and new immigrants in mind. You don’t need a green card or a Social Security number to apply, and it relies on aspects of your personal financial history other than your credit rating when underwriting your loan. Rates are also relatively low, capped at 15.99% — as compared to other lenders who offer loans with APRs as high as 36%.
What does Stilt offer?
Stilt, a San Francisco-based fintech company, provides unsecured loans and other services to nonresidents legally working in 11 US states. It offers:
- Personal loans. Unsecured term loans can be used for just about any legitimate purpose. Many borrowers use them to refinance loans from other countries so they don’t have to worry about transferring money abroad or converting currency.
- 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 that 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 helps 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.
What are the benefits of getting a personal loan from Stilt?
- No green card necessary. You don’t need to be a US citizen or permanent resident to qualify for a personal loan with Stilt.
- No credit score required. Since you probably don’t have a US credit score as a nonresident, Stilt looks at other aspects of your financial history and behavior when determining your loan amount, rate and term.
- No prepayment fees. You can save on interest by paying off your loan early.
- Excellent customer service. You can reach a Stilt representative who’s willing to walk you through its products by phone, live chat or email.
What to look out for
- Limited availability. You can only get a Stilt loan if you live in one of 11 states it serves.
- No cosigner option. You can’t get lower rates (or improve your chances of approval) by having a friend or relative with a stronger financial history cosign your loan.
- Complicated website. While Stilt has an extensive FAQ section, not all of its information is up-to-date and comprehensive.
- Young company. Stilt has only been up and running for about two years, so it doesn’t have much of a track record.
Compare more loan options for nonresidents
What does the Internet say about Stilt personal loans?
Not much, but what’s there is good. The Better Business Bureau (BBB) gives it an A rating, though it’s not BBB-accredited. The BBB mentions that the length of time it’s been in business is the main factor that negatively affected its rating.
It has no reviews or customer complaints on the BBB website. It also has no reviews on its Trustpilot page. It gets five stars on Yelp, based on five positive reviews. Reviewers highlighted Stilt’s low rates, quick funding — in just two to three days — and easy application.
Am I eligible?
To be eligible for a Stilt personal loan, you must:
- Be employed
- Have a US bank account
- Live in one of the following states: AZ, CA, FL, GA, IL, MI, NY, NJ, PE, TX, or UT
- 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.
- 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 documents do I need?
All non-US citizens or permanent residents must be prepared to provide:
- Passport copies
- Visa copies
- I-20 documents (for students)
You may also be asked to provide recent bank statements and other documentation, depending on your application. If you don’t have much of a US credit history, Stilt might ask to connect to your bank account so it can access information about your past transactions. This gives 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.
How does Stilt evaluate applications if it doesn’t check credit?
Since having a credit score is not a requirement — you need a Social Security number for that — Stilt might consider the following when determining your rates:- Education and work experience. Stilt looks at your work history, levels of education and sometimes even your GPA.
- 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.
How do I apply?
- Go to Stilt’s website and fill out the required fields before clicking Join Our Waitlist.
- If you meet Stilt’s basic eligibility requirements, a representative contacts you to invite you to apply and asks for documentation.
- Once you submit your application, Stilt does a soft credit pull (if you have a Social Security number) or goes over your finances and gets in touch for a quick verification call to make sure your information is correct.
- 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.
- Your funds are disbursed to your bank account.
I got the Stilt personal loan. Now what?
It’s time to start repaying your loan. You have several repayment options, including check, bank transfer or paying online. It doesn’t have an autopay option, but once you set up your bank account for online payment, making repayments online are relatively painless. You can even set it up for Stilt to withdraw payments on 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 by calling 855-557-8458 or 628-400-7726, using the live chat feature on its website or by emailing team@stilt.co.
Bottom line
Stilt personal loans is one of the few options that nonresidents in the US have, and it’s great for paying for relocation if you just got a job or are managing your personal loans back home. Its interest rates are competitive, even compared to standard personal loans, and you can typically get your funds within a few days. Not sure if it’s for you? Read about your borrowing options as a nonresident or check out our personal loans comparison page.
Working visa…C1 D…working cruise ship..can we avail loan?
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. We have a guide that helps you know more about how to get a loan as a nonresident in the United States. On that page, you will see a table that allows you to conveniently compare your options. Once you find the right one for you, click on the “Go to site” green button to learn more or initiate your application.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Why do they ask for username and password for bank account? and ask for a verification code too.
Hi Sara,
Thanks for your comment! Stilt might ask you for information that allows it connect to your bank account if you’re not a US citizen and have 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