We founded Stilt to provide non-US citizens with low interest loans. A lot of people cannot get a loan in the U.S. because they don’t have a credit score. They have to pay high interest rates if they want money for things like rental deposits, tuition, downpayment for a car etc. Our mission is to end this hassle.
Based on our experience, we know how difficult it is to get a loan from a bank that solely looks at your credit score and credit history, but not at you as an individual. We, at Stilt, acknowledge your potential and provide you that loan. For individuals without credit score or limited credit history, loan approval process is long and hectic and comes with huge interest rates. Stilt helps reduce this burden on individuals by providing them a loan at lower interest rates.
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 we look at in an application:
1. Current Employment or Employability: If you are currently employed full time or have a job offer that you’ve accepted, it is a strong positive for your application. It shows that you have the ability to pay a loan. If you don’t have a current job offer, we look for clear signs of employability in the near future. The higher your chances of employability, the lower your risk.
2. Education/Work Experience: A good education and work experience increase your chances of employability (including GPA). We look at your educational and professional background in detail using our data models.
3. Financial Behavior: This is the second most important aspect we look at. If your spending and saving behavior has been good without any hiccups, it is considered positive for your application. We are trying to understand how you manage your expenses month to month. This is both for debit and credit accounts.
4. Derogatory Fees: We are looking for responsible payment patterns in the past. You should not be consistently charged overdraft fees, insufficient funds fees, or other types of derogatory fees. If you slip or forget a couple of times, we take that into account.
5. Defaults/Collections/Bankruptcies: These are extremely important factors of credit risk. If you have previous accounts in default or collections, they can have a significant negative impact on your overall application. We understand that there could be smaller issues with retail cards like Macy’s, JC Penney, and others. Defaults on these acceptable depending on the circumstances and may not impact your chances of getting a loan significantly.
6. Visa Status: As a foreign national, it is important to maintain a legal visa status for the term of the loan. We offer loans to F-1, OPT, H-1B, O-1, L-1, G, TN visa holders. We also consider situations like OPT STEM extension and H-1B renewal.
7. Information Accuracy: We verify all the information you add during the application process. We cross check details in one document with the same information in other documents. It is important that all the details are consistent as this helps us reduce fraud and further lower interest rates for the borrowers.
8. Credit Check/Credit Score (only for applicants with SSN): We do a hard credit pull for every applicant (even if you haven’t had any credit or don’t have an SSN). This is a standard in the industry and required by credit bureaus. Also, we need to make sure your credit history is sound (however limited it may be). There are no minimum credit score requirement.
Loan Amount $1,000 – $25,000
Starting from 7.99% APR
Up to 2 years term
770 Van Ness Ave #104
San Francisco, CA 94102
Toll free: +1 855-557-8458