Stilt Provides Personal Loans to Diverse Population


Stilt is a private loan-offering entity that provides its services to expatriates. The initial goal for the company’s formation was to help international students pay their education fees. However, they are now lending for several services, such as building credit. Unlike most lenders who give credit in terms of borrowers’ risk by evaluating their credit history, Stilt does not consider loan payment history for immigrants. The credit history of all immigrants is virtually wiped clean once the borrower moves to the U.S. Stilt deploys the use of technology-based tools to gain a better on the risk that the borrower poses to the lender. The technology puts more weight on the borrowers’ educational background, work experience, future endeavors, income levels, and other factors. Stilt does not require any collateral or co-signer, and one doesn’t need to have a social security number or credit score to access loans. This article provides more information about Stilt Loan Company and how they assist the underserved population in the U.S.


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Low-Interest Rates

The maximum and minimum interest rates are determined by one’s profile and are not transparent to clients. The company proposes that the best rates depend on the evaluation results of your education status, employment status, and visa applications. They also check other financial factors or other collection accounts that borrowers may have. It is important to note that the company does not publish its wide range of interest rates. It makes it unclear how high one’s rate could go with a poor credit score. Remember, the lending company also charges an undisclosed origination fee. One can only establish the amount after receiving the loan.

Smooth Approval Process

When one applies for a Stilt loan, the lending company promises to update the loan application within 24 hours. After approval, the money is disbursed to one’s bank account within two to three days. To apply for the loan, one requires having:

  • A U.S based bank account registered under the borrower’s name
  • A U.S based personal phone number
  • A valid U.S address in a state where the lending company operates legally
  • A legal and valid visa for at least six months

The borrowers will need to provide documents such as:

  • Passports 
  • Visa type
  • References
  • Resume

Stilt Company reviews some vital information to help in the smooth approval process. Stilt Company reviews the borrower’s educational background and checks the overall GPA and coursework. Using the advanced data models, the company can determine the strength of the application based on the education details provided by the borrower. It also looks at employment details where one’s current employment and future employability since it determines the ability to pay the loan in the future. If the applicant has a strong job offer or history, the company views the borrower as a low-risk applicant and is likely to approve the loan quickly. In addition, it checks one’s financial behavior by reviewing the bank account’s information. This information helps to determine saving and spending habits. 

 No Prepayment Penalty