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.
Read Stilt Review
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:
- Visa type
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
Stilt Company offers borrowers a chance to prepay their loans. The company does not provide penalties for prepaid loans. Early payment of loans also helps secure the best future interest rates. The only cost borrowers incur the interest earned during the loan period. Remember, Stilt reports payment history to various credit bureaus, which helps U.S immigrants build a positive payment history that will help them secure future loan requests.
No Hidden Fees
Most companies that offer loans charge prepayment penalties to their clients, which is not the case with Stilt. The only fee charged by Stilt is the origination fee which is determined by the loan approved and the state. The origination fee has no limit. Stilt charges late and insufficient payment, but one cannot determine the amount. One can only determine the interest rates after approval of the loan.
Loan Approval without Co-signer or Collateral
Banks and other lenders require borrowers to have a co-signer or collateral as security to their loans. Most immigrants to the U.S may not have a co-signer or collateral when applying for the loan. Stilt does not require any of these items during application. The company uses other factors such as future potential, financial behavior, and merit to determine the loan approval process.
Stilt loan company uses different criteria to provide loans to clients. Instead of looking at one’s individual credit score it uses other parameters such as education background, work experience and future endeavors. The company’s main aim is to help all U.S citizens and immigrants who are unable to access loans from other lending companies due to poor credit scoresRead Stilt Review