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Stilt Personal Loans Review

Andrew Omalley Andrew Omalley Last update:
Est. APR
7.99-35.99%
Max loan
$35,000
Term
6-24

Overview

Stilt is a San Francisco-based company that provides any person in the United States that has a bank account with the ability to get a loan at a competitive rate. No Social Security number or co-signer is needed, meaning that it has a very low barrier to entry. This review will explore the Stilt offering in further detail so you can see if it fits your needs or not.

 

Data Chart 

Loan Types Personal Loans, Student Loans
Loan Amount $1,000-$35,000
Repayment Terms 6-24 months
APR 7.99%-35.99%
Lender Type Direct Lender
Good For: People who struggle to get loans elsewhere

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Good for:

People who have no Social Security number or have no co-signer for a loan that they otherwise are struggling to get.

 

Strengths & Needs Improvement (Pros & Cons)

Pros

  • Provides loans to people with no Social Security number
  • No need for a co-signer
  • Only a soft credit check
  • Applications often approved within 24 hours

 

Cons

  • Relatively high APR
  • Max loan length is 24 months
  • No variety of loans
  • Not available in all states

 

Application Process

Stilt has a streamlined application process that allows people to get approval for a loan as quickly as possible. You will need to first submit an application with all of the usual info. Stilt will confirm that it has received the application and will sometimes contact you if they need to get some further types of information.

Some of the key areas that Stilt will look at include your current employment status/employability, education, financial behavior, any information regarding defaults, bankruptcies, or collections, as well as your credit score. Sometimes Stilt will decide to conduct a soft credit check.

Once Stilt has reviewed the application, it will then send a promissory note to you if your application was approved. This needs to be signed by you, with the transfer of funds usually taking 2-3 business days.

Once you have received the loan, you will be able to start scheduling your repayment through your Stilt account. Autopay is easily set up and you also have the option to pay off the loaned sum before it is due without facing any sort of prepayment penalty.

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Terms & Requirements

If you are trying to compare the offering of various lenders, then it is important that you look at the different key aspects of the loan process. Here is an overview of what you can expect if you get a loan from Stilt:

 

Loan Requirements

You will not need a green card or a Social Security number in order to obtain a loan through Stilt. However, you do need to have a certain type of visa or be covered by Deferred Action for Childhood Arrivals (DACA).

There is a 630 minimum credit score requirement to get a loan from Stilt. It considers a range of factors, including credit score, employment status, education, and collections to come to a decision. Finally, no co-signers are necessary for Stilt loans.

 

Loan Terms

The APR rates for Stilt also will start from 7.99%, with the exact rate depending on what state you are living in and your creditworthiness. APR can rise all of the ways up to 35.99% for personal loans. While these might seem like high rates when compared to a lot of the leading lenders, Stilt works mainly with a lot of people who will often struggle to get loans elsewhere due to their lack of a Social Security number in many cases.

There are some states that have minimum loan sizes. For example, the minimum loan size in Massachusetts is $6,001, with this rising to $10,001 in California. Generally, the loan sizes range between $1,000 and $35,000.

 

Repayment Terms

The max loan term you will get with Stilt is 24 months, with terms usually starting from six months upwards. You will not face any fees for paying off your loaned sum early, which is ideal. Many lenders will have longer loan terms available, but they will also charge early repayment fees. The origination fee will often be non-existent, but it can sometimes rise to 5%, while the late fee will be 4%-5% of the monthly payment.

 

Privacy & Security

Stilt has only been in the sector for a few years, so it is still focusing on expanding its operations. It generally has positive reviews for meeting its promises to quickly review applications and to provide personal loans to people who might struggle to get them elsewhere.

Stilt currently caters to people in 16 states and has to comply with the relevant regulatory bodies in each respective jurisdiction. To protect the personal information of its users, it utilizes industry-leading SHA-256 SSL technology.

 

Customer Support

The Stilt team can be quickly contacted through the live chat feature or by sending them an email. For more direct contact, you can ring the team by phone between 8am and 6pm, Monday to Friday. You can always access the details of your loan and its current status by logging into your Stilt account. Stilt also offers personal banking services that can be managed online and have zero fees.

 

Final Thoughts

Stilt is going to be a good fit for those people who are looking to get a personal loan but they might have certain factors that do not make them desirable to many of the other lenders in the market.

Stilt often provides loans to international students coming to America, as well as the immigrants who might not yet have a Social Security number. The rates are high, but they might be your best option if you are struggling to get a loan from somewhere else.

 

Address

404 Bryant St, South Beach, San Francisco, CA

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Stilt loans are originated by Stilt Inc., NMLS#1641523. Terms and conditions apply. To qualify for a Stilt loan you must reside in an eligible state and meet Stilt’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have excellent credit, a responsible financial history and meet other conditions Stilt requires. Rates and terms are subject to change at anytime without notice and are subject to state restrictions. Not all amounts and rates are available in all states. To check rates and terms Stilt may be able offer you a soft credit inquiry that will be made. This soft inquiry will not affect your credit score. However, if you choose to accept a Stilt loan offer, a hard inquiry from one or more of the consumer reporting agencies will be required. A hard inquiry may affect your credit score. There will be an origination fee charged for the loans for up to 8% of the loan amount. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, repayment ability, income and other factors. All applications are subject to additional terms and conditions. If you could receive a $10,000 loan with a term of 18 months with an APR of 13.00%, the monthly payment will be $614.48. No down payment is required. The minimum loan amount is $6,001 in MA, $3,001 in GA and $10,001 in CA.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Andrew Omalley Andrew Omalley
Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.
This review is based on the writer's personal opinion.