Stilt Personal Loans Review

Interest rates: Stilt loans come with a fixed APR starting at 7.99% for highly qualified applicants and ranging up to 29.99%.

Cost: Stilt charges an origination fee as well as a late payment and insufficient funds penalty. Their origination fees range between 0% and 5%, while late payment fees can be between $0 and $25, or 5% of the monthly payment, whichever is higher. The penalty for insufficient funds ranges between $10 and $35.  

The fees are primarily dependent on the borrower’s state of residence and any past financial history, and will be disclosed in the loan offer.

Rates, Fees: Stilt offers fixed annual percentage rates starting at 7.99% with a maximum of 29.99%. While there are no prepayment fees, this lender has origination fees ranging between 0% and 5%, and late fees up to $25 or 5% of the overdue monthly payment. These rates are determined by the borrower’s qualifications including any prior credit history, annual income and state of residence.

Types of Loans Stilt Offers: Stilt offers personal loans ranging between $1,000 and $25,000. Qualified borrowers can also apply for new student loans, student loan refinancing and loans for last-semester tuition fees through this lender.

Loan example:  A borrower with no credit but positive financial history who takes out $10,000 with 14% APR and a 12-month repayment term will have monthly payments of $897.87.

How to Qualify for Stilt: If you’re considering applying for a Stilt loan, there are a few things you’ll need to have to ensure that you qualify. Although you don’t need any prior credit history or a social security number, you will need a U.S. bank account, as well as a valid U.S. telephone number. You’ll also need some verifiable income and an F-1, OPT, O-1, H-1B, L-1, DACA or TN visa that is valid for at least six months.

Additionally, although permanent residency is not required to qualify for a Stilt loan, you’ll need to have an address in one of the 14 states that this lender works with, including Arizona, Illinois, Florida, Texas, Pennsylvania, California, Michigan, Washington, Georgia, New York, New Jersey, Virginia, Wisconsin or Utah.  

Because Stilt allows borrowers to apply without any credit history, it determines your loan offer based on your level of education and work experience, any derogatory fees in your bank account, defaults, collections or bankruptcies, financial behavior and the overall accuracy of your application.

Is Stilt Legit and Safe?

With just two and a half years in business, Stilt is still a relatively young company. This lender is not accredited by the Better Business Bureau (BBB), but has been given an A+ rating by them. Stilt also has very good reviews, with a 9.1/10 star rating on Trustpilot.com.

Stilt Pros and Cons

Pros:

• No credit score required
• No minimum income requirement
• No green card or social security number required
• Quick funding time, with loans disbursed within three business days
• No co-signer required

Cons:

• Limited personal loan amounts, with a maximum of just $25,000
• Young company without an established track record
• Only available in 14 states
• Short repayment terms, with a maximum of two years

Stilt Approval Process

Potential borrowers should start by submitting an informational form on Stilt’s website. If you fulfill their minimum eligibility requirements, a representative will call you and invite you to submit an application. The lender will initially do a soft credit pull which won’t affect your credit score. Stilt considers several other factors including the applicant’s education and work experience, financial behavior, the accuracy of the application and any derogatory fees in your bank account.

Stilt won’t do a hard credit check until you choose to accept one of their loan offers.

Personal Loans Like Stilt

Even if you are limited in your options due to residency or immigration status, it’s still helpful to apply to multiple lenders in order to find the best rates. Companies like LendingClub, Boro, SoFi and Earnest also offer loans to recent immigrants who do not yet have permanent residency in the United States.

Conclusion

Stilt is one of the few borrowing options that refugees, asylum seekers and immigrants have until they establish permanent residency and extensive credit history. While Stilt’s loans offer relatively standard annual percentage rates, their maximum repayment term of 24 months can present challenges to borrowers who are not financially equipped to make large monthly payments over a short period of time.

Additionally, $25,000 might not be enough money to cover major expenses or out-of-state tuition payments, so a Stilt loan might be right for you if you have smaller moving-related expenses or a tuition payment due.

Remember to compare different financing possibilities as well as various rates from different lenders before making a final decision on any loan offer.