Good NestingHere are some frequently asked questions and answers regarding this lender that makes loans more accessible for all.
1. What is Stilt?
Stilt is a lender specializing in personal loans from immigrants and underserved communities, as displayed on the company’s home page.
2. What makes Stilt different from other lenders?
While many lenders require a Social Security number, green card, credit history, etc., Stilt offers loans to people who lack those typical prerequisites.
3. How much of a loan can you get from Stilt?
Personal loans from Stilt range from $1,000 to $35,000.
4. What are Stilt’s interest rates?
According to their website, Stilt’s minimum APR is 7.99 percent. The maximum APR depends on the state you live in. The actual APR you’ll get on your loan will depend on various factors.
5. How much time will you have to repay a loan from Stilt?
The lender’s terms are 12, 18, 24, or 36 months. A longer term will give you a smaller monthly payment but more interest fees.
6. Can you estimate what type of loan you can get from Stilt?
Yes, as Stilt has a loan calculator where you can adjust the loan amount, terms, and interest rate to see what your monthly payment and interest fees would be.
7. Who does Stilt cater to?
Borrowers who may find trouble getting loans from most lenders Stilt’s targeted customers. If you do not have a Social Security number, lack credit history, or are an asylum seeker, refugee, or DACA recipient, Stilt may be the ideal lender for you.
8. What are Stilt’s eligibility requirements?
To qualify for a personal loan from Stilt, you will need to live in the U.S., have a U.S. phone number, and a bank account based in the U.S. Since Stilt does not service every state, you will need to live in one of the following: AZ, CA, FL, GA, IL, MI, NJ, NY, NC, OH, PA, TX, UT, VA, WA, WI.
9. Does Stilt accept all types of visas from their applicants?
No, as B1/B2 visas are not eligible, and these are the only ones that are currently accepted from the lender: F-1, G-1, H-1B, J-1, L-1, O-1, TN.
10. How can Stilt loan money to people without a Social Security number, green card, or credit history?
Stilt uses other factors to make lending decisions, such as your employment/employability, education, work experience, financial behavior with credit or debit cards, and more.
11. Does Stilt allow co-signers?
No, they do not.
12. Can you use a Stilt loan to build your credit?
Yes, as long as you repay the loan on time, it can build your credit score, which is ideal if you lack credit history.
13. Are there any prepayment penalties?
No, Stilt does not penalize prepayment.
14. How can you apply for a Stilt loan?
Go here to submit your application in about five minutes. You should receive a decision within 24 hours, and you could get your funds the next day.
