How Stilt Loans Help Immigrants Without Credit History

Updated on June 29, 2024
Stilt loans helps immigrants with loans who don't have a credit history

New immigrants in the US face challenges with accessing financial services. This is especially for products like personal loans.

That’s why we started Stilt.

Rohit Mittal, who is the co-founder and CEO of Stilt arrived in the US and was not able to rent an apartment. He had to sleep on the couch of a Columbia University alum for weeks because landlords did not offer him an apartment.

According to a joint study by the Federal Reserve Bank of Chicago and The Brookings Institution, only 63% of immigrants have a checking account, while that number is 76% for the native-born population.

This is true not only for bank accounts but also for other products, especially the ones that require a credit history.

This is why we started Stilt. To provide access to financial services to immigrants.

Our personal loans are designed for immigrants and other underserved populations who may not have a credit history.

Since 2016, Stilt has helped tens of thousands of immigrants with hundreds of millions of dollars in loans.

Key Features of Stilt Loans

No Credit History Required

Stilt does not require applicants to have a traditional credit history, which is a significant barrier for many immigrants. Instead, they assess other factors such as education, employment, and financial behavior. This approach enables individuals with limited or no credit history to qualify for loans that would otherwise be inaccessible.

Inclusive Eligibility Criteria

Our loans are available to individuals holding various types of visas, including F-1, H-1B, O-1, L-1, and even those under DACA. Applicants do not need a Social Security Number (SSN) or a green card, making it easier for immigrants to apply and get approved.

Building Credit History

By reporting payment history to major credit bureaus, we help borrowers build their credit profiles. Timely payments on these loans can positively impact credit scores, facilitating better financial opportunities in the future.

No Co-Signer Needed

Unlike many traditional lenders, we do not require a co-signer. This is particularly beneficial for new immigrants who may not have established a network in the U.S. capable of co-signing their loans.

Quick Approval and Funding

Our application process is streamlined and efficient. Applicants typically receive a decision within 24 hours, and if approved, funds are deposited in their accounts within two to three business days.

Flexible Loan Amounts and Terms

We offer personal loans ranging from $1,000 to $35,000, with repayment terms up to 60 months. There are no prepayment penalties, allowing borrowers to pay off their loans early and save on interest.

Benefits for Immigrants

Our approach helps immigrants overcome the financial hurdles associated with building credit from scratch. By focusing on the individual’s overall financial picture rather than just their credit score, we provide a viable option for those who might otherwise be excluded from the traditional lending system. This inclusive strategy not only supports immediate financial needs but also aids in establishing a credit history, which is crucial for long-term financial stability in the U.S.

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For more detailed information and to apply for a loan, visit Stilt’s website.

Don’t take our word for it, hundreds of immigrants have had a great experience with Stilt.

Read reviews of our service on Trustpilot.

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Rohit Mittal

Rohit Mittal is the co-founder and CEO of Stilt. Rohit has extensive experience in credit risk analytics and data science. He spent years building credit risk and fraud models for top U.S. banks. In his current role, he defines the overall business strategy, leads debt and capital fundraising efforts, leads product development, and leads other customer-related aspects for the company. Stilt is backed by Y Combinator and has raised a total of $275M in debt and equity funding to date.

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