Stilt Review: Loans for Immigrants Without Social Security Number

Stilt used to offer loans to immigrants in the US without the need for a Social Security Number or credit score. However, Stilt has since stopped offering loans and now focuses on providing financial resources and immigration guidance for students and immigrants.

Stilt Alternatives

There are very few options for immigrants to get loans without Social Security Number (SSN). They include the ones below:

  • Oportun
  • Bitcoin loans from platforms such as SALT Lending, CoinRabbit, Binance, Unchained Capital, and Nexo do not require SSN
Stilt LoanDetails
Minimum loan$1,000
Maximum loan$25,000
APR: Between7.99% and 15.99%
Stilt loan interest ratesFixed
Loan termBetween 6 months and 3 years
Prepayment feesNone

Stilt Loan Requirements

Stilt does not consider credit history and one does not need to have a Social Security Number or a co-signer to qualify for a loan. Instead, they consider other factors when lending money to immigrants and the under-served in the US. This is what they look at:

  • Employability. Stilt considers employment as a strong positive consideration before issuing a loan. Employed people have higher chances of qualifying for Stilt loans. However, they also consider employability. They will look at your chances of getting employed. They consider employed people as lesser risky.
  • Education and work experience. Stilt looks at your education and your work experience to determine your employability. Better work experience and high education level increase one’s chances of getting a job. Therefore, if you have better academic qualifications and work experience, it is easy to qualify for the loan.
  • Financial behavior. Stilt considers your spending and savings. If you have good spending habits that enable you to save, you have a high chance of qualifying for the loan. They look at your debit and credit accounts to understand your spending and saving.
  • Bankruptcy and defaults. One of the risks lenders face is borrower’s bankruptcy and defaults. Therefore, if you have a history of bankruptcy, you may find it difficult to qualify for Stilt loans. However, under some circumstances, defaults may be accepted.
  • Accuracy of your application details. Stilt thoroughly looks at the details you have provided in your application. They cross-check the information against your other details.
  • Visa status. You must have a visa valid for the term of the loan if you are a foreign national. The Visa can be:
Type of VisaDetails
H-1BVisa for special workers
H-4Visa for special workers
O-1Visa for extraordinary work achievement workers
L-1Intracompany transferee work Visa
TNNAFTA professional visa
J-1Work or study-exchange program participants
DACAVisa for undocumented immigrants
F-1and OPT: for students

How to Apply For Stilt Loan

Stilt loan application involves filling out an online application to get a Stilt loan. To fill in the online application, visit Stilt’s website following these simple steps.

  1. From the website, at the right top corner, next to Stilt loan login click Get Started.
  2. Fill in the fields with your details, loan and visa and financial information.
  3. A specialist will review the details your provided and f you qualify, he will contact you to apply
  4. Stilt will look at your credit details like Social Security Number and the information you provided
  5. If you qualify for a Stilt loan, they will send you an offer. If you accept the offer, Stilt will send the funds to your bank account.

Apply for Stilt loan

Make sure you understand the main terms and conditions before accepting. Their loans can hurt your credit score. Use Stilt loan calculator to find out Stilt loan rates for your loan.

Make sure that you live in the U.S and have:

  • U.S bank account
  • U.S mobile phone number
  • An eligible visa
  • Physically live in the U.S
  • A U.S address in a State Stilt is authorized to operate in

Stilt Loan Processing Time

How long does Stilt loan take? After submitting a complete loan application, Stilt will send you an update within 24 hours. After Stilt receives and verify your documents, they will send you a promissory note to sign. After signing, it will take 2-3 business days for the money to reflect in your account.

Types of Loans Stilt Offers

Stilt offers a variety of unsecured loans. They include:

  • Stilt loan for international students. Stilt student loans are offered to students working part-time and who have F-1 and OPT visas.
  • Stilt student loan refinance. Students with F-1 can get student loan refinancing even if they are from a different country. This is one way to get a loan for international students in the US.
  • Stilt personal loan. If you live in the U.S and have a visa, you can get apply for a personal loan for immigrants.

Stilt bank account. Stilt offers bank account for immigrants as well. The account has zero fees (no annual fees, no overdraft fees, no insufficient fund fees). Immigrants can get credit up to $5,000 with limited credit history. Deposits are FDIC insured up to $250K.

States Where Stilt is Operational

Stilt gives loans in the following States: Arizona, California, Florida, Illinois, Massachusetts, Georgia, Pennsylvania, Michigan, Ohio, New York, New Jersey, Wisconsin, Virginia, Utah and Texas.

Is Stilt Loan Legit?

Yes, Stilt is a legitimate loan company. Stilt is regulated and licensed to be a loan company in all the states it operates in.

Final Thoughts on Stilt Loan

Stilt is seeking to provide loans to immigrants and under-served populations in the U.S. They offer unsecured personal loans to people living in the U.S and have valid visas. You do not need a credit score to qualify for the loan. They offer student loan refinance, international student loans, and personal loans at a fixed interest rate.

Apply for Stilt loan

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