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Home » Student Loans » Student Loan Refinance » Stilt Review: Personal Loans Offered To Immigrant Students

Stilt Review: Personal Loans Offered To Immigrant Students

Updated: November 29, 2022 By Robert Farrington

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Stilt review

Establishing credit in the United States is incredibly difficult. Often, you need to have a credit score to take out your first line of credit. And, of course, having a credit score requires that you already have a line of credit. 

While many young people feel this frustration, the problem can be even more difficult for immigrants who cannot even apply for most types of credit without a Social Security number.

However, if you’re a legal immigrant in the United States, Stilt may be able to help you establish credit and take out a loan in the United States. While they have loan options for many borrowers, we’ll explain the student loans available for people with student visas.


Stilt Student Loans

Quick Summary

  • Student loans for international students and visa holders
  • No Social Security number needed to apply
  • Low borrowing amounts and short repayment terms
  • Higher-than-average interest rates
GET A QUOTE

Stilt Personal Loans Details

Product Name

Stilt Personal Loans

Interest Rates

8% to 25%

Rate Type

Fixed

Min Loan Amount

$1,000

Max Loan Amount

$35,000

Loan Terms

6 to 36 Months

Promotions

None

Table of Contents
Who Can Borrow from Stilt?
What Are The Rates and Terms?
What Borrower Protections Are Available?
Are There Any Fees?
How Does Stilt Compare?
How Do I Contact Stilt?
Is It Worth It?
Stilt Features

Who Can Borrow from Stilt?

Stilt is a lender that works specifically with immigrants. You don’t need a Social Security number to apply for a loan from Stilt. However, Stilt has fairly stringent lending criteria.

Before applying for a loan you must meet the following:

  • You must physically be in the U.S with an address in one of these states: AZ, IL, FL, TX, PA, CA, MA, MI, NY, NJ, UT, WA, OH, GA, VA and WI.
  • You must have a U.S.-based bank account in your name.
  • You must have a U.S.-based personal phone number in your name.
  • You must have a legal, valid, and eligible visa for at least six months. The types of visas that Stilt specifically advertises for include F-1, OPT, J-1, DACA, H-1B, O-1, L-1, and TN.
  • You must attend a Title IV school.
  • You must have an I-20 form.

These are great options for international students and students on visa who need a student loan.

Unlike most loans, you don’t need a credit score or even a job to borrow from Stilt. However, you will need to be able to make payments on the loan, so Stilt will probably require proof of income.

What Are The Rates and Terms?

Despite being called a student loan, a loan from Stilt is actually a personal loan. It's a personal loan for students. Note this means that any interest you pay one of these loans is not deductible as student loan interest. Right now, loan amounts range from $1,000 to $35,000. 

Stilt's loan terms are much shorter than most traditional student loans. While student loan repayment terms typically range from 5 to 20 years, with Stilt they range from 6 to 36 months. Interest rates range from 8% to 25%.

What Borrower Protections Are Available?

Most students understand that borrowing from private lenders means receiving fewer borrower protections than are offered with federal student loans. But Stilt's personal loans actually are even less flexible than most private student loans.

Since they aren't student loans, they don't offer special payments or extended deferment while you're in school. Borrowers typically have to make payments right away on their loans. Since many international students cannot work full-time, the payment schedule could be difficult to meet.

You can get up to 6 months of interest-only payments with Stilt. But this deferral option is only made available to students who have a verified job offer. You won't any discussion of a formal forbearance policy on Stilt's website. And there are no mentions of death or disability discharge policies either.

Are There Any Fees?

Like most personal loans, you won’t see a pre-payment penalty associated with your Stilt. However, Stilt does charge an origination fee on their loans which it says "varies by state."

It was disappointing to find that Stilt doesn't even provide an origination fee range or maximum. And while Stilt does admit that it charges late payment and insufficient funds fees, again it does not disclose any specifics. 

We would like to see Stilt become more transparent about the fees it charges. But, in the meantime, we urge readers to carefully comb through their promissory notes before signing on any dotted lines.

How Does Stilt Compare?

Stilt opens the door for internationals student to apply for school funding. However, since their loans are actually personal loans, they have lower loan limits and shorter repayment schedules than most private student loans. 

Ascent and MPower Financing are two lenders that provide student loans to non U.S. citizens. Check out the quick table below to see how the three companies compare:

Header
Stilt Comparison
Stilt Comparison: MPower Financing
Stilt Comparison: AScent Student Loans

Rating

U.S. Cosigner Required

No

No

Yes

Origination Fee

Does Not Disclose

5%

None

Rate Type

Fixed

Fixed

Variable and Fixed

Terms

6 to 36 Months

10 Years

5 to 15 Years

Cell
GET A QUOTE
READ THE REVIEW
READ THE REVIEW

How Do I Contact Stilt?

You reach Stilt by phone at 415-630-2323 or by email at team@stilt.com. They're customer service hours are Monday - Friday, 8 AM – 6 PM (PT).

Is It Worth It?

Stilt is one of only a few companies that offers financing to international students. However, its high interest rates, low loan amounts, and short repayment schedules will be tough for most students to manage.

If you're an international student or visa holder who can't get a student loan elsewhere, consider Stilt as an option. Otherwise, most borrowers will benefit from applying with a lender that offers actual student loans (rather than personal loans) to non-U.S. citizens.

Compare your international student loan options here >>>

Stilt FAQs

Let's answer a few of the most common questions that people ask about Stilt:

What bank does Stilt use?

In January 2021, Stilt announced that it had raised $100 million in loan funding from Silicon Valley Bank.

What kind of Visa status do you need to qualify for a Stilt loan?

Stilt serves students with a wide variety of immigrants and non-U.S. citizens, including those with the following designations: CPT, OPT, H-1B, O-1, L-1, TN, J-1, and DACA.

Does Stilt do soft credit checks?

Yes, checking your rate with Stilt won't affect your U.S. credit score if you have one.

Does Stilt report to all three major credit bureaus?

No, right now Stilt reports to two of the three major bureaus: Experian and TransUnion.

Stilt Features

Min Loan Amount

$1,000

Max Loan Amount

$35,000

APR

8% to 25%

Rate Type

Fixed

Autopay Discount

No

Loan Terms

6 to 36 months

Origination Fee

Yes, but details are not disclosed

Late Fee

Yes, but details are not disclosed

Insufficient Funds Fee

Yes, but details are not disclosed

Prepayment Penalty

No

Modified In-School Payments

No

Cosigners Allowed

No

Grace Period

Interest-only payments for up 6 months (only available to students who have a verified job offer)

Eligible Schools

N/A

Formal Forbearance Policy

No

Death Discharge

Does not disclose

Disability Discharge

Does not disclose

Customer Service Phone Number

415-630-2323

Customer Service Email

team@stilt.com

Customer Service Hours

Monday - Friday, 8 AM – 6 PM (PT)

Address For Sending Payments

N/A (only allows online payments)

Promotions

None

Stilt Review
  • Commission and Fees
  • Ease of Use
  • Customer Service
  • Loan Options
  • Features
Overall
3.4

Summary

Stilt offers personal loans and student loans to international students and Visa holders.

Pros

  • No SSN or Cosigner Required
  • No prepayment penalties
  • Serves F-1, OPT, H-1B, TN, DACA and more

Cons

  • Higher APRs than traditional student loans
  • Short repayment terms
  • Charges an origination fee
  • Get A Quote
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

Editor: Clint Proctor

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
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