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Stilt is how non-US citizens can score a loan

(FINANCIAL NEWS) Many financial lenders are hesitant about loaning non-US citizens money because of the risk of payback if the applicant leaves the country. Stilt wants to help.

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Staying above water

While it’s true that a credit union can lend to individuals who are not US citizens and there are no restrictions “per se” on lending to individuals based on citizenship or immigration status, the hard reality is that many financial lenders and institutions may be hesitant. If the loan is disbursed with a five-year term, the lender will have a hard time collecting on that loan if the borrower leaves the United States after two years. Which tends to happen (not the loan, but the leaving part).

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That just makes it all the more difficult for the rest of non-US citizens who have good intentions to make good on a loan and can’t get the money they need.

How Stilt can help

Enter Stilt. Stilt can be a good way for non-US citizens to get personal loans in times of need (that can easily be used for business purposes). The people behind Stilt make good on all types of loans. But as a finance tool it may just be the ideal resource for people who came here to live out the American dream but might be struggling in their attempts to get their business off the ground.

Make no mistake: There are a lot of scams out there. Plenty of ways to prey on folks and charge interest rates so high that it eclipses the very loan itself making repayment akin to indentured servitude. Stilt does seem different.

Stilt is like a good pair of legs

Stilt is a financial technology company located in San Francisco. It was developed by individuals who have walked in the shoes of other non-US citizens in search of venture capital.

Stilt is revolutionizing the way individuals with limited or zero credit history get loans in the U.S. at lower rates than other lenders.

In short, they provide collateral free personal loans at low interest rates to responsible people. Note that Stilt can used by any individual who is 18+ years old and currently lives in the state of New York.

In your pocket

Stilt has some minimum criteria that need to be met in order to apply for a personal loan, and loans are offered on a first-come, first-serve basis (which makes me wonder if the money ever runs out). Stilt also uses a combination of statistical models and application history to determine interest rate and approve the loan. They also look at the big [application] picture as a whole, including credit reports (if applicable) and income.

By the numbers

According to the Stilt team, they are able to provide low interest rates by “Identifying high quality (low risk) borrowers and reducing default rates.” Because they ultimately consider data more than just an applicant’s credit history, Stilt is able to look at a lot more signals than a traditional bank to calculate your credit worthiness.

“There are additional savings from better and quicker underwriting, zero loan origination fees, and zero currency conversion loss (as all the transactions happen in U.S.). Because of this Stilt is able to provide lower interest rates.”

All’s well that ends well

It’s no joke that money talks. It’s hard to get your dreams from Point A to Point B if you don’t have the finances to get there. Stilt appears to be a viable option. No need to scramble to put up collateral for your loan. Fill out the application. Get an answer within 48 hours. Find the money in your checking account. Then go on to accomplish great things.

End of story!

#Stilt

Nearly three decades living and working all over the world as a radio and television broadcast journalist in the United States Air Force, Staff Writer, Gary Picariello is now retired from the military and is focused on his writing career.

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Business Finance

Easy tax calculator for freelancers that tend to wing it

(FINANCE NEWS) This tax calculator gives you an idea of what you should be holding back so tax day isn’t such a big surprise this time.

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cash money tax calculator

The freelance checks are rolling and your income is adding up fast. Score!

Not so fast.

Your freelance checks are not taxed individually, but that doesn’t mean your income is tax-free. Whether you’re a full-time freelancer, part-timer, or just work on contract projects here and there, it’s important to know how much of your freelance income needs to go towards your tax bill.

As 2017 comes to a close, it’s a great time to review your project income and get an idea of what you may owe once taxes come due. Better to get a general idea now and start saving (if you haven’t already), than be blindsided when you fill out your tax forms.

To get a general idea of what you’ll owe, free tools such as The Freelance Project Tax Calculator can be helpful. This calculator, which is a collaboration between CPAs at Atribus Solutions and Sail, can be downloaded via email after submitting a request on the Sail website.

It’s compatible with Google Sheets and Excel, too, so use whichever spreadsheet program you prefer.

Whether you are completely self-employed or freelancing on the side, the Freelance Project Tax Calculator can help you determine the amount you should be saving for taxes. You’ll just have to share some general information about your filing status, location and projected income. It can also take project costs into account, allowing you to more accurately calculate net profit after deductions – and a good way to keep every aspect of each project organized.

If you are a freelancing newbie, toying with this calculator can also help you establish rates that allow your net income to be at the level you want (or need) it to be.

Now, keep in mind that this calculator provides rough estimates to get you started. If you want a more concrete number or in-depth financial advice, it’s time to find an accountant. But it never hurts to start planning ahead for tax expenses, and this tool can help you do just that.

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Business Finance

Should research papers remain behind a paywall or be fully accessible?

(FINANCE) Paywalls restrict 65% of research papers, but some argue it’s for good reasons. Others say the walls should come down.

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research papers paywall

Paywalled research papers might be the current business model, but scientific research should be available to all, not just those who can pay for it.

In academia, published papers are part of the tenure process. You not only have to do research, publish papers, and hope that your work is cited in other research to get promoted.

Despite the notion that this research needs to be available to everyone, much of it is still behind a paywall. Josh Nicholson and Alberto Pepe estimated that about 65 percent of all cited papers are behind a paywall. Why is this important? They say it is because “some of the world’s most important scientific research is inaccessible from the majority of the world.”

A case for paywalls:
Publishing is big business. It takes a staff to manage a journal that publishes research. Essentially, someone has to pay. Most journals have chosen to charge the reader, because the alternative, charging the scientist for publication, is not a viable business model.

Publications that charge for access are generally considered more prestigious in academic circles. Thus, it’s safe to assume that the best research is published in paywalled journals. In my research for this article, I did learn that taxpayer-funded research through the NIH was supposed to be accessible to the public one year after it was published.

A case for open access:
Nicholson and Pepe averaged the cost of the paywalls at $32.33 for one access point. That is way too costly for a graduate student or an average individual (or journalist whose boss refuses to pay).

One key reason the internet was developed was to share research between scientists. Although universities often buy subscriptions to paywalled journals, most research is not accessible to the average person some four decades later. It’s been argued that research should be made public to hold scientists and the government accountable. Published research should be promptly and broadly disseminated, according to a policy statement made by the Bill & Melinda Gates Foundation.

Can the business model hold up?
The tide is slowly changing, but most say that it’s not quick enough. Some experts believe that the scientific publishing process is not a business model that can withstand the changing culture. I’m sympathetic to the publishers, but I’d like to see more scientific research available to individuals at a price point that makes sense.

It’s going to take a shift in attitude at many levels to see change. Scientists need to utilize open access journals. Universities need to change policies. Publishing journals need to look at their business model. The generation that wants change is not in a position to make that change, but in a few years, they may be.

We can only hope that they find a new process to allow everyone access.

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Business Finance

Square tests buying and selling bitcoin inside its payment app

(FINANCE NEWS) Cryptocurrency lovers rejoice, you can now buy, sell, and store bitcoin in your Square wallet.

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bitcoin square

Recently, Square rolled out a special new feature to select users, allowing them to store bitcoin in-app. Square Cash started moving away from immediate transactions when the company released Cash Drawer in February of 2016, allowing users to stash currency in a digital wallet for later use.

Now, Square has dubbed some of its Cash users chosen ones, giving them the ability to buy, sell, and store bitcoin. Unlike Cash Drawer, users do not yet have the option to send bitcoin to others.

Those with the new feature can simply swipe right from the Cash Card page to buy and sell bitcoin – the screen also compares the current price of bitcoin against the U.S. dollar with a handy graph.

A Square spokesperson noted, “We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash app customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we’re excited to learn more here.”

Bitcoin is the most popular kid in school right now when it comes to rise in popularity. In January, the currency was valued at $1000 per unit, but is now flirting with the $10,000 milestone. Users that opted in to the new feature rejoiced on Twitter, making this a marketing plus for CEO Jack Dorsey who also heads Square.

However, not everyone is so optimistic.

This Monday, BTIG analyst Mark Palmer expressed concerns about Square Cash adding the bitcoin feature, noting it adds an unnecessary risk to users. Palmer downgraded Square from Neutral to Sell, setting a $30 target for the stock.

Other investors aren’t so keen on the volatile cryptocurrency making its way into Square. Mark Tepper, CEO of Strategic Wealth Partners, said in the long run, Square won’t be able to support bitcoin. “Square has a good track record of losing money, and there’s just no clear path to profitability in the near future,” Tepper noted on CNBC.

Despite these concerns, this cryptocurrency remains wildly popular. And Jack Dorsey has just made it significantly easier to people to purchase the cryptocurrency. Of course, investing in an unregulated market is risky, so if you’re one of the few with Square’s new bitcoin feature, proceed with caution. But also feel free to brag that you’re a chosen one.

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