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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

Square POS for restaurants wildly improves service

(TECHNOLOGY) Square, a card payment-processing company, has created a point of sale app specifically for restaurants.

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square for restaurants

If you’ve spent any time processing card payments in an informal capacity, you’re probably familiar with Square—a company which facilitates card payments via a smartphone or tablet app and a free card reader. Square’s most recent endeavor tweaks their existing product for a more specific environment: restaurants.

Square for Restaurants is exactly what it sounds like: the traditional Square app optimized for a restaurant setting. The app’s features include improved operating speed, accommodations for both front-of-house and back-of-house operations, and a general user interface which is geared toward quick data entry rather than the traditional Square interface’s more cluttered approach.

While the app’s interface lends itself to payment processing and general front-of-house functions at first glance, Square for Restaurants offers multiple other restaurant-centric options to fit different roles. For example, a server might use the app to take and process an order or keep track of which tables have been attended, while a supervisor might generate payroll or archive receipts.

The instant availability of things like order information and seating arrangements also means that customers will have less time to wait between interactions, and staff will have significantly fewer instances of confusion or wasted down time.

Centralization of your kitchen’s various menus is another key aspect of the app. Since the app automatically synchronizes any changes, you can ensure that everyone sees the same breakfast, lunch, and dinner menus on any given day of the week. Additionally, menus can be customized on the fly, allowing you to add a high-demand custom order or special item with a few taps.

As you might expect, the POS comes with all the powerful analytics tools and accessibility which accompany the standard Square app. You can do things like track your best-selling dishes, make adjustments to the menu, and review your monthly overhead from anywhere that has Wi-Fi access; once you’ve made your changes, they will display in the app, making it easy to keep everyone on the same page.

Whatever your position on Square’s products in the past, Square for Restaurants promises to be a fresh take on the oversaturated POS (point of sale, y’all) software market.

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Business Finance

Calculator for what your freelance rate should be

(FINANCE) When every second on the clock counts and saving is imperative, where can you go to figure out your optimal freelance rate?

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freelance rates

The issue of what your freelance rate should be is daunting for most, but is especially stressful for those who aren’t particularly mathematically gifted. When every second on the clock counts and saving is imperative, where can you go to figure out your optimal rate? A new calculator has an answer.

What Is My Day Rate is a salary calculator which determines the hourly (and daily) amount you’d have to charge in order to meet your optimal salary.

The calculator itself is intuitive enough: upon landing on the What Is My Day Rate webpage, you simply enter your preferred annual income and wait for the results to load. You’ll see both a daily and an hourly sum appear shortly thereafter.

The process of figuring out how much to charge is simple, but that doesn’t mean the process is simple.

What Is My Day Rate draws from similar geographical, workplace, and demographic data to give you a number which reflects post-holiday, post-fee, post-non-billable work results.

By clicking the “See how we calculated this” link at the bottom of the page, you can see a specific breakdown of how What Is My Day Rate determined your rate.

You’ll notice that they take into account weekends, holidays, sick leave, bonuses, benefits, and more.

If division is a strong suit for you, you may also notice that What Is My Day Rate operates on a 40-hour workweek model, meaning your rate might even be optimistic for your standards.

One problem with the calculator is that it doesn’t account for taxes of any kind; while it factors in a rather generous benefits percentage and adds in things like mandatory vacation time and unpaid sick leave, there’s still a noticeable gap between the calculator’s projected expenses and what you would probably have to pay.

On the plus side, tax brackets change, so you’ll be able to plug the day rate results into a separate tax calculator without worrying about accuracy issues.

What Is My Day Rate is a valuable tool for any freelancer looking to establish their daily freelance rate without necessitating a spreadsheet and several hours of botched accounting—or a more expensive alternative. If you’re worried about undercharging, head over to their site to lock in your rate ASAP.

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Business Finance

20 states won’t grant or renew a professional license if your student loans default

(FINANCE) If your student loans default, your professional license may be revoked – a hard blow to medical practitioners, Realtors, delivery drivers, and so many more hard working people.

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student loans default money

Student loans represent a significant financial burden for recent graduates, with average loan debt in 2017 hitting $37,172, and the impact of debt repayment at graduation causes many Americans, mainly younger professionals, to delay everything from traveling the world and marriage, and even opening their own business.

Beyond the burden of debt, student loans are particularly tricky because they play by some different rules.

Most debt for example, doesn’t accrue interest while you don’t make any payments, and the flexibility of the repayment options can put borrowers in difficult situations where they don’t recognize their repayment amount. In addition, because the way we relate to the lender (AKA the federal government), the consequences of student loan debt often makes it seem less important to pay.

However, most of that flexibility is limited to non-private student loans. Private student loans have all the troubles of regular loans, with some added bite.

One way that student loan debt is different from other forms of consumer debt is that not even bankruptcy can clear you.

In 1976, Congress passed a law that put public student loan debt in a separate category that can’t be discharged. In 2005, Congress extended that to private student loans.

Not paying your student loans can lead also lead to wage garnishment and tax refund seizure.

But perhaps the most painful and insulting consequence of student loan default can be the withholding of your professional (or even your driving) licenses. If you’re a barber, nurse, teacher, lawyer, psychologist, realtor or need to drive a car, that can be devastating.

NYT uncovered that the following 20 states that allow this include:

  1. Alaska
  2. Arkansas
  3. California
  4. Florida
  5. Georgia
  6. Hawaii
  7. Illinois
  8. Iowa
  9. Kentucky
  10. Louisiana
  11. Massachusetts
  12. Minnesota
  13. Mississippi
  14. New Mexico
  15. North Dakota
  16. South Dakota
  17. Tennessee
  18. Texas
  19. Virginia
  20. Washington

Beyond the damage to credit scores, liens on properties, and the financial consequences, these license seizures can represent financial ruin, and can punish well-meaning borrowers and those who are working on public service loan forgiveness as well.

The most important thing you can do is know your options.

If you have public loans, explore repayment options, explore refinancing with direct loans, and most importantly, communicate with your lender. If you have private loans, consider moving that debt into something more manageable, especially since private loans have no interest cap, a personal loan or a home equity loan can be a more affordable option.

The best way to handle default is to avoid it – and don’t drown by avoiding swimming. Most importantly, get in the know, explore your options, and get talking. And if you’re feeling extra motivated, work with your state representatives and work on getting legislation to help make students loan more manageable.

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