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).
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!