Stilt is a US-based banking services provider. They offer credit to people with limited or no credit history and no SSN in the US. You can get a Stilt FREE MasterCard without SSN and credit history (virtual Master Card and a Physical Master Card available) that can be used to make any payments offline or shopping online. So if you want to know how to get a loan without a credit score, this post is for you.
So, if you are an immigrant, recently entered the US or a US VISA holder, a student or looking for a job, or just simply short of cash, you can apply for a Stilt account. Stilt would be the easiest credit you can get. Stilt is possibly the best loan for students in the US and the best loan for immigrants in the US. These types of loans for no credit history are the best to build a credit history.
Stilt is a fintech company based in the USA that offers credit to people with a limited credit history or without any credit history at all, you can also get a loan if you have a good credit history or a good credit score. if you are an immigrant and you have recently entered the US or a United states visa holder you can apply for a Stilt account even if you don’t have your SSN.
if you are a permanent resident of the USA, of course, you can apply for a stilt account as well with your account there are no annual fees and there are no prepayment fees.
How does Stilt work
It works in three simple steps first, you have to submit an application after you submit your application they will send you an update within the next 24 hours and if they need any additional information they will contact you and there might be a verification call as well.
In the second step, you will receive an offer after they receive and verify your documents they will send you a document to sign after you sign and submit the document, they will initiate the transfer and the money will be credited to your account. Within the next two to three business days, the maximum loan amount is thirty-five thousand dollars per person ($35,000)
The last step is to start making payments after the loan is credited to your account you can make payments in multiple ways. With your Stilt account, you will get a MasterCard that is available in both virtual and physical which you can use for all payments. You can also set up auto-payment from your account or pay off the loan at any time without any prepayment penalty or fees.
All that is needed to qualify for a Stilt loan is your:
- Current employment status (if you are employed),
- Your education status(if you are a student)
- Your employability credit check or credit score (only if SSN is available)
- Visa status.
There are a few types of visas that are accepted and here is a list of visas that are accepted as of now:
- CPT (Curricular Practical Training)
- OPT (Optional Practical Training)
- H-1B (Specialty Occupations)
- 0-1 (Extraordinary Ability)
- L-1 (Intracompany Transfer)
- TN (NAFTA Professionals)
- J-1 (cultural Exchange)
- DACA (childhood Arrivals)
If you are new to the USA and you don’t have your SSN yet, no need to worry you are still eligible to apply. If you don’t have your SSN you will be asked for some additional information or some additional documents. If you are an international student or if you are looking for a job (unemployed) this is going to help you a lot. You don’t need a cosigner, yes with stilt you don’t need a cosigner in some countries a cosigner is also called a Guarantor.
A cosigner or a guarantor basically agrees to pay off the remaining loan amount which you are unable to pay in case of any unfortunate situation. The interest rates start from pretty low at 7.99 percent, they look at your education work experience income, and financial behavior to give you the lowest rate possible and you are free to pay the loan amount as early as you want they will not charge you any prepayment penalty or fees.
in fact, you will save a lot of interest amounts with prepayments also there are no overdraft fees no NSF’s and no annual fees, and no down payment is required as I have already mentioned you will get an international Mastercard as well(virtual and Physical). The card should be accepted almost everywhere online or offline. A dedicated help page is available on the stilt website and support is available via live chat email and phone.
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