In a Nutshell
Stilt says it offers personal loans for immigrants and “underserved” people in the U.S. You don’t need a Social Security number or credit history to apply. But Stilt lends only in certain states and isn’t upfront about its full range of interest rates.What you need to know about a Stilt personal loan
Stilt says it offers loans to “immigrants, visa holders and underserved people” who live in the U.S. Even if you don’t have any credit history or a Social Security number, you might still be considered for a Stilt personal loan, depending on other financial factors.
Should I get a Stilt loan?
If you have an eligible visa but you lack credit history in the U.S., a Stilt loan may be worth considering. A Stilt loan may help you build credit in the U.S. since it reports to some of the major credit bureaus. And a loan from this lender can help you access the money you need if you don’t have a Social Security number or meet the requirements of other lenders.
You can apply for prequalification and view your potential rate without affecting your credit scores. You’ll want to check the interest rate you’re offered and any other fees carefully, since Stilt doesn’t say upfront what its higher rates might be.
And if you think you might want to accept the offer, remember that Stilt will run a hard inquiry on your credit before your offer is final — prequalification isn’t a guarantee that you’ll be approved for a loan, and the rates you’re shown may change after you formally accept. A hard inquiry can also pull your credit scores down a bit temporarily.
If you have strong credit or an established credit history in the U.S., you’ll probably want to look elsewhere. And it’s always good idea to apply for prequalification from a few lenders and compare potential loan offers if possible.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.