Establishing credit in the United States is incredibly difficult. Often, you need to have a credit score to take out your first line of credit, and, of course, having a credit score requires that you already have a line of credit. While many young people feel this frustration, the problem can be even more difficult for immigrants who cannot even apply for most types of credit without a Social Security number.However, if you’re a legal immigrant in the United States,may be able to help you establish credit and take out a loan in the United States. While they have loan options for many borrowers, we’ll explain the student loans available for people with student visas.
is a lender that works specifically with immigrants, so you don’t need a Social Security number to apply for a loan from Stilt. However, Stilt has fairly stringent lending criteria.Before applying for a loan you must meet the following:These are great options for international students and students on visa who need a student loan.Unlike most loans, you don’t need a credit score or even a job to borrow from Stilt. However, you will need to be able to make payments on the loan, so Stilt will probably require proof of income.
Despite being called a student loan, a loan fromis actually a personal loan. It’s a personal loan for students. Right now, the maximum loan amount per loan is $5,000 (it is possible to have more than one loan at a time). That’s a really low loan amount for someone looking to pay for college, and one of the biggest drawbacks of Stilt currently.You can have a maximum loan balance of $25,000 from . Like most personal loans, you won’t see a pre-payment penalty associated with the loan. However, Stilt charges an origination fee on their loans, but that fee varies by state.Below are the details:
In general, Stilt doesn’t have concerning fine print. These are shorter-term, higher-interest loans. The main issues with the loans are twofold. First, the interest on loans from Stilt is not deductible as student loan interest. Second, student loan borrowers have to make payments right away on their loans. Since many international students cannot work full-time, the payment schedule could be difficult to meet.
is one of the few companies offering student loans to international students. Without much competition, Stilt is able to command high interest rates (in some cases higher than credit card interest rates).Despite the high rates, the loans from Stilt could be a good option. For example, If you wish to establish credit in the United States while you are a student, it may make sense to borrow from Stilt. However, the high interest rates, low loan amounts, and short repayment schedules will be tough for most students to manage.If you’re an international student or visa holder who can’t get a student loan elsewhere, consider Stilt as an option. Otherwise, most borrowers will benefit from using one of the places listed here: Where To Find The Best Student Loan Rates.