Stilt is a digital banking platform designed for immigrants in the U.S. to open bank accounts and apply for personal loans with limited or zero credit history or no social security number.
Stilt wants to improve financial inclusion to immigrants and the underserved through digital products that are simple, fair, and honest.
With this aim, Stilt provides a bank account and personal loans to people in the U.S. that have a valid visa and an international passport.
Since Stilt is not a bank, but a financial technology company, your deposits at Stilt are FDIC insured up to the legal limits through their partner bank, Evolve Bank and Trust, Member FDIC.
Stilt Banking and Financial Services
Bank Account for Immigrants
Unlike other accounts at traditional banks, Stilt does not require an SSN to open the account or credit history, only an international passport, and a valid U.S. visa. It is best for immigrants and visa holders who want to start building credit history in the U.S.
With the bank account opened through Stilt, you can spend, save and manage your money. The bank account has no monthly maintenance fees, minimum balance requirements, or overdraft fees. It comes with a remittance feature that allows you to send money in different currencies to over 46 countries abroad. You can also pay other Stilt users through the app or track your spending to help you save money.
There is no minimum deposit to open the account, and once you have opened it, you get a virtual debit card to start making purchases right away while you wait for a physical debit card. You can also use your debit card with Apply or Google Pay.
To open a bank account with Stilt, you must be 18 years old or older and live in the U.S. The whole process is easily completed online on Stilt’s website. This is some of the information they will ask you for:
- A valid I.D. card or international passport
- Your U.S. address on any of the 50 U.S. states
Opposite to other traditional banks, Stilt will not ask you for:
- Your SSN
- A credit check or credit score
Remittance: Send Money Abroad
As an immigrant, you may have financial responsibilities outside of the U.S., like paying bills or sending money back home. After opening a bank account through Stilt, you can access the remittance feature to send money abroad at the best rates. Use the app to send money to over 46 countries with a limit of $10,000 per day (provided you have funds available in your account). In summary, this what the remittance feature gives you access to:
- Send money abroad: Send money to over 46 countries in a few taps through the app.
- Access exchange rates: Understand your cost of sending money abroad in real-time by seeing the exchange rates in the app.
- Pay no additional fees. Stilt does not charge any extra fees for sending money abroad outside of the exchange rates.
- Send money fast: Your payments arrive instantly, so your friends or family does not have to wait for the money, with no extra instant transfer fees.
Loans for Immigrants
Another feature you can access through the Stilt app is a loan specifically designed for immigrants. To get an up to $5000 loan through Stilt, you won’t need an SSN nor a co-signer, and you can access low-interest rates with no prepayment fees nor early prepayment fees.
Instead of looking only at your credit history to qualify for a loan, as other lenders do, Stilt also considers other things to determine your financial responsibility to pay back the loan, such as:
- Your current employment or employability
- Your educational background
- Your financial behavior and habits
- Your defaults, collections, or bankruptcies
- You can also allow Stilt to run a credit check, even if you have a limited one.
This makes credit accessible to people who are not U.S. citizens, have limited or zero credit history, or no social security numbers.
To check your options and rates for a loan, Stilt will do a soft pull of your credit score. This means, reviewing your choices will not impact your credit score. However, it will do after you accept the loan.
To qualify and get approved for a loan, you will have to meet the below requirements:
- You must be physically present in the U.S. during the application process.
- You must have a U.S. address in one of the states that Stilt is licensed to give loans (you can check eligible states on the Stilt website). They will not accept a P.O. Box as a valid address.
- You must be the primary account holder of a U.S. bank account at a bank or credit union. They will also accept a joint account with your spouse or significant other.
- You must have a phone number from a U.S.-based carrier. The phone must be your number, even if you are on a family plan. They will not accept a business, school, or an online-only number such as Google Voice.
- You must have a valid visa for at least six months. Stilt only accepts certain types of immigrants visas, so check the Stilt website to see if your Visa type is eligible for a loan with Stilt.
The whole application process to get a loan with Stilt is quickly completed online in 3 easy steps:
- Apply Online: Complete an online loan application to receive an update in less than 24 hours. If they need more information, they will call you to request it.
- Get a Loan Offer: After they have verified all the information, you will receive your offer. If you accept it, it will take 2-3 business days to get the money in your account.
- Start Making Payments: Easly schedule the repayments from your account by setting up autopay from the Stilt app. If you decide to repay the loan early, there is no prepayment penalty.
How to Get Started With Stilt
Getting started with Stilt to open a bank account to manage your money and send money abroad or submit a loan application is fast, easy, and straightforward. Simply navigate to Stilt’s website to learn more or get started.