Stilt, a San Francisco-based lender and FinTech company targeting immigrants and non-citizens, was acquired in late 2023 by JG Wentworth, a national consumer finance company.
Historically, Stilt offered personal loans to people who would otherwise not qualify due to their citizenship. However, Stilt no longer offers personal loans.
Alternatives to personal loans on Stilt
As you shop around, you can find the best personal loan for your situation. Here are a few online lenders that offer similar APR ranges and eligibility requirements to what Stilt offered.
| Lender | APR range | Loan amounts |
|---|---|---|
| Serious | Varies per lender | $1,000 – $250,000 |
| Upgrade | 8.49%-35.99% | $1,000 – $50,000 |
| SoFi | 8.99%-25.81% | $5,000 – $100,000 |
Serious
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Earnest partnered with Fiona, a lender matching platform, so borrowers have a better chance of being approved for a loan. Fiona matches borrowers with lenders they qualify for after completing a single application.
Although lenders have different qualification requirements, non-residents who live permanently in the country may have a better chance of approval through Fiona’s marketplace model. Keep in mind that every loan comes with financial and credit requirements, so those who don’t meet the criteria or want to score a better rate have the option to apply with an eligible cosigner.
Positives
- Repayment terms up to 12 years.
- Co-signing may be allowed.
- You may receive offers from multiple lenders.
Cons
- No direct lender.
- No mobile app.
- Limited details available.
Upgrade
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Upgrade’s minimum requirements are more flexible compared to most personal loan lenders, making the products accessible to non-residents. While this is a unique benefit, the company does charge a high maximum APR for people with bad credit and charges an origination fee, which can detract from the overall value of your loan. However, it does allow joint applications, which can help you get a more competitive rate.
Non-permanent residents living in the US with a valid visa are eligible for a Personal Upgrade Loan. Applicants must also be at least 18 years old, have a valid email address and a verifiable bank account.
Positives
- Joint applications allowed.
- Fair credit accepted.
- Low minimum loan amount.
Cons
- Origination fee.
- High maximum APR.
- Lower maximum amount.
SoFi
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SoFi offers personal loans to non-citizens as long as they meet eligibility requirements. Permanent residents, visa holders and DACA recipients are all welcome to apply. However, non-permanent undocumented persons – including asylum seekers – and DACA recipients are required to apply with valid documentation proving current immigration status.
While the lender offers some of the most competitive rates on the market, it requires that borrowers, or their co-borrowers, have a solid credit score and are earning a steady income – or have an offer of employment starting within 90 days – to qualify to come. approved.
Positives
- High maximum loan amount.
- Low starting APR.
- Optional costs.
Cons
- No co-signing options.
- High minimum loan amount.
- Strong credit score required.
Why does Stilt no longer offer personal loans?
JG Wentworth announced the acquisition on December 5, 2023. The company stated in a press release that the purpose of the acquisition is to combine the national brand recognition of JG Wentworth and Stilt’s digital platform.
However, this also means that Stilt will no longer service personal loans as it is now owned by JG Wentworth. Although Stilt’s website still lists it as offering personal loans, borrowers are referred to JG Wentworth if they express interest in a product.
As of now, JG Wentworth is offering structured settlements and debt relief programs.
