Stilt Personal Loans: A 2024 Review

What bank does Stilt use? That’s a question many borrowers have, especially since Stilt was acquired by JG Wentworth in late 2022. While Stilt no longer offers personal loans there are still plenty of other options available for immigrants and noncitizens looking for financing.

In this review, we’ll take a closer look at what Stilt used to offer, why they no longer provide personal loans, and some alternative lenders that you can consider.

What Was Stilt?

Stilt was a San Francisco-based FinTech company that specialized in providing personal loans to immigrants and noncitizens. They were known for their flexible eligibility requirements and competitive rates, making them a popular choice for those who couldn’t qualify for traditional loans.

However, in December 2022, Stilt was acquired by JG Wentworth, a nationwide consumer finance company. This acquisition marked the end of Stilt’s personal loan offerings.

Why Did Stilt Stop Offering Personal Loans?

The strategic acquisition of Stilt by JG Wentworth combined Stilt’s cutting-edge digital platform with JG Wentworth’s well-known national brand. But it also meant that Stilt would have to stop providing personal loans.

Currently, JG Wentworth focuses on structured settlements and debt relief programs. While this may be a good fit for some borrowers, it leaves a gap in the market for immigrants and noncitizens who need access to personal loans.

Alternatives to Stilt Personal Loans

Even though Stilt is no longer offering personal loans, there are still plenty of other options available for borrowers who don’t have a traditional credit history. Here are a few online lenders that offer similar APR ranges and eligibility requirements to what Stilt used to offer:

• Earnest: Earnest is a popular online lender that offers personal loans with APRs ranging from 5.99% to 23.99%. They have a minimum credit score requirement of 680 and allow borrowers to apply with a co-signer.
• Upgrade: Upgrade is another online lender that offers personal loans with APRs ranging from 8.49% to 35.99%. They have a minimum credit score requirement of 620 and allow borrowers to apply with a co-signer.
• SoFi: SoFi is a popular online lender that offers personal loans with APRs ranging from 7.99% to 23.43%. They have a minimum credit score requirement of 660 and allow borrowers to apply with a co-signer.

These are but a handful of the numerous online lenders who provide noncitizens and immigrants with personal loans. When selecting a lender, it’s crucial to shop around and compare rates and terms.

Frequently Asked Questions

Here are some frequently asked questions about Stilt personal loans:

• Is Stilt still offering personal loans? No, Stilt is no longer offering personal loans. They were acquired by JG Wentworth in late 2022 and no longer provide this service.
• What are some alternatives to Stilt personal loans? There are many online lenders that offer personal loans to immigrants and noncitizens, such as Earnest, Upgrade, and SoFi.
• What are the eligibility requirements for a personal loan from an online lender? The eligibility requirements for a personal loan from an online lender vary depending on the lender. However, most lenders require borrowers to have a minimum credit score of 600 and a steady income.
• What are the interest rates for a personal loan from an online lender? The interest rates for a personal loan from an online lender vary depending on the lender and the borrower’s creditworthiness. However, rates are typically lower than those offered by traditional banks.

Although Stilt is no longer providing personal loans, those who are immigrants or noncitizens in need of funding have many other options. Borrowers can find a loan that fits their needs and budget by shopping around and comparing rates and terms.