What is the best way for Indians on H-1B to get a loan in the U.S.?

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    Stilt Team

    Hi,

    Congrats on receiving your I-797 approval. There was only a 40% of someone getting picked in the H-1B lottery. 

    U.S. universities are fairly expensive and students usually tend to accumulate significant credit card debt during school. All these credit cards have high APRs and they have multiple hidden fees. There are several companies that provide lower limit credit card to people but loans are a completely different product. Loans tend to be only for the lower risk people who have a sustainable income to pay off the loan in a given term. 

    There are very few options for visa holders for loans especially if you haven't built a long credit history. A limited time in the country doesn't allow people to develop strong credit histories. As a result, they are considered high risk by most lenders in the U.S. All types of visa holders feel this pain of not getting access to credit when they most need it - during the early years of getting settled and starting a new life.

    For someone with an H-1B approval and no stamping, it gets even more difficult because it is still not stamped on your passport. Lenders are always trying to avoid risk and without a strong employer and a stamped H-1B, they seem fairly risky borrowers - not just because of the credit history but also because of uncertainty around the visa.

    Some new lenders have come up, like Stilt, who are focused on lending to H-1B visa holders irrespective of their stamped status. H-1B visa holders can expect to get access to low-interest loans based on their potential even though the visa is a source of fairly high certainty.

    The process for getting a loan on Stilt is fairly straightforward:

    1. Create an account.

    2. Complete online application.

    3. Apply for a loan.

    4. Get a decision in less than 24 hours.

    This is one of the fastest ways of getting a loan for H-1B visa holders. Some documents may be required to verify the information entered during the application process but they are only needed if you are approved for a loan.

     

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