What is the eligibility to get a personal loan on H-1B? What kind of interest rates should I expect if I don’t have a credit history?

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    Stilt Team

    It is difficult to get approved for a loan without credit history on any type of visa. The visa can't help prove that you are creditworthy. The ability and willingness to pay are independent of the type of visa.

    If you want to get a loan, the first step could be to build a credit history. There are a few ways to build credit:

    1. Apply for a secured credit card: If banks are not approving you for a card even with a smaller limit, get a secured credit card. These are credit cards that are backed with a cash deposit from you. The credit limit is equal to the amount deposited. People usually get a $1000-$3000 limit card to start with. After 6 months - 12 months, you can convert your secured card to an unsecured card. This will help you get on the right path to build a credit history.
    2. Apply for a credit builder loan: There are several companies that can give you a small loan to help you get on the grid of U.S. credit system. They may ask you to provide the deposit which they will lend to you but the good thing is that they will report it to the bureaus. This will get you started with a credit history.
    3. Get a co-signer: If you have family, relatives or close friends who can act as a cosigner for your credit product, you can piggyback on their credit history to get started. Remember that they will be liable to pay for your defaults, so make sure they know this and are comfortable with cosigning.
    4. Become an authorized user on someone else’s credit card: Another option is to become a user on a credit card of your family member or a relative. You will get all the benefits of a credit card and start building credit history but not be obligated to pay for charges.

    If you need a loan immediately, Stilt can help provide a loan even with limited credit history. We can provide a better loan because we consider a lot of other variables than your credit history; we understand that it takes time to build credit and most people are stuck in a catch 22 for a while. We want to help those people get out of this problem quickly and build a better future for themselves.

    Feel free to apply for a loan at Stilt and let us know how we can help you.

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