Please note that the University in no way endorses or recommends these providers, and has no connection, interest, or relationship with them. Domestic students may also benefit from looking into a secured personal loan. As with any financing option, buyer beware, and do your research to determine if any of these might be options for you. The details provided below are for informational purposes only.
So you finally landed that incredible internship or post-grad dream job? Congratulations! As most of us know, there is often a sizable gap between the end of the Spring semester, and the beginning of a job or internship. Cash flow issues can be a big problem during this time, especially because even with summer internship funding, this gap remains uncovered. If you’re looking for a way to finance expenses during this time period, you might want to consider taking out a short-term personal cash flow loan. ThriveCash and Stilt are two companies that can allow you to do just that!
ThriveCash is for domestic undergrads, grad students, and international students looking to cover costs that are not included in student loans: living expenses, moving expenses, a new lease, a used car, flights home, and paying off a credit card, to name a few. ThriveCash is an unsecured loan, which means nothing you own is used as collateral, and you don’t need a credit score or credit history to secure funds.
You only have to start paying off the loan once you start working. You would be charged an interest rate of $7-$15 every month for every $1,000 you spend. For example, if you take $1,000 and your internship starts in three months, and you want to pay the whole amount back in one go, you would have to pay between $21 to $45 in addition to the $1,000 when paying back the money. There is no fee for paying back the loan early. However, ThriveCash doesn’t report on-time payments to credit bureaus, which means it isn’t the type of loan that would help you build credit. To apply for a ThriveCash loan, all you have to do is email ThriveCash your internship or job offer letter — after validating the letter, ThriveCash grants access to the loan money within one business day. You can receive 25% of your internship earnings, or 25% of three months’ salary for your full time job. You withdraw only what you need—you can take everything at once or a little at a time. For more information, check out these reviews from NerdWallet and lendedu.com.
- Thrive Cash is an unsecured loan — nothing that you own is used as collateral
- No credit score or history needed
- Loan amount is limited by the amount on your offer letter
- ThriveCash does not report on-time payments to credit bureaus (this would not help you build your credit score)
According to their website, “Stilt is built for all kinds of visa holders, immigrants, non-U.S. citizens, and the underserved.” Slit is a bit more difficult to get than ThriveCash, but offers higher loans ranging from $1,000 to $35,000, with a $5,000 cap for international student loans. These loans can be used to build credit, and also have competitive interest rates for the best applicants.
To apply for a loan, you need to submit an application, which you will hear an update on within 24 hours. Stilt takes into account your GPA, your financial behavior, and your employment/employability status for your application. Defaults, collections, or bankruptcies could have a largely negative effect on your application, but sometimes they are acceptable given certain circumstances. The strength and quality of your application determines your interest rates. However, Stilt doesn’t publish their maximum interest rates, so this might not be a viable option for those with a poor financial history. Stilt does a soft credit pull when checking your application (even if you don’t have credit or an SSN), as this is a standard in the industry. If they offer you a loan, before you accept they will also do a hard credit pull, which will cause your credit score to slightly decrease.
After receiving an offer, and sending any necessary documents, you would sign a promissory note from Stilt. Then, the transfer of money would be made. It would probably take about 2-3 business days to show up in your account. Stilt charges a “small” origination fee, which they decide on and announce to you alongside the loan offer. You can start making payments on a Stilt loan as soon as the loan has been disbursed, and the payments can easily be scheduled through autopay. For more information on Stilt, check out these reviews from CreditKarma and TheCollegeInvestor.
- Considers more than just your credit score
- Competitive starting interest rates
- No prepayment penalties
- reports payment history to many major credit bureaus— can be a good way to build credit
- No co-signers, which means you have to qualify on your own
- Isn’t transparent about its full range of interest rates— someone could receive an offer with a higher interest rate if they rank lower in the application criteria
- Charges a “small” origination fee, the dollar amount of which is not disclosed until loan offer is received
- Runs a hard pull on credit before finalizing the offer — this may pull your credit score down for a bit.
- $5000 loan limit for international students studying abroad in the U.S.