How Engineers Can Get Personal Loans in the U.S.

Being a non-citizen engineer in the U.S. has its challenges. You’re in a foreign country which doesn’t always make getting access to financial services easy and you probably still have some student debt to pay off.

So, we want to help lighten the load a bit. Below we take a look at how different loans for engineers can be a solution to some of your problems and make life as an international engineer easier!

What Kinds of Loans for Engineers are There?

There is a whole range of loans for engineers available out there. Your situation and needs will determine which one is the right choice for you.

Personal Loans for Engineers

Personal loans are for whatever you want to use it for. Studying, a personal project, or even to buy something you need. A personal loan is an unsecured loan. This means you don’t need to supply something of value as collateral for the loan. Many personal loans are also soft inquiry loans. It means that your credit report is not checked when your application is considered. You might consider this type of loan because you want some extra cash to finance a small building project at your home or any other personal matters that pop up.

Why Personal Loans?

You can use a personal loan for anything you need extra finances for – even if you have bad credit. This is a flexible and accessible loan, which makes it a great option.

Refinancing Loans for Engineers

Refinancing loans are used to consolidate debt (combining many debts into one) and to make it cheaper.

The main purpose of refinancing loans for engineers is to save money. You look for a refinancing deal that has a lower interest rate and a better loan term than your existing loans. You then take out that loan and repay your existing loans, effectively replacing your old loans with the new one.

For example, let’s say you have student debt and it is becoming too expensive. You can refinance it by either transferring the balance to a new lender. Or, you pay off the old balance with a new cheaper loan.

Why Refinancing Loans?

Personal loans for engineers can also serve as a refinancing loan, even if you are an international. Refinancing loans for engineers will help you to repay your debt quicker. Combining many loans into one refinanced loan will also give you only one interest rate and monthly payment, making life so much simpler.

Auto Loans for Engineers

Many car dealerships and lenders offer auto loans, which you can use to buy a car. Auto loans are usually soft inquiry loans and they are also secured loans. The vehicle you purchase serves as collateral for the loan. This means your car can be reclaimed by the lender if you miss too many payments.

Why Auto Loans?

Auto loans for engineers will enable you to get a vehicle straight away. You don’t have to wait until you’ve saved enough to buy it. Also, having the vehicle itself as security for the loan helps to give you better interest rates than conventional loans for the same amount. The loan is cheaper than what you would pay for a conventional loan.

Get a Loan with Stilt Today

Interested in one of the loans we mention above?

Whether you are still studying, in training, or professionally qualified in the U.S. on an H1B visa, you can be eligible for a personal loan with Stilt, even as an international, if you have the right documentation. You don’t even need a minimum credit score or a cosigner to sign with you for the loan. Here’s how it works.

Apply

You can apply for a loan between $1,000 and $25,000 starting at interest rates of 7.99%. Read through Stilt’s eligibility criteria and get your paperwork in order. Remember, a stronger application helps you to get a better interest rate, so make sure you give any and all relevant information.

Get Approved

You will receive feedback on your application within 24 hours of applying. Stilt might also request for a follow-up call to verify the last bit of information. If you qualify for a loan, you will receive a promissory note with your loan offer. You can sign and return it to accept the loan offer.

Start Repayment

You will receive the funds within 2-3 business days of your acceptance of the offer. The only thing left to do then is to set up your repayment options and repay your loan on time, every time.

Getting loans for engineers with Stilt is that simple!

3 Tips for Paying Your Engineering Student Loans Off ASAP

Studying is no cheap task. That is why many people opt to take student loans. Tuition fees, living costs, and travel costs can add up quickly. Stretch that out over a few years and you have got yourself a good amount of student debt.

travel

Because of the amounts of debt that can accumulate during engineering studies, one of the most popular loans for engineers is a refinancing loan. The being the fact that a refinancing loan helps you to pay off your loans faster and cheaper. So, if you have engineering student loans, combine the tips below with a refinance loan and pay off your debt at super speed!

Optimize Your Payments

Optimizing your payments will ensure you pay as little interest as possible on your student debt. There are two ways to get this done.

Firstly, you need to find a lower interest rate. Consider refinancing your student loan. It will help you to get a lower interest rate and also a cheaper monthly payment.

Then secondly, make biweekly payments totaling up to your monthly required payment. It will still cover your required monthly payment. But, the interest that accumulates on your loan will be less. You will make more payments more often but still pay the same monthly cost. Applying this trick will result in interest accruing with less momentum as the compounding effect of your loan interest will be weakened. You will repay less interest, meaning the loan is repaid quicker than when compared to monthly payments of the same amount.

Target a Specific Payoff Date

It’s important to have a goal. This will keep you focused on your efforts to repay your student debt. Set a target date by which you want your debt to be settled in full. Now, look at your salary and see what payments you can actually manage. Use whatever money is at your disposal to beat your target date.

Keep track of your progress to keep yourself motivated. Remember, paying off your debt is not a sprint, it’s a marathon.

Get Ready for Life After Student Debt

The day is coming when you will be out of debt. You need to be ready for that date. Soon you will have a large chunk of extra income that doesn’t have to go to your debt. You need to plan well on how to use your money starting today.

Use a Spending Plan

Draw up your own spending plan. It will help to guide your finances. It can definitely help you to repay your debt faster. Track, monitor, and control your finances to give yourself the best financial future possible.

Start Investing

Planning for your retirement starts today. Don’t wait for the right time. Create opportunities to save. The compound effect of interest needs time to work its magic. You need to make use of your company’s 401(k) matching retirement savings if they offer it.

Conclusion

Whether your need is getting rid of student debt, tackling a DIY project or you desperately need a car, Stilt has the solution for you. Choose any one of the loans for engineers that are available and get ahead of the game (or at least, jump a few steps forward)!

Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

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