Alliant Credit Union Personal Loan Review and Comparison

Alliant Credit Union offers personal loans with competitive interest rates and flexible repayment terms.

With loan amounts ranging from $1,000 to $50,000, Alliant Credit Union provides borrowers with a decent amount of flexibility in determining their loan needs.

Alliant Credit Union's personal loan application process is entirely online, making it a convenient option for those who prefer digital transactions.

Borrowers can expect to receive their funds within 2-5 business days of approval, which is relatively quick compared to other lenders.

Alliant Credit Union personal loans have several advantages that make them worth considering. You won't have to pay an origination fee, which can save you money compared to other lenders.

The minimum loan amount is $1,000, which is lower than many online personal loan lenders. However, this can be a drawback if you only need a small amount of money.

Here are some of the key benefits of Alliant Credit Union personal loans:

Additionally, Alliant has a high maximum loan amount of up to $50,000, which is competitive with similar lenders. They also have a quick approval time, with most approvals happening the same day you apply.

Alliant Credit Union offers several advantages that set it apart from other lenders. You can take out a loan of up to $50,000, which is competitive with similar lenders.

One of the biggest perks is the quick approval and funding time. In most cases, you can get approved for your loan the same day you apply, and you can often get your money as soon as the same day you're approved.

Another benefit is the lack of origination fees and prepayment penalties. This means you won't have to pay extra for the loan, and you can pay it off early without incurring any additional costs.

Alliant also offers debt protection for a small fee, which covers death, disability, and involuntary unemployment. This can give you peace of mind and protect you from unexpected events that may make it difficult to pay back the loan.

The company has a stellar Better Business Bureau score, with an A+ trustworthiness rating and no recent scandals. This suggests that Alliant is a reliable and trustworthy lender.

Here are some key advantages of using Alliant Credit Union:

You might be thinking that Alliant Credit Union is a great option for a personal loan, but there are some downsides to consider.

One major con is that you need to be an existing member to get a loan, and even then, you must have been a member for at least 90 days. This can be a bit of a hurdle if you're not already a member.

Another drawback is that Alliant doesn't allow co-signers, which can make it harder to qualify for a loan if you have a less-than-perfect credit history.

Additionally, the minimum loan amount is $1,000, which is higher than some other lenders. This means that if you only need a small amount of money, Alliant might not be the best choice.

Here are some of the cons of Alliant Credit Union personal loans at a glance:

It's worth noting that some users have reported frustrations with Alliant's customer service and processing times, so it's essential to carefully review their policies and procedures before applying.

To become a member of Alliant Credit Union, you must meet one of the following requirements. You can join if you're a current or retired employee from a partner business or organization in the United States.

Alliant also accepts domestic partners or immediate family members of current members. This opens up membership to a wider range of people, including family members who may not work for a partner organization.

To find out if you live or work in an eligible community near corporate headquarters in Chicago, check Alliant's website or contact their membership department. This is another way to join the credit union.

You can also become a member of Foster Care to Success (FC2S); Alliant will pay the $5 membership fee on your behalf. This is a great option for those who support this cause.

If you live outside of the United States, you can become a member if you have either a social security number or an unexpired Individual Taxpayer Identification Number (ITIN). This makes it easier for international residents to join the credit union.

Here are the membership requirements summarized:

Alliant Credit Union personal loans have a range of $1,000 to $100,000.

You can get a loan in all 50 U.S. states, making it a convenient option for many borrowers.

The loan terms range from one to five years, giving you flexibility to choose a repayment period that suits your budget.

A shorter term implies faster loan repayment but comes with higher monthly payments.

A longer term spreads out payments, making them more manageable each month, but typically results in higher overall interest payments.

Alliant's APR ranges from 11.79% to 13.79%, which is competitive considering the average rate for a credit union-issued unsecured loan paid in 36 months is 10.32% as of Q2 of 2023.

There is no penalty for paying off your loan early, so you can pay off your loan ahead of schedule without incurring additional fees.

Here's a summary of the loan details:

Applying for an Alliant Credit Union personal loan is a straightforward process that requires some basic personal and financial information. You'll need your Social Security number, gross monthly income, and employment information.

The application process has five simple steps: loan details, personal information, co-borrower information, spouse information, and application review. You'll use a drop-down menu to state the purpose of your loan and provide requested information about yourself, your co-borrower, and your spouse (if applicable).

Alliant reviews your application and makes a decision, which can take anywhere from 24 to 48 hours due to high volume of loan applications. If you qualify, you'll receive a loan offer to examine, and if you accept it, funds are typically deposited on the same day.

To be eligible for a personal loan, you must first join Alliant Credit Union and be a member for at least 90 days. You'll need to log into your Alliant account and fill out the personal loan application form, which requires your full name, date of birth, contact information, Social Security number, gross monthly income, and employer's contact details.

You'll also need to select the specific type of personal loan you're applying for and state the purpose of the loan. Be prepared to submit additional documents that Alliant may request, such as a copy of a valid ID for identity verification and proof of income.

Here's a step-by-step guide to the application process:

Applying for a loan typically involves a hard credit check, which can temporarily lower your credit score. However, if your application is approved, you'll often receive a deposit into your account on the same day.

Alliant Credit Union's personal loan interest rates start at 9.49% and go up to 12.49%. This is a competitive APR range.

You can borrow from $1,000 to $100,000 with Alliant Credit Union, giving you a good amount of flexibility for your financial needs.

There are no prepayment penalties with Alliant Personal Loans, so you can pay off your loan early without extra costs.

Alliant also doesn't charge origination fees, which means it won't cost you anything to have a loan processed and disbursed.

Signing up for automatic payments can get you a 0.4% rate discount, which can lead to huge savings over the life of your loan.

Here are the insurance types Alliant Credit Union mentions:

Alliant Credit Union offers a Debt Protection program that covers unexpected events like death, disability, or job loss, canceling your loan balance or monthly payments under certain conditions.

This coverage includes up to $100,000 for death protection, $18,000 for disability, and the same amount for involuntary unemployment.

Alliant also provides a Loan Assistance Program for financial hardships, including the Payoff Program, which offers reduced interest rates and payments to help manage loans during difficult times.

If you're denied a personal loan, it's essential to understand why it happened. Alliant Credit Union might deny your loan due to your credit score, income, or debt-to-income ratio.

Contacting Alliant and asking for specific reasons can give you valuable insight to make targeted improvements. Improving your credit score can make a huge difference, which might mean paying bills on time, reducing credit card balances, and correcting any errors on your credit report.

Paying off debts or finding additional income sources can help improve your debt-to-income ratio. This can be a game-changer in securing a loan in the future.

Other lenders might have different criteria that better suit your financial situation. Community banks, online lenders, or other credit unions could be a good option to explore. Some might offer secured loans or have more flexible credit requirements.

Working with a financial advisor can be incredibly helpful. They can offer personalized strategies to improve your credit and financial health, and guide you towards better financial habits.

Repayment Assistance can be a game-changer when life throws you a curveball. Alliant Credit Union's Debt Protection program covers you in case of unexpected events like death, disability, or job loss, canceling your loan balance or monthly payments under certain conditions.

You're protected up to $100,000 for death protection, $18,000 for disability, and the same amount for involuntary unemployment. This can be a huge weight off your shoulders during tough times.

If you're facing financial challenges, Alliant's Loan Assistance Program can help. The Payoff Program provides reduced interest rates and payments to help you manage your loans during difficult times.

With Alliant's support, you can get back on track without additional stress, protecting your credit rating and giving you peace of mind.

Having good customer service is essential when dealing with a personal loan lender. This is because you want a lender that's available to help you whenever you need it.

Alliant Credit Union offers several ways to connect with their customer service team. You can call them at 800-328-1935 anytime.

Their commitment to being there for you is evident in their 24/7 support and accessibility. This means you can reach out to them at any time, day or night.

Some lenders may only offer limited customer service options, but Alliant makes it easy to get in touch with them.