Is Alliant Credit Union Good for Your Financial Needs

Alliant Credit Union is a not-for-profit financial cooperative that offers a range of financial services to its members. It has over 860,000 members and over $13 billion in assets.

Their membership requirements are relatively easy to meet, as anyone can join by becoming a member of the Foster Care to Success organization. Members also get access to a wide range of financial services, including free checking and savings accounts, low-interest loans, and investment products.

Alliant Credit Union is known for its high-yield checking account, which can earn up to 0.60% APY. This is a great option for those who want to earn some interest on their everyday spending money.

Their mobile banking app is also highly rated, with features like mobile deposit and bill pay.

Alliant Credit Union offers a wide range of products and services to its members. They have high-yield checking accounts with no monthly maintenance fees, no minimum balance requirements, and no overdraft fees. You can also earn 0.25% APY on your account balance.

Their savings accounts are also quite impressive, with a High-Rate Savings account that requires a $100 minimum balance to earn interest. They also offer a Supplemental Savings account to help you save for specific goals, and a Kids Savings account designed for children 12 and under.

Here are some of the key features of Alliant Credit Union's products and services:

Alliant Credit Union also offers a variety of loans, including personal loans, auto loans, and mortgages. Their personal loans have a minimum loan amount of $1,000 and a maximum term length of 60 months.

Alliant Credit Union offers a range of products and services that cater to different financial needs. No origination fees are charged on personal loans, making it a cost-effective option.

Debt protection program is available, providing an added layer of security for borrowers. Same-day approval and funding are available in most cases, making it a convenient option for those in need of quick access to funds.

Only established members can receive funds, so it's essential to join the credit union before applying for a loan. A co-signer is not available, and a minimum loan amount of $1,000 applies.

Alliant Credit Union offers unsecured personal loans that don't require collateral, giving borrowers more flexibility in how they use the funds. Borrowers can select a term length from 12 to 60 months that best meets their needs.

The credit union has a long history, having been founded in 1935 by United Airlines employees. It has since expanded in size and offerings, now serving over 800,000 members nationwide and having loaned over $10 billion.

Here's a summary of the loan features:

With Alliant Credit Union's personal loans, borrowers can consolidate debt, pay for an emergency expense, or use it for any other purpose. The credit union's commitment to fair lending practices and its extensive experience make it a trustworthy option for those in need of a personal loan.

If you're a parent looking for a teen checking account that teaches responsible financial habits, Alliant Credit Union has a great option. It's available to members between the ages of 13 and 17.

The teen checking account is jointly owned by the teen and a parent, making it a great way to involve them in the financial decision-making process. This account comes with no minimum balance requirements and no monthly service fees.

You can access more than 80,000 fee-free ATMs, and your teen will even get $20 per month in ATM fee rebates. To earn interest on the money in their checking account, your teen just needs to opt into e-statements and have at least one electronic deposit made to the account each month.

Here are the requirements for earning interest on the teen checking account:

By taking these simple steps, your teen can start earning interest on their money and learn valuable financial skills.

Alliant Credit Union is known for having very few fees compared to most banks and credit unions. None of its checking or savings accounts have monthly fees or overdraft fees.

If you do end up with fees, you can expect to pay $10 for dormant or inactive savings accounts that haven't been used for at least 12 months, or $10 for early closure of an account within 90 days of opening.

One fee you won't have to worry about is the prepayment penalty, which many lenders charge. Alliant doesn't have this fee, so you can pay off your loan early without extra costs.

You can also get a 0.4% rate discount if you sign up for automatic payments, which can lead to huge savings over the life of your loan. This discount is available on Alliant's personal loans.

Here's a breakdown of some of the fees you might encounter with an Alliant Credit Union personal loan:

The automatic payment option can also save you money in the long run, as it allows you to take advantage of the 0.4% rate discount.

To become a member of Alliant Credit Union, you must meet one of their eligibility requirements. These requirements include being a current or retired employee from a partner business or organization in the United States.

You can also join if you're a domestic partner or immediate family member of a current member. This is a great option if you have a family member who's already a member.

Alternatively, you can join if you live or work in an eligible community near corporate headquarters in Chicago. This is a good option if you're already living or working in the area.

If you're passionate about helping foster care youth, you can also join by becoming a member of Foster Care to Success (FC2S). Alliant will even pay the $5 membership fee on your behalf.

If you live outside of the United States, you can still join Alliant Credit Union if you have either a social security number or an unexpired Individual Taxpayer Identification Number (ITIN).

To qualify for membership, you'll need to meet one of the above requirements. It's worth noting that Alliant Credit Union has a digital-focused approach, with limited physical branch services available.

Here are the membership eligibility requirements summarized:

Note that Alliant Credit Union considers your credit score and history, creditworthiness, down payment, debt-to-income ratio, and other factors when approving loans.

You can apply for an Alliant Credit Union personal loan in just a few simple steps. The application process has five steps: loan details, personal information, co-borrower information, spouse information, and application review.

To be eligible for a personal loan, you must first join Alliant Credit Union and be a member for at least 90 days. Once you're an established member, you can log into your Alliant account and fill out the personal loan application form.

The application form 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.

Additional documents may be requested, such as a copy of a valid ID for identity verification and proof of income, like pay stubs or tax returns. Alliant typically makes a decision on the same day, depending on how many applications are being processed and how quickly your information can be verified.

Same-day approval and funding are possible, depending on the application volume and information verification. However, applying for a loan typically involves a hard credit check, which can temporarily lower your credit score.

Here's a summary of the application process: