Business Insider's personal finance team compared Alliant Credit Union to the best personal loan companies and found it to be a standard offering. While it offers a very competitive APR range and minimal fees, borrowers have encountered issues regarding customer service and loan processing times.
Alliant Personal Loans Overview
What is Alliant Credit Union?
Alliant Credit Union Alliant Credit Union Personal Loan is a worthwhile option for a personal loan if you have excellent credit, because you could get a competitive interest rate. However, its minimum loan amount is higher than most other credit unions, so you might find a better deal elsewhere if you're looking for a small amount of cash. The best personal loan for you depends on your credit score, which determines your eligibility and can lower your rate.
Key Features of Alliant Personal Loans
Alliant Credit Union Alliant Credit Union Personal Loan offers unsecured personal loans to qualified borrowers. Unsecured personal loans don't require collateral, like a house or car. You can get a loan in all 50 U.S. states.
Alliant offers personal loans for debt consolidation, emergency expenses, home renovation loans, and vacation loans — though this list isn't exhaustive. Check with the credit union to see if your loan's purpose qualifies.
Most people can get their money the same day their loan is approved. You can take out a loan term of one to five years, though there is no penalty for paying off your loan early.
How to Apply for an Alliant Personal Loan
Eligibility Requirements
You need to join Alliant to take out a loan. To qualify, you can work with one of the organizations Alliant partners with, be a family member of an Alliant member, or work in a community near the credit union's corporate headquarters in Illinois. If none of those apply to you, you can qualify by becoming an Alliant Credit Union Foundation digital inclusion advocate (Alliant Credit Union will make a one-time $5 contribution to the Foundation on your behalf).
Alliant Credit Union Alliant Credit Union Personal Loan doesn't publicize the minimum credit score you need to qualify for a loan, though you generally have a better shot at approval with a higher score. Keep in mind that your credit score isn't the only factor lenders use to decide if they'll offer you a loan — they'll likely also consider your income and outstanding debts.
Required Documents
When applying for an Alliant Personal Loan, you must provide your Social Security number, proof of residency, proof of income, proof of employment, and a government-issued ID.
Alliant Personal Loan Rates and Fees
Alliant Credit Union Personal Loan Amounts and Interest Rates
Alliant Credit Union Alliant Credit Union Personal Loan offers personal loans from $1,000 to $100,000, with an APR range that starts at 9.49% and stops at 12.49%. This minimum APR is one of the better deals on our list of best credit unions for personal loans, and its maximum APR is also very competitive.
Additional Fees
There are no prepayment penalties with Alliant Personal Loans, so you don't need to worry about paying off your loan early. There are also no origination fees, which means it will not cost you anything to have a loan processed and disbursed.
Alliant Personal Loans Pros and Cons
Advantages
- High maximum loan amount. You can take out up to $50,000, which is competitive with similar lenders.
- Quick approval time. In most cases, you can get approved for your loan the same day you apply.
- Quick funding time. You can often get your money as soon as the same day you're approved for the loan. Some lenders may take several days to get you your cash.
- No origination fees or prepayment penalties. Other lenders may charge these fees, which can add to the overall cost of your loan.
- Debt protection offered. For a small fee, you can cover death, disability, and involuntary unemployment, protecting you from unexpected events that may make you unable to pay back your loan.
- Stellar Better Business Bureau score. Alliant has an A+ trustworthiness rating from the BBB and no recent scandals.
Disadvantages
- High minimum loan amount. Most other credit unions have lower minimum loan amounts, so Alliant might not be the best choice if you only need a little money. However, Alliant's minimum of $1,000 is still lower than many of the best online personal loan lenders.
- Need to be an Alliant member to get a loan. While this might be slightly inconvenient, it's relatively easy to qualify for membership. You can join by becoming an Alliant Credit Union Foundation digital inclusion advocate (Alliant Credit Union will make a one-time $5 contribution to the Foundation on your behalf).
Alliant Personal Loan Customer Reviews and Ratings
Positive Reviews
The Better Business Bureau has rated Alliant Credit Union Alliant Credit Union Personal Loan an A+. The BBB, a non-profit organization focused on consumer protection and trust, measures a company's trustworthiness score by evaluating its response to consumer complaints, honesty in advertising, and transparency about business practices.
Negative Reviews
Users on TrustPilot have reported mounting frustrations with Alliant Personal Loans, citing no fraud protections, sluggish processing times, and poor, unresponsive customer service. Keep in mind that customers are more likely to post reviews when they encounter issues with a company, so you may have a different experience.
Alliant Personal Loan Alternatives
Comparing Other Lenders
The term length for Alliant's loans is between one and five years. PenFed Credit Union Personal Loan's range is six months to five years, and First Tech Fixed Rate Personal Loan's range is six months to eighty-four months. If you want a longer repayment term, First Tech may be the best choice — however, the longer your repayment term, the more you'll pay in interest.
All three lenders have the same maximum loan amounts and APR minimums within a percentage point of each other.
Alliant is the only one of the three lenders to offer debt protection for your loan for a small fee. This safeguard covers death, disability, and involuntary unemployment, protecting you from unexpected events that may make you unable to repay your loan.
Read our PenFed Credit Union personal loan review.
Read our First Tech personal loan review.
Alliant Personal Loan FAQs
What credit score do I need to qualify for an Alliant personal loan?
To qualify for an Alliant personal loan, you should typically have a minimum credit score of 600 or higher.
How long does it take to get approved for an Alliant personal loan?
Approval times for Alliant personal loans vary, but many applicants receive a decision within 24 hours and funding within a few days.
Are there any prepayment penalties with Alliant personal loans?
No, there are no prepayment penalties with Alliant personal loans.
Can I use an Alliant personal loan for debt consolidation?Yes, you can use an Alliant personal loan for debt consolidation, as well as for various other purposes.
What are the loan terms for Alliant personal loans?
Alliant offers personal loans with terms ranging from 12 to 60 months.
Why You Should Trust Us: How We Rated Alliant Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. Alliant personal loans' score is a weighted average comprised of seven different categories, judging some more than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Read more about how we rate personal loans >>
