Alliant Credit Union personal loan review November 2018 | finder.com

Alliant Credit Union personal loans

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All-purpose personal loans from $1,000 to $50,000 with rates of 6.49% to 10.49%.

Got a wedding to pay for? Late on your rent? Alliant Credit Union’s personal loan might be able to help you out. With loan amounts ranging from $1,000 to $50,000 and terms from one month to five years, it’s one of the most versatile personal loans out there. There are no hard credit or income requirements to qualify and everyone essentially gets the same rate. Read on to learn if an Alliant personal loan makes sense for you.

Product NameAlliant Credit Union Personal Loans
Min Loan Amount$1,000
Max. Loan Amount$50,000
APR6.49% to 10.49%
Interest Rate TypeFixed
Maximum Loan Term5 years
RequirementsMust be a member of Alliant Credit Union and be 18 or older.
  • Member of Alliant Credit Union
  • Age 18 or older

What makes Alliant Credit Union personal loans unique?

Alliant offers personal loans with no frills to distract you from what you’re getting. Its range of rates is a minuscule 0.5% based on your credit score, there’s no collateral required and no application fees. You can borrow as little as $1,000 and pay it back in a month, or fund a larger expense and take five years to pay it off. It’s an all-purpose personal loan you can come back to again and again.

What are Alliant personal loans?

Alliant only offers one personal loan that fits any occasion. You can borrow between $1,000 and $50,000 and take between one and five years to pay it back. APRs don’t vary as widely, starting at 6.49% to 10.49% — higher than other personal loans out there.

Alliant personal loans don’t come with any application or origination fees, and paying off your loan early doesn’t come with a penalty. In fact, the only fee you’ll pay is a 5% late fee or a $25 returned funds fee if your automatic payment bounces.

Alliant also offers debt protection plans that borrowers can buy with a monthly fee of up to $1.99 per $1,000 borrowed. With this, Alliant cancels up to $100,000 of your loan balance if you die, up to 12 payments if you become disabled and up to three payments if you lose your job.

What are the benefits of getting a personal loan from Alliant?

  • Wide range of loan amounts. You can use an Alliant personal loan for something as small as paying for a quick trip to Europe to something as big as financing a move to Paris.
  • Low maximum APR. The highest you’ll pay in interest is 6.49% to 10.49%.
  • No fees. The only cost you need to worry about is Alliant’s interest rate.
  • Debt protection plan. Alliant offers plans to safeguard your loan from unforeseen incidents like unemployment, death or disability — though it’ll cost you a monthly fee of up to $1.99 per $1,000 you borrow.
  • Fixed rates. Fixed rates make it easier for you to predict your repayments and make room in your budget.

What to watch out for

  • High starting rate. If you have good or excellent credit, you’ll likely qualify for lower rates with another lender.
  • Unhelpful website. Alliant’s personal loans page doesn’t tell you much about its rates or fees — you’ll have to call or visit a branch to get the full picture.
  • Few explicit eligibility requirements. While this might sound like everyone is welcome, it’s difficult to tell if you’re wasting your time applying for this loan without tighter guidelines.
  • Lack of customer reviews. Despite the fact that Alliant is one of the largest credit unions in the US, it has almost no online customer reviews of its personal loans, making it difficult to learn from other borrowers’ experiences.

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Rates last updated November 13th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
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What do customers say about Alliant Credit Union?

There’s not much out there on Alliant, but what there is is mostly negative. It gets an A+ rating from the Better Business Bureau (BBB), where it’s been accredited since 2004. The BBB bases its ratings on business practices like how a company handles customer complaints and transparency.

Customer reviews tell a different story, however. As of this writing, of the 12 reviews posted on the BBB website, 11 are negative. Alliant also has 26 customer complaints filed with the BBB. The majority involve Alliant’s car loans, though a few mentioned experiences with personal loans.

One customer was upset that Alliant rejected her application, claiming that its site changed her income information and that the application process was flawed. Another filed a complaint because they couldn’t qualify for an extension on their loan payments after hitting a financial rough patch because their loan wasn’t over a year old.

Alliant has no Trustpilot page and its personal loans generally don’t come up on other online forums.

Am I eligible?

Alliant doesn’t have any hard eligibility requirements for its personal loans — other than being a member. This doesn’t mean that anyone can qualify. Generally, you’ll qualify for a loan amount roughly equal to half your annual income if Alliant’s underwriters find you creditworthy.

Typically, lenders look at factors like your personal credit score, income and debt-to-income ratio when deciding whether or not to give you a loan — and what rate you qualify for.

Membership eligibility

You’re already eligible to join Alliance if you:

  • Work at a company that’s an Alliance partner.
  • Are a member of an organization that’s an Alliance partner.
  • Have an immediate family member or domestic partner who’s an Alliance member.
  • Live or work in a neighborhood near Alliance’s headquarters in Chicago.

You can find out if your business, organization or neighborhood qualifies by completing the first step of the application. If you don’t see it there, you can become eligible by donating $10 or more to the nonprofit Foster Care to Success.

How do I apply?

Not yet a member? Start with that application first. Go to Alliant’s website and click the green Become a Member button on any page. From there, follow the directions to complete your membership application, which involves opening an Alliant Credit Union account.

Once you’re a member, you’re also ready to apply for your personal loan. Here’s how:

  1. Hover over Borrow in the main navigation bar and click Personal Loans.
  2. Click the green and white Apply Now button.
  3. Either enter your online banking username and password if you already have that or click New User Setup to create one.
  4. Follow the directions to complete the application, carefully reviewing your application as well as the terms and conditions before hitting submit.
  5. Wait for Alliant’s main office to review your application, run a hard credit check and get back to you with an offer. It’ll also let you know if you need to submit any additional documents.
  6. Review your offer and sign your loan documents.
  7. Wait for your funds to show up in your bank account. This can happen as quickly as the same day you’re approved.

Step-by-step application with screenshots

I got the personal loan from Alliant. Now what?

Once you have your funds, it’s time to start budgeting for repayments. If you haven’t already, consider signing up for automatic repayments so you don’t have to worry about them each month.

Putting your loan on autopay doesn’t mean you should just forget about it, though. Check in on your account periodically to make sure everything is going smoothly — even machines make mistakes. You can reach out to Alliant’s customer service line by calling 800-328-1935 if you notice any discrepancies.

Bottom line

Alliant’s all-purpose personal loans are generally a better deal for someone who doesn’t have excellent credit or a relatively new income — something that would prevent them from qualifying for low rates with other lenders. Otherwise, you can probably find a better deal elsewhere pretty easily. To compare lenders and learn more about how it all works, visit our personal loans guide.

Frequently asked questions

Anna Serio

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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Credible Personal Loans

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Monevo Personal Loans

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LendingClub Personal Loan

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SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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