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A personal loan from Alliant Credit Union is a solid option for eligible members who need money quickly. Alliant Credit Union has flexible terms and same-day funding without origination fees, making it a great choice.
- Pros & Cons
- Key Takeaways
- Company Overview
No origination fees
Debt protection program available
Receive same-day approval and funding in most cases
Only established members can receive funds
Co-signer not available?
Minimum loan is $1,000
- Alliant Credit Union offers unsecured personal loans that don’t require collateral.?
- Borrowers can select a term length from 12 to 60 months that best meets their needs.?
- Alliant doesn’t restrict how you use the money. Use it to consolidate debt, pay for an emergency expense, or just about anything else.
- Unlike many lenders, you can apply for a loan even if you don’t have a credit history.
Alliant Credit Union was founded in 1935 by United Airlines employees who envisioned a safe place to get fair loans. Since then, it’s expanded in both size and offerings. It now has 800,000 members nationwide and has loaned over $10 billion. Members can get various credit cards and loans, including auto loans, personal loans, and mortgages.
- No origination fees: You’ll be able to keep more of your loan in your pocket, since Alliant doesn’t charge an origination fee. This saves you money compared to other companies that charge between 1% and 5.25%.
- Debt protection available: Alliant Credit Union offers four different options for debt protection: Involuntary unemployment, death, combination death and disability, and total protection that includes all three of the others.
- Receive same-day approval and funding in most cases: While you may have to wait up to five days to have your funds from competitors deposited, Alliant often approves and funds your loan on the day you submit your application, giving you access to the cash quickly.
- Only established members can receive funds: Not only do you need to be an existing Alliant member to get a loan, but you must also be an established member. At a minimum, this means you must be a member for 90 days before applying for a loan.
- Co-signer not available: Alliant does not allow you to use a co-signer to help you qualify for a personal loan.
- Minimum loan is $1,000: Some lenders allow you to apply for a personal loan for as little as $50. However, Alliant Credit Union requires you to borrow at least $1,000.?
Alliant Credit Union can be a great option if you need money quickly. However, if you aren’t a member, you won’t qualify. Instead, browse other top lenders for the best personal loans.
Types of Personal Loans Offered by Alliant Credit Union
Alliant Credit Union offers unsecured personal loans that you can use in a variety of ways, including for:
- Debt consolidation
- Home improvements
- New appliances
- Tax bills
- Personal property
Time to Receive Personal Loan Funds
Alliant Credit Union strives to approve your loan quickly. If your application is approved, you’ll often receive a deposit into your account on the same day.
To qualify for a personal loan, you must be an Alliant Credit Union member in good standing with an account that’s been open for at least 90 days. The company considers your credit score and history, creditworthiness, down payment, debt-to-income ratio and other factors when approving loans. It doesn’t have a specific income requirement or credit level that you have to meet.?
Alliant Credit Union Personal Loan Features
Personal loans from Alliant Credit Union have the following features:?
- Creditor direct pay: Alliant can send money directly to your creditors to help you consolidate debt.?
- Mobile app: Download the Alliant Credit Union mobile banking app to manage your loan payments.
- Automatic payment option discount: You’ll save 0.4% APR by agreeing to pay your bill automatically.
- Loan assistance program: Alliant has a payoff program for eligible members experiencing financial hardship. It provides reduced interest rates and allows payments over a set term until the loan balance is paid.
- Non-variable late payment: While some lenders charge a percentage of your loan payment as a late fee, Alliant charges a flat $27.
- Unemployment protection: You can purchase involuntary unemployment protection for your loan. Then, if you unexpectedly lose your job, Alliant will cancel up to three payments per occurrence.
- Life protection: You can purchase life protection. If you do and then pass away, up to $100,000 of your loan gets canceled.
Co-Signers and Co-Applicants
Very few of the personal loan lenders we reviewed allow co-signers, and Alliant Credit Union is not one of them. However, it does allow you to list a co-applicant. A co-applicant is equally responsible for loan payments. Alliant considers their credit history, income, and debt-to-income ratio along with yours.
Typically, a co-signer must only make payments if you default. If you want to learn more about the lenders that allow one, check out our favorite personal loans for co-signers.
Can You Refinance a Personal Loan With Alliant Credit Union?
If you need to refinance your loan from Alliant, you can. However, it’s important to note that rates are 1% higher when you do.
Though Alliant provides 24/7 customer support, it recommends calling on weekdays between 7 a.m. and 7 p.m. CT to ensure you get the best loan experience.?
You also have other options for contacting someone from the team.
|Telephone||800-328-1935||24/7, though ideally between 7 a.m. and 7 p.m. CT on weekdays|
|Online Form||Contact Us||24/7|
|Alliant Credit Union||24/7|
|X (Formerly Twitter)||@alliantcu||24/7|
Alliant Credit Union is not ranked in the latest J.D. Power Consumer Lending Satisfaction Study. Unfortunately, its Trustpilot score is only 1.7 stars, lower than many of its competitors. However, it only has 37 reviews, which is also much lower than other lenders.
Many of the reviews were about other banking products offered by Alliant, such as its mortgages or savings accounts. Reviewers were concerned about slow customer service response times, video verification practices, and fraudulent transaction protection.?
Alliant Credit Union Membership Requirements
To join Alliant Credit Union, you must meet one of the following requirements:
- Be a current or retired employee from a partner business or organization in the United States
- Be a domestic partner or immediate family member of a current member
- Live or work in an eligible community near corporate headquarters in Chicago
- Become a member of Foster Care to Success (FC2S); Alliant will pay the $5 membership fee on your behalf
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).
Applying for an Alliant Credit Union Personal Loan
Alliant’s application process is simple. Before starting, you’ll want to have basic personal and financial information, such as your Social Security number, gross monthly income, and employment information.
The application has five simple steps:
- Loan details
- Personal information?
- Co-borrower information
- Spouse information
- Application review
During the process, you’ll use a drop-down menu to state what your loan is for, indicate how much you’d like to borrow, and provide requested information about you, your co-borrower, and your spouse (if applicable).
The online form also asks for details about your employer and any additional income you’d like to be considered.?
After you submit your loan application, Alliant reviews the information and makes a decision. If you qualify, it’ll send you a loan offer to examine. If you accept the loan offer, funds are typically deposited on the same day.
While anyone eligible for membership can apply for other types of loans with Alliant Credit Union and submit their application for membership after approval, only existing members in good standing can take out a personal loan.
Other Banking Services and Loans Offered by Alliant Credit Union
Alliant offers a wide range of banking services and loans. It made our list of the Best Credit Unions for 2023, earning the title Best for a Savings Account. In addition to the typical checking, savings, and personal loans, the company also offers:
- Credit cards
- Kids' savings accounts
- Teen checking accounts
- Certificates of deposit
- Custodial accounts
- Home equity lines of credit
- Vehicle loans
- Commercial real estate financing
- Investment services
- Life, auto, and homeowners insurance
Alliant Credit Union doesn’t have any brick-and-mortar branches. Instead, it relies on its extensive fee-free ATM network around the country.?
Compare Alliant Credit Union With Other Personal Loan Lenders
|Alliant Credit Union||Patelco Credit Union||Bethpage Federal Credit Union|
|Loan Terms||12–60 months||6–84 months||12–84 months|
|Recommended Minimum Credit Score||Not disclosed||640||650|
|Time to Receive Funds||Same day||Same day||Same day|
The Bottom Line
If you’re already a member of Alliant Credit Union, its personal loans are worth looking at. You can borrow up to $100,000 and select among several different payment terms. The application process is simple, and you may get your funds deposited on the same day.?
However, with rates starting at 11.79% APR, you may pay more in interest than you would with another lender. Moreover, you aren’t yet eligible if you aren’t a member. In that case, you might want to go with a different company for your loan.?
How Long Does Alliant Loan Approval Take?
Once you get a personal loan approved, you typically get funds deposited on the same day. However, Alliant Credit Union is currently experiencing a high volume of loan applications, so there are delays in the approval process. The estimated turnaround time for approval is 24 to 48 hours.
What Credit Score Do You Need to Get a Loan from Alliant Credit Union??
Alliant doesn’t list a minimum credit score for loan approval. Instead of looking at a specific data point, it considers multiple factors. But if you don’t have a good credit score, you may get better rates with another company in our list of best personal loans with no credit check.
Is It a Good Idea to Get a Loan From a Credit Union?
Alliant’s personal loans have several things going for them, including high borrowing limits, flexible payment terms, and same-day deposits. But their high interest rates and membership requirements mean that you may be better off with another lender.
Do You Need to Be a Member to Get a Loan from Alliant Credit Union?
Yes, Alliant’s personal loans are only available to people who’ve been members for at least 90 days.
Can Anyone Become a Member at Alliant Credit Union??
Only people meeting Alliant’s membership eligibility requirements can join. You’ll have to be one of the following:
- A current or retired employee from a U.S. partner organization?
- A domestic partner or immediate family member of a current member
- A resident of an eligible community near its Chicago corporate headquarters
- A member of Foster Care to Success?
Does Alliant Credit Union Have Branches?
No, Alliant doesn’t have any brick-and-mortar branches, although you can use one of its many fee-free ATMs across the country to withdraw money or make cash deposits.
To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:
- Loan costs (advertised APR, fees, and six other factors): 29.25%
- Loan terms (loan amount, repayment term, and three other factors): 22.25%
- Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
- Additional features (online application, pre-qualification, and eight other factors): 20%
Learn more about how we evaluated personal loans in our complete methodology.