Who Alliant Credit Union Is Best For
Alliant Credit Union might be a good choice to add to your list of lenders if you:
- Have bad credit
- Need money fast
- Don’t mind working with an online lender
- Are an existing Alliant Credit Union member
- Prefer working with a community-oriented nonprofit like a credit union
Who Alliant Credit Union Isn’t Right For
Alliant Credit Union may not be right if you:
- Want to find the lowest rates possible
- Don’t want to work with an online institution
- Need to pay it off for more than five years
- Don’t want to go through the hassle of maintaining a separate savings account
- Don’t want to take a credit hit from a hard credit inquiry to check your rate
Alliant Credit Union Personal Loan Details
Loan Amounts and Terms
- Loan amounts. Alliant Credit Union offers loan amounts ranging from $1,000 to $100,000.
- Loan terms. You can choose from four different term lengths: one year, two years, four years or five years.
Personal Loan Costs
- APR. Rates start at 11.49% for one- and two-year loans, and 13.49% for four-year loans and 14.49% five-year loans. This is a much higher starting point than many other lenders.
- Other fees. Alliant Credit Union doesn’t charge any fees for its loans.
Perks and Features
- Autopay discount. The rates quoted assume that you’ve signed up for autopay, which is recommended. If you opt out of autopay and choose to make payment manually, your rates will be 0.4% higher.
- 24/7 phone lines. If you have questions about your loan and need an instant answer, you can call up customer support at 800-328-1935 anytime, day or night.
- Debt protection plan. Alliant Credit Union offers an optional debt protection plan in the event of death, disability or involuntary unemployment. It costs between 75 cents to $1.99 per month for every $1,000 of outstanding balance on your personal loan.
- Choose your own due date. If your loan is approved, you can choose your own payment due date. This can help you line up your payments with your paychecks.
How to Qualify for an Alliant Credit Union Personal Loan
Personal loan applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Meeting the requirements below won’t guarantee approval, but they can help you decide if a personal loan is the right fit for you.
Alliant Credit Union Membership
You don’t need to be a member of the credit union to apply for a loan, but you’ll need to become a member if you’re approved.
Credit Score Requirements
You’ll generally need a credit score of at least 640 to qualify for a personal loan with Alliant, making it a great option for prospective borrowers with limited credit.
Income Requirements
There isn’t any set income minimum for approval. You’ll need to demonstrate that you’ll be able to make the payments on the loan amount you’re requesting with your current income.
Alliant will also take any other monthly debt payments into account in relation to your income. In general, you’ll be limited to a maximum monthly debt-to-income (DTI) ratio of 55%.
Co-signers and Co-applicants
You can apply for an Alliant personal loan with a co-borrower, such as your spouse or a parent. However, Alliant Credit Union does not allow for co-signers.
How to Apply for an Alliant Credit Union Personal Loan
Follow these general steps to apply for an Alliant Credit Union personal loan:
- Confirm your membership. If you’re a current member, you can apply online through your existing account or call 1-800-328-1935. If you’re not a member, you can apply directly on the website or the same phone number as members.
- Submit your application. Alliant doesn’t offer a prequalification process like other lenders. Instead, you’ll need to fill out a full application to apply, which requires a hard credit check that temporarily drops your score. You’ll need to provide personal information like your income, employer and Social Security number. You may need to provide recent pay stubs, bank statements and copies of your identification. You’ll also need some proof of your current address, such as a bill or voter registration card.
- Wait for approval. If approved as a current member, Alliant will either deposit your loan funds into your account or send you a check, whichever you prefer. If you’re approved and you’re not a member, you’ll need to join the credit union before receiving your funds. You must meet one of Alliant’s member eligibility criteria, such as living or working in one of the communities near its Chicago headquarters or donating to a partner nonprofit. If you’re eligible for membership, you must open a high-rate savings account and maintain a minimum balance of $5.
Related: Best Personal Loans Of 2024
Customer Reviews
Alliant Credit Union has rather poor customer ratings. As of Dec. 2, 2022, it has 2 out of 5 stars on Trustpilot, based on 17 reviews. Similarly, it has 1.14 out of 5 stars on the Better Business Bureau (BBB) website, based on 56 customer reviews. It’s important to note that these are for the credit union as a whole, including its other banking services.
When you pare it down further, however, nine people have filed complaints about Alliant Credit Union personal loans with the Consumer Financial Protection Bureau, starting relatively recently in 2019. Complaints mention problems with making payments and being charged unexpected fees or interest.
Featured Partners
1
LendingPoint Personal Loans
$2,000 to $36,500
7.99% to 35.99%
600
2
SoFi®
650
8.99% to 29.99%
$5,000 to $100,000
3
Avant
$2,000 to $35,000
9.95% to 35.99%
580
4
Upgrade Personal Loans
580
8.49% to 35.99%
$1,000 to $50,000
How Alliant Credit Union Personal Loans Stack Up
Alliant Credit Union is only one option out of dozens if you need a personal loan. Here’s how it compares with some of the other best personal loan lenders.
Alliant Credit Union vs. SoFi
If you have a credit score of at least 650, SoFi offers personal loans up to $100,000 and term lengths up to seven years. It also offers same-day approval and funding. Rates start at 8.99%, which is much lower than Alliant.
Related: SoFi Personal Loans Review
Alliant Credit Union vs. PenFed Credit Union
PenFed is another popular online credit union that’s available for anyone to join. It offers many of the same benefits as Alliant Credit Union, such as no fees and loan amounts up to $50,000. However, it has one clear advantage: Rates are much lower, starting around 8%. You’ll need a credit score of 650 to be eligible for a personal loan from PenFed.
Related: PenFed Credit Union Personal Loans Review
Alliant Credit Union vs. Upgrade
Upgrade is an online lender that works with credit scores as low as 580. Its rates start at almost 9%; however, if you have damaged credit, you’re likely to get rates on the high end of its range, which is around 36%. Unlike Alliant, it does charge an origination fee between 1.85% and 9.99%, which is taken out of your loan.
Related: Upgrade Personal Loans Review
Methodology
We reviewed Alliant Credit Union based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Alliant Credit Union based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 20%
- Eligibility and accessibility: 20%
- Customer experience: 15%
- Application process: 10%
Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated Alliant Credit Union’s support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.
