Alliant Credit Union provides quick personal loans between the range of $1,000 and $100,000 with terms of about 5 years. It offers loans with competitive features such as no origination or prepayment fees. The same-day and quick approval stand out, especially for borrowers who love 24/7 customer service. For borrowers who love online banking and have good credit, Alliant Credit Union is a good choice for an easy personal loan lending solution.
Alliant Credit Union personal loans can be used for a variety of purposes, including home improvements, debt consolidation, and unexpected emergency expenses. The terms of the loan are designed to meet various financial goals and budgets. Also, the credit union’s online platform makes managing your loan account very easy and convenient.
However, you need to keep in mind that the credit union restricts borrowers from using the personal loan for investments, business expenses, or credit card or loan payments. Furthermore, due to the membership requirements, Alliant Credit Union is a good choice for existing members and people who want to become a member.
Who are Alliant Credit Union Personal Loans a Good Choice for?
If you are in need of fast access to cash, Alliant Credit Union personal loans could be a great option. Just like I have mentioned above, their loans often offer same-day deposits, making them ideal for urgent needs. It is also a good choice for borrowers who prefer to work with community-oriented nonprofit lenders. They don’t charge origination fees or penalties for paying off your loan early, so you can repay it without additional charges. Known for low fees and competitive rates, this credit union is highly regarded among other credit unions.
However, if you’re new to Alliant, it is advisable that you be a member for at least 90 days before applying for a personal loan. This might not be convenient if you don’t want a very long relationship with a lender. It may also not be a good option if you are looking for low rates or don’t want to go through the stress of maintaining a separate savings account. Plus, you should not go for this lender if you don’t want to take a credit hit from a hard credit inquiry.
Alliant Credit Union Personal Loans: Pros and Cons
Just so you know, each lending institution has its own advantages and setbacks. To help you make the right decision, below is a list of the pros and cons of this lender’s personal loan:
- Same-day fund
- Amounts of loans range from $1,000 to $1,000,000.
- No repayment penalties or origination fees
- Autopay rate discount available
- Simple membership requirements
Cons
- High starting APR
- There is no prequalification available.
- No joint applications.
- No debt consolidation direct payment
- No disclosure of credit score range
Alliant Credit Union Personal Loan Details
Loan Amounts and Terms
- Loan Amounts: Loans range from $1,000 to $100,000.
- Loan Terms: Borrowers can choose from four term lengths: 1 year, 2 years, 4 years, or 5 years.
Personal Loan Costs
- APR: Rates start at 11.49% for 1- and 2-year loans. And 13.49% for 4-year loans and 14.49% for 5-year loans, which are much higher than many other lenders.
- Other Fees: There are no additional fees required.
Perks and Features
- Autopay Discount: Rates assume autopay enrollment, which is recommended. Opting out of autopay increases rates by 0.4%.
- 24/7 Customer Support: You can contact customer service for assistance anytime.
- Debt Protection Plan: Optional coverage is available for death, disability, or involuntary unemployment, costing between $0.75 and $1.99 per month for every $1,000 of the loan balance.
- Flexible Due Date: If the loan gets approved, borrowers can choose their own payment due date to align with their paycheck.
How to Qualify for Alliant Credit Union Personal Loans
Approval for personnel depends on various factors. Each lender has its own criteria, but they usually dive into your credit history and income to see if you can repay the loan. Keep in mind that meeting these requirements doesn’t guarantee approval, but it can only help you decide if this credit union personal loan is right for you.
Alliant Credit Union Membership
You need to be members of the credit union to get approved for the loan. Just like I have mentioned above, it is advisable that you be a member for at least 90 days to go through the application and approval process.
Credit Score Requirements
Generally, you need a minimum credit score of 640 to qualify for a personal loan with Alliant. This makes it a good option for people with limited credit.
Income Requirements
There is no fixed actual income for approval. You need to show that you will be able to pay back the loan amount with your existing income. Alliant will also take a look at your monthly debt payments. You are typically limited to a maximum monthly debt-to-income ratio of about 55 percent.
Co-applicants and Co-signers
You can easily apply for a personal loan with a co-borrower like your parent or spouse. However, no co-signers are allowed.
How can I apply for Alliant Credit Union personal loans?
If you want to apply for Alliant Credit Union personal loans, here are the steps to follow:
Firstly, if you are already a member, you can apply online through your account or contact customer service. If you are not a member, visit the official website and apply directly.
This lender does not offer a prequalification process. So, you will need to fill out an online application to apply, and this requires a hard credit check that drops your score temporarily.
You will need to provide personal information such as your income, social security number, and employer. You may have to provide recent bank statements, pay stubs, and copies of your identification. Also, you will need to provide proof of your address, like a voter registration card or bill.
If you get approved as a member, Alliant will send the funds into your savings account or send you a check the same day. You are required to be a member before receiving funds.
