Alliant Credit Union Personal Loans Review 2021

Table of Contents Loan amounts and interest ratesPros and consPros ConsHow Alliant Credit Union personal loans…

Loan amounts and interest rates

Alliant Credit Union offers personal loans from $1,000 to $50,000, with an APR range that starts at 6.24%. This minimum APR is one of the better deals on our list of best credit unions for personal loans, and it has a maximum loan amount that is comparable to other lenders on the list. 

Pros and cons

How Alliant Credit Union personal loans work

Alliant Credit Union offers unsecured personal loans to qualified borrowers. Unsecured personal loans are loans that don’t require collateral, like a house or car. You can get a loan in all 50 US states. 

You can use a personal loan from Alliant for debt consolidation, emergency expenses, home renovations, or vacations — 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. 

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 joining Foster Care to Success, and Alliant will cover your $5 joining fee.

You can also purchase debt protection for your loan that covers death, disability, and involuntary unemployment, protecting you from unexpected events that may make you unable to repay your loan. Debt protection costs $1.99 per $1,000 of your outstanding loan balance each month.

You may contact customer support by phone 24/7, via email, or by contacting the credit union on social media. Alliant also has a well-reviewed app on both the Apple and Google Play stores. 

What credit score is needed for Alliant Credit Union?

Alliant Credit Union 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. 

To get your credit report from one of the three major credit bureaus, use annualcreditreport.com. You can get your report for free once per week through April 20, 2022. While you won’t receive your credit score on this report, you’ll get information about your credit and payment history. While reviewing your credit report, you can spot errors and figure out what to improve. 

You can get your score at no cost on your credit card statement or online account. You may also buy it from a credit reporting agency.

When you check your rates with Alliant, the lender will perform a soft credit inquiry, which doesn’t impact your credit score. However, if you accept the loan offer, Alliant will conduct a hard credit inquiry, which gives the credit union a complete view of your credit history, but might negatively affect your credit score.

After you begin repaying the loan, your payments (or missed payments) will appear on your credit report. 

Is Alliant Credit Union trustworthy?

The Better Business Bureau has rated Alliant Credit Union an A+ in trustworthiness. The BBB measures its trustworthiness score by evaluating a company’s response to consumer complaints, honesty in advertising, and transparency about business practices. 

Alliant doesn’t have any recent scandals or controversies. Between the credit union’s top-notch BBB score and clean history, you might decide Alliant is the right personal loan lender for you. 

How Alliant Credit Union compares

The term length for Alliant’s loans is between one and five years. PenFed’s range is six months to five years, and First Tech’s range is two to seven years. 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.

Frequently asked questions

Is Alliant Credit Union legitimate?

Yes, Alliant Credit Union is a legitimate credit union federally insured by the National Credit Union Administration. In addition to loans, you can also open a checking or savings account, invest, or take out a credit card, among Alliant’s variety of financial products. 

Is it hard to get a personal loan from a credit union?

You’ll need to have a solid credit score to get a personal loan from a credit union, but it isn’t necessarily any harder than snagging one from a bank or online lender. All of these institutions will consider your income, credit history, and outstanding debts in addition to your credit score when deciding if they’ll approve you for a loan. 

Is a credit union a good place to get a personal loan?

A credit union is a great option for taking out a personal loan. You can also get a personal loan from a bank or online lender, and your choice may depend on which financial institution offers you the best loan terms. Rates are capped by the National Credit Union Administration at 18%, so if you have poorer credit, you might get a better rate with a credit union than another lender. 

How much can you borrow from a credit union?

The amount you can borrow from a credit union varies depending on the particular lender and your credit history. With Alliant, you can take out up to $50,000, which is on par with most of the other lenders on our best credit unions for personal loans list.