Alliant Credit Union Personal Loans Review 2021
Loan amounts and interest rates
Alliant Credit Union offers personal loans of $ 1,000 to $ 50,000, with an APR range starting at 6.24%. This minimum APR is one of the best deals on our list of the best credit unions for personal loans, and it has a maximum loan amount comparable to other lenders on the list.
Advantages and disadvantages
How Alliant Credit Union Personal Loans Work
Alliant Credit Union offers unsecured personal loans to qualified borrowers. Unsecured personal loans are loans that do not require collateral, such as a house or a car. You can get a loan in all 50 US states.
You can use an Alliant personal loan for debt consolidation, emergency spending, home renovations, or vacations, although this list is not exhaustive. Check with the credit union to see if the subject of your loan qualifies.
Most people can get their money the same day their loan is approved. You can take out a loan for one to five years, but there is no penalty for prepaying your loan.
You must 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 close to the credit union’s head office in Illinois. . If none of these conditions apply to you, you can qualify by joining Foster Care to Success, and Alliant will cover your $ 5 membership fee.
You can also buy debt protection for your loan that covers death, disability, and involuntary unemployment, protecting you from unforeseen events that could prevent you from repaying your loan. Debt protection costs $ 1.99 per $ 1,000 of your outstanding loan balance each month.
You can contact customer service by phone 24/7, email, or contact the credit union on social media. Alliant also offers a well-rated app on the Apple and Google Play stores.
What credit score is required for Alliant Credit Union?
Alliant Credit Union does not publish the minimum credit score you need to qualify for a loan, although you generally have a better chance of approval with a higher score. Keep in mind that your credit score isn’t the only factor lenders use when deciding whether to offer you a loan – they’ll likely also consider your income and unpaid 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 a week until April 20, 2022. Although you will not receive your credit score on this report, you will get information about your credit and payment history. By examining your credit report, you can spot errors and determine what needs improvement.
You can get your score free of charge on your credit card statement or online account. You can also buy it from a credit reporting agency.
When you check your rates with Alliant, the lender performs a gentle credit check, which does not affect your credit score. However, if you accept the loan offer, Alliant will conduct a thorough credit investigation, which will give the credit union a complete view of your credit history, but could negatively affect your credit score.
After you start paying off the loan, your payments (or missed payments) will show up on your credit report.
Is Alliant Credit Union trustworthy?
The Better Business Bureau has rated Alliant Credit Union a A + in reliability. The BBB measures its reliability score by assessing a company’s response to consumer complaints, honesty in advertising, and transparency of business practices.
Alliant has no recent scandals or controversies. Between a credit union’s top-notch BBB score and clean history, you might decide that Alliant is the right personal loan lender for you.
How Alliant Credit Union Stacks Up
The term of Alliant loans is between one and five years. PenFed’s reach is six months to five years, and First Tech’s reach 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 interest you will pay.
All three lenders have the same maximum loan amounts and the same minimum APRs within one 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 guarantee covers death, disability and involuntary unemployment, protecting you from unforeseen events that could prevent you from repaying 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 difficult to get a personal loan from a credit union?
You’ll need a strong credit score to get a personal loan from a credit union, but it doesn’t have to be more difficult than getting one from a bank or online lender. . All of these institutions will consider your income, credit history, and unpaid debts in addition to your credit score when deciding if they will 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 an 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 your credit is worse, you might get a better rate with a credit union than with another lender.
How much can you borrow from a credit union?
The amount you can borrow from a credit union varies depending on the lender and your credit history. With Alliant, you can take out up to $ 50,000, which is comparable to most of the other lenders on our list of the best credit unions for personal loans.