Alliant Credit Union Personal Loans: 2024 Review
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Our Take
Alliant’s personal loans, with a wide range of loan amounts, fast funding and a rate discount, may be a good option for members.
Pros
- Fast funding.
- Wide range of loan amounts.
- Rate discount for autopay.
- Hardship program for borrowers in need.
Cons
- Exclusive to credit union members.
- No option to pre-qualify with a soft credit check.
Lender | Est. APR | Loan amount | Min. credit score | |
|---|---|---|---|---|
2024 BEST PERSONAL LOAN OVERALL | 8.99-
29.99% | $5,000-
$100,000 | None | Visit Lenderon SoFi's website on SoFi's website Check Rateson NerdWallet on NerdWallet |
 Visit Lenderon LightStream's website on LightStream's website Check Rateson NerdWallet on NerdWallet | 6.99-
25.29% | $5,000-
$100,000 | 660 | Visit Lenderon LightStream's website on LightStream's website Check Rateson NerdWallet on NerdWallet |
7.99-
24.99% | $2,500-
$40,000 | 660 | Visit Lenderon Discover's website on Discover's website Check Rateson NerdWallet on NerdWallet | |
7.80-
35.99% | $1,000-
$50,000 | None | Visit Lenderon Upstart's website on Upstart's website Check Rateson NerdWallet on NerdWallet | |
9.99-
35.99% | $1,000-
$50,000 | 580 | Visit Lenderon Upgrade's website on Upgrade's website Check Rateson NerdWallet on NerdWallet |
Full Review
Editor’s note: Alliant did not respond to our most recent request for details regarding its personal loan product. We reviewed its website and attempted to contact company representatives, but some of the information presented here may not be recently updated. Due to the lack of verifiable information, NerdWallet did not give Alliant’s personal loan a star rating.
Alliant Credit Union offers a wide range of personal loans with the possibility of same-day funding. Though loans are available to members only, Alliant’s membership requirements are broad compared with other credit unions.
To become an Alliant member, you must meet one of the following requirements:
Are a current or retired employee from one of Alliant’s partner businesses and organizations.
Are an immediate family member or domestic partner of an Alliant member.
Live or work near Alliant’s corporate headquarters in Chicago.
Are willing to become a member of Foster Care to Success, which serves foster teens across the country. Alliant will pay a $5 membership fee to the organization on your behalf.
Table of contents
Alliant personal loans at a glance
Minimum credit score | Not disclosed. |
APR | 9.49% - 29.49%. |
Loan amount | $1,000 to $100,000. |
Repayment terms | 1, 2, 4 and 5 years. |
Time to fund after approval | Same day. |
Loan availability | Loans available in 50 states and Washington, D.C. |
Where Alliant personal loans stand out
Wide range of loan amounts: Alliant’s personal loans range from $1,000 to $100,000. With this wide range of amounts, borrowers can choose the loan that best fits their needs, whether that's a small emergency repair or a large home improvement project.
Rate discount for autopay: Alliant offers a rate discount of 0.40 percentage points for setting up automatic payments. Not only can this help you avoid late fees, but the discount will be applied to the loan’s annual percentage rate, saving you money on interest.
Fast funding: According to Alliant, most personal loan applicants are approved the same day they apply. Once you sign loan documents, the lender can also provide same-day funding. As long as you submit the required documentation, this could mean applying and being funded within two business days.
» COMPARE: Best personal loans with fast funding
Customer service support: The credit union offers solid customer support, including a call center that’s available 24/7, according to its website.
Financial hardship program: For borrowers who face an unexpected financial difficulty, Aliant has a payment assistance program which provides a reduced interest rate and payment over a set term. Not all lenders offer this kind of financial assistance.
Where Alliant personal loans fall short
No option to pre-qualify: Unlike other lenders, Alliant doesn't allow borrowers to pre-qualify before applying for a personal loan. That means you can’t check your potential loan amount, rate and monthly payment before undergoing a hard credit check. Pre-qualifying with multiple lenders is one of the best ways to compare loans.
How to use Alliant personal loans
Alliant personal loans can be used for debt consolidation, home improvement projects or emergency expenses. A loan can be used to refinance an existing Alliant loan, but carries a 1% additional APR charge.
Alliant personal loan customer reviews
As of September, 2024, Alliant has 1.9 stars on Trustpilot, a website that collects consumer reviews. Negative reviews related to customer service regarding loans and banking services. The credit union's mobile app received 4.5 stars across 8,800 reviews on Google Play and 4.7 stars across 8,300 reviews on the Apple App Store.
Do you qualify for an Alliant personal loan?
Alliant doesn’t disclose many of its borrower requirements, but according to the lender, approval and APR are based on payment method, creditworthiness and ability to repay.
To apply for a personal loan from Alliant, you must:
Be an Alliant Credit Union member for at least three months.
Supply your Social Security number, gross monthly income and employment information.
Before you apply
Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. Doing so will help you spot and fix any errors before you apply.
Calculate your monthly payments. Use a personal loan calculator to determine what APR and repayment term you’d need to get a loan with affordable monthly payments.
Make a plan to repay the loan. Review your budget to see how the loan’s monthly payments impact your cash flow. If you have to cut other expenses in order to repay the loan, it’s better to know that before you borrow.
Gather your documents. Most lenders require proof of income, which can be a W-2 or paystub, as well as proof of address and a Social Security number. Having these documents handy can speed the application process.
How to apply for an Alliant personal loan
Here are the steps to apply for a personal loan from Alliant.
Apply on Alliant’s website. Since Alliant doesn’t let you pre-qualify, your first step is to submit a formal personal loan application. This could require documentation, like W-2s, pay stubs and bank statements to confirm your information. Alliant will do a hard credit check when you apply, so your credit score could temporarily dip.
Make a plan to repay the loan. Alliant may report payments to the three main credit bureaus, so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments and keeping an eye on your budget are two ways to manage your loan payments.
Compare Alliant to other lenders
Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.
Best Egg and LendingClub offer personal loans to borrowers with fair and good credit, and both let you pre-qualify to check your potential rate.
Best Egg
» MORE: Read our review of Best Egg
Minimum credit score | 600. |
APR | 7.99% - 35.99%. |
Fees | Origination: 0.99% to 9.99%. |
Loan amount | $2,000 to $50,000. |
Repayment terms | 3 to 5 years. |
Time to fund after approval | 1 business day. |
Loan availability | Loans not available in IA, VT, WV and Washington D.C. |
LendingClub
» MORE: Read our review of LendingClub
Minimum credit score | 600. |
APR | 9.06% - 35.99%. |
Fees |
|
Loan amount | $1,000 to $40,000. |
Repayment terms | 2 to 6 years. |
Time to fund after approval | 1 business day. |
Loan availability | Loans available in all 50 states and Washington, D.C. |
Ready to apply? Select "See my rates" below to compare rates for different lenders on NerdWallet.
Find the Best Personal Loan
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 50 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
