Alliant Credit Union Personal Loans: 2023 Review
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Our Take
4.5
The bottom line:
Alliant’s personal loans, with small and large loan amounts, fast funding and a rate discount, are a strong option for members with fair and good credit.
Full Review
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Pros & Cons
Pros
- Fast funding.
- Wide range of loan amounts.
- Rate discount for autopay.
- Option to choose initial payment date.
Cons
- Exclusive to credit union members.
- No option to pre-qualify with a soft credit check.
- No co-sign or joint loan option.
- No direct payment to creditors with debt consolidation loans.
Compare to Other Lenders
 |  |
|---|---|
Est. APR7.96-35.97% | Est. APR6.50-35.99% |
Loan term2 to 7 years | Loan term3 to 5 years |
Loan amount$1,000-$50,000 | Loan amount$1,000-$50,000 |
Min. credit score560 | Min. credit scoreNone |
Compare estimated rates from multiple lenders
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Full Review of Alliant Personal Loan
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 and don’t require a fee.
To become an Alliant member, you need to 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 FC2S on your behalf.
Table of contents
Alliant personal loans at a glance
Minimum credit score | 620. |
APR | 6.24% - 27.24%. |
Fees | Late fee: Varies. |
Loan amount | $1,000 to $50,000. |
Repayment terms | 1, 2, 4 and 5 years. |
Time to fund after approval | Funds can be sent the same day you're approved. |
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 $50,000. 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 the lender, Alliant can approve most borrowers the same day they apply. Once you sign the 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 — a big pro for borrowers who need funds quickly.
» COMPARE: Best personal loans with fast funding
Customer service support: Alliant rates particularly well in customer service compared with other lenders. The credit union offers solid customer support through multiple contact channels, including a call center that’s available 24/7. The lender also has a well-rated mobile app, which you can use to make loan payments.
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 risking a hard credit check. Pre-qualifying with multiple lenders is one of the best ways to compare loans.
No co-sign or joint loan option: Alliant doesn’t offer co-signed or joint loans, meaning you can’t add someone else to your application to help you get approved or qualify for a lower interest rate.
No direct payment to creditors: The lender doesn't offer the option to send loan funds to your creditors, instead of depositing the money in your account. Though this feature isn’t necessary for consolidating debt with a personal loan, it’s a nice option since it eliminates the step of sending the funds yourself.
» COMPARE: Best debt consolidation loans
How to qualify for an Alliant personal loan
Alliant doesn’t disclose many of its borrower requirements, but according to the lender, loan approval and APR is 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 six months.
Have a minimum credit score of 620.
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 to repay the loan, it’s better to know that before you borrow.
Gather your documents. Alliant may request proof of income, which can be a W-2 or paystub, as well as photo identification, like a driver’s license or passport. Having these documents handy can speed the application process.
How to apply for an Alliant personal loan
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 reports 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 with 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 also offer personal loans to borrowers with fair and good credit, and both let you pre-qualify to check your potential rate.
Alliant vs. Best Egg
Best Egg has similar loan amounts as Alliant and requires a minimum credit score of 600. The lender also offers direct payment to creditors with debt consolidation loans. However, Best Egg charges an origination fee and doesn't offer a rate discount.
» MORE: Read our review of Best Egg
Alliant vs. LendingClub
LendingClub personal loans are also available to borrowers with a minimum credit score of 600. It offers joint loans, so you can add a co-borrower to your application, and direct payment to creditors. LendingClub charges an origination fee.
» MORE: Read our review of LendingClub
How we rate Alliant personal loans
NerdWallet writers rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s what we prioritized this year:
Category | Star rating |
|---|---|
Affordability | |
Transparency | |
Loan flexibility | |
Customer experience | |
Overall |
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Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. 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. 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.
This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
