Alliant Credit Union Personal Loans: 2021 Review

Alliant Credit Union’s personal loans come in a wide range of amounts with same-day funding available in most cases.
Jackie VelingOct 19, 2021

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Our Take

The bottom line: Alliant’s personal loans, with their minimal fees, fast funding and wide range of amounts, are a strong option for members with fair and good credit.

Alliant Personal Loan

Alliant Personal Loan

Min. Credit Score

None

Est. APR

6.24-27.24%

Loan Amount

$1,000-$50,000

Pros & Cons

Pros

  • No origination or prepayment fees.
  • Able to fund loans the same day.
  • Rate discount for autopay.
  • Offers wide range of loan amounts.

Cons

  • No option to pre-qualify.
  • No co-sign or secured loan option.
  • Doesn't offer direct payment to creditors with debt consolidation loans.

Compare to Other Lenders

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NerdWallet rating 
NerdWallet rating 
Est. APR

5.94-35.47%

Est. APR

5.38-35.99%

Loan Term

2 to 7 years

Loan Term

3 to 5 years

Loan Amount

$1,000-$50,000

Loan Amount

$1,000-$50,000

Min. Credit Score

560

Min. Credit Score

None

Compare estimated rates from multiple lenders

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Full Review

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 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.

Alliant doesn't allow borrowers to pre-qualify to check their rates and terms, meaning you’ll need to submit to a hard credit check before knowing whether you’re approved.

Alliant is best for borrowers who:

  • Have fair or good credit (a score of 630 to 719 FICO).

  • Would like to add a co-borrower to their application.

  • Need fast funding.

Alliant at a glance

Affordability

  • APRs are consistent among lenders targeting similar borrowers.

  • No origination or prepayment fees, but may charge a late fee.

  • Rate discount for autopayments.

Loan flexibility

  • Does not offer direct payment to creditors for debt consolidation loans.

  • Can fund loans the same day.

  • Offers refinancing options.

  • Available in all 50 states and Washington, D.C.

Transparency

  • No soft credit check to pre-qualify.

  • Does not clearly disclose rates on website; terms are disclosed.

  • FAQs available to answer some borrower questions.

Customer experience

  • Offers multiple customer contact channels and 24/7 support.

  • Offers mobile app to manage loan.

  • Provides financial education.

Key terms to know about personal loans

Annual percentage rate is the interest rate on your loan plus all fees, calculated on an annual basis and expressed as a percentage. Use the APR to compare loan costs from multiple lenders.

An origination fee is a one-time, upfront fee that some lenders charge for processing a loan. The fee can range from 1% to 10% of the loan amount, and lenders typically deduct it from your loan proceeds.

The debt-to-income ratio divides your total monthly debt payments by your gross monthly income, giving you a percentage. Lenders use DTI — along with credit history and other factors — to evaluate a borrower's financial ability to repay a loan.

Lenders that offer pre-qualification typically do so using a soft credit check, which allows you to see rates and terms you qualify for without affecting your credit score. If you accept the loan offer, the lender will perform a hard check to confirm your information. Hard checks knock a few points off your credit score.

» COMPARE: Best bank loans

Where Alliant stands out

Wide range of loan amounts: Alliant offers personal loans ranging from $1,000 to $50,000. With this wide range of amounts, borrowers can choose the loan that best fits their needs, whether that be a small emergency repair or a large home improvement project.

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 highly rated mobile app, which you can use to make loan payments.

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.

Joint loan option: Borrowers concerned about qualifying on their own for an Alliant personal loan can add a co-borrower to their application. If this person has better credit or a higher income than you, it could improve your chances of approval or lead to a lower rate. A joint loan is different than a co-signed loan, in which you add someone to your application, but they don't share access to the funds.

Where Alliant falls 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 secured loan option: Alliant’s loans are unsecured, meaning you don’t have the option to put up collateral like your savings account or car to get a lower rate. For borrowers with lower credit scores, a secured option can make a loan more affordable.

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.

How to qualify for an Alliant loan

Alliant doesn’t disclose specifics about how to qualify for its personal loan. Approval is based on payment method, creditworthiness, ability to repay and the term. According to the lender, it doesn't usually offer subprime loans — meaning borrowers with bad credit (629 FICO or lower) are unlikely to be approved.

Loan example: A two-year, $7,000 loan with a 15.5% APR would have monthly payments of $341. You'd pay $1,184 in total interest on that loan.

How to get an Alliant loan

Apply on Alliant

To apply for an Alliant loan, you need to be a member. Members can apply online or by phone. You cannot pre-qualify for an Alliant personal loan.

Pre-qualify on NerdWallet

NerdWallet recommends comparing loans to find the best rate for you. Pre-qualifying may get you personalized rates from multiple lenders that partner with us. Pre-qualifying will not impact your credit.

Personal Loans Rating Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 30 lenders. 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 our editorial guidelines.