Alliant Credit Union Personal Loans: 2023 Review

Alliant Credit Union’s personal loans come in a wide range of amounts with same-day funding in most cases.
By
Jackie Veling
Sep 25, 2023

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Our Take

4.0

NerdWallet rating
The Nerdy headline:

Alliant’s personal loans, with small and large loan amounts, fast funding and a rate discount, may be a good option for members.

Jump to:Full Review
Alliant Personal Loan
Alliant Personal Loan

Est. APR
11.79-29.49%
Loan amount
$1,000-$100,000
Min. credit score
None
on NerdWallet's secure website

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

SoFi
NerdWallet rating
Happy Money
EST. APR
8.99-25.81%
EST. APR
11.72-24.67%
LOAN TERM
2 to 7 years
LOAN TERM
2 to 5 years
LOAN AMOUNT
$5,000-$100,000
LOAN AMOUNT
$5,000-$40,000
MIN. CREDIT SCORE
None
MIN. CREDIT SCORE
640
Compare estimated rates from multiple lenders
Compare rates
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Full Review of Alliant Personal Loan

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 accurate. Alliant’s star rating reflects this lack of verifiable information.

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

Not disclosed.

APR

11.79% - 29.49%.

Fees

Late fee: Not disclosed.

Loan amount

$1,000 to $100,000.

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 $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 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.

Customer service support: Alliant rates particularly well in customer service compared with other lenders. The credit union offers solid customer support, 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.

Do you 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 three months.

  • Must supply 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. Alliant may require proof of income, which can be a W-2, paystub or tax document, 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 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.

CHECK RATES ON NERDWALLET

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 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 loan amounts up to $50,000 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.

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.

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

Underwriting

Transparency

Loan flexibility

Customer experience

Overall

  • Affordability (30%) An affordable loan has low rates and fees compared to other similar loans and may offer rate discounts.

    Underwriting and eligibility (25%) The lender reviews borrowers credit reports and credit history, and tries to understand their ability to repay a loan, before making a final application decision.

    Loan flexibility (20%) A flexible loan is one that lets users customize terms and payments. That means offering a wide range of repayment term options, allowing the borrower to change their payment date, offering loans in most states and funding it quickly.

    Customer experience (15%) A good customer experience can include a fully online application process, financial education on the lender’s website and a customer service team that’s available most of the time and can be reached multiple ways.

    Transparency (10%) A transparent lender makes information about the loan easy to find on its website, including rates, terms and loan amounts. Transparency also means allowing users to pre-qualify online to preview potential loan offers and reporting payment information with the major credit bureaus.

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Find the Best Personal Loan

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Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions. We collect over 50 data points from each lender 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.

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