Alliant Credit Union Personal Loan Review: Great for Low Rates

Alliant Credit Union Personal Loan Review: Great for Low Rates

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Alliant only extends personal loans to existing members of the credit union. To become a member, you’ll need to be part of an eligible organization, live or work in a certain area of Chicago, or be related to an Alliant member. Having said that, we think the credit union is an especially good choice for low rates and flexible payment terms.

Alliant Credit Union Personal Loan Review: Should You Apply?

  • on Alliant Credit Union's secure website
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While Alliant only provides personal loans to existing members, we think the credit union has great rates and terms. For unsecured loans, the credit union has rather low maximum annual percentage rates.

  • Competitive rates.
  • Option to pay off your creditors directly for debt consolidation loans.
  • Only available to Alliant Credit Union members.

For existing members, Alliant has competitive APRs on unsecured loans. Members can borrow from $1,000 to $50,000 with low rates. The lender is also able to provide fast funding times and can provide funds the same day you apply. You can use these loans for debt consolidation, home expenses or emergencies. And, just in case, the lender offers a debt protection plan in the event of death, disability or involuntary unemployment.

If you’re shopping for a debt consolidation loan, Alliant can pay off your creditors directly. Many online lenders and banks don’t give borrowers this option, which makes consolidating debt a little inconvenient–especially if you have a few different accounts you need to pay off. While this shouldn’t be the sole factor in your decision, this is a nice feature that few other organizations offer.

Eligibility Criteria

To be eligible for an Alliant Credit Union personal loan, borrowers should meet the minimum criteria listed below. If you want to improve your chances at qualifying, you should also meet the recommended criteria.

  • Must be an Alliant Credit Union member
  • Must have sufficient income to support repayment

Alliant Credit Union has physical branch locations in California, Illinois, Colorado, Texas and Virginia. To become a member of the credit union, you must:

  • Be an employee or member of a qualifying organization.
  • Live, work or worship in a qualifying Chicago area community.
  • Be a member of Foster Care to Success.
  • Be related to an existing Alliant member (including partners of unmarried members).

Alliant Credit Union Personal Loan Rates, Terms and Fees

Alliant offers unsecured loans to its members with competitive rates and terms.

Unsecured Personal Loans

If you decide to apply for an unsecured loan, you can borrow up to $50,000 with fixed interest rates and a variety of payment terms.

Loan Amount Range$1,000 - $50,000
APR Range6.49% - 10.49% with AutoPay
  • No origination fee
  • Late payment fee: $27
  • NSF/returned payment fee: $27
  • No check processing fee
  • No prepayment penalty
Loan Terms1 to 5 years
Repayment OptionsMonthly
Direct Payment to CreditorsYes

Application Process

You’ll need to be a member of Alliant Credit Union to apply for a personal loan. You can apply online or by phone. To apply online, you’ll need to log into your account. You’ll need to provide the credit union with some details about how much you want to borrow, how long you want to repay and what type of loan you want. If you are approved, funding is very fast with some customers receiving funds the same day.

Application ProcessOnline or by phone
Time to Get FundsAs fast as same day
Credit CheckHard credit check when you apply
Credit ReportingYes
Cosigners/Co-borrowers Allowed?Yes (cosigner does not need to be an Alliant member, but will automatically become a member if the loan is approved)

How Does Alliant Credit Union Compare to Other Lenders?

If you’re in the market for a personal loan, it’s a good idea to consider a variety of lenders before committing. We take a look at some other options below.

Alliant Credit Union vs. Navy Federal Credit Union

  • on Navy Federal Credit Union's secure website
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Similar to Alliant, you’ll need to be a member of Navy Federal to take out a personal loan with the credit union. Generally speaking, you’ll need to be uniformed personnel or a civilian employee of the Department of Defense (Army, Navy, Air Force, Marine Corps), U.S. Coast Guard or the National Guard to be eligible for membership. All honorably discharged veterans, employees of NFCU and family members of those eligible are also eligible for membership.

Alliant Credit Union vs. LightStream

  • on LendingTree's secure website
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We recommend that applicants with excellent credit consider LightStream over Alliant for an unsecured personal loan, provided you have strong credit history. Through LightStream, you can borrow up to $100,000 with lower rates and longer terms than what Alliant offers. Like Alliant, LightStream can provide funds as fast as same day in some cases. To qualify, applicants should have good to excellent credit (a 660+ credit score), several years of credit history and a variety of account types, a demonstrated ability to save and a low debt-to-income ratio. To improve your chances, we recommend applicants have a credit score of 720 or above, significant personal or retirement savings and a high annual income.

Madison is a former Research Analyst at ValuePenguin who focused on student loans and personal loans. She graduated from the University of Rochester with a B.A. in Financial Economics with a double minor in Business and Psychology.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.