Alliant Credit Union is a financial cooperative serving more than 600,000 members in the country. Individuals looking for a loan to cover home improvements, debt consolidation or emergency expenses may find the lender’s personal loans a good option, which may be released on the same day.
At a Glance: Alliant Credit Union Personal Loans
- Alliant Credit Union
- 6.24% to 27.24%APR Range
- NoneMinimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
MoneyGeek Breakdown - Alliant Credit Union Personal Loan Details
The annual percentage rate (APR) for an Alliant Credit Union personal loan ranges between 6.24% and 27.24%.
Credit Score Requirements
Alliant Credit Union does not disclose its minimum credit score requirement.
The lender considers a borrower’s income when assessing a personal loan application. However, Alliant Credit Union does not disclose if it has a minimum income requirement.
Borrowers can take out a loan amount from $1,000 to $50,000.
Alliant Credit Union offers four loan terms. You can choose to make repayments for 12, 24, 48 or 60 months.
There are various ways a borrower can use an Alliant Credit Union personal loan. Among these are debt consolidation, emergency expenses and home improvement.
There is no specific information regarding fund usage restrictions. But typically, personal loans cannot be used for gambling or any illegal activities.
Time to Receive Funds
Typically, Alliant Credit Union releases funds to personal loan borrowers on the same day.
Alliant Credit Union does not charge origination fees for personal loans.
There is no information regarding late fees on Alliant Credit Union’s website.
Prepayment Penalty Fees
Alliant Credit Union does not charge prepayment penalty fees for personal loans.
Co-signers and Co-applicants
There is no information regarding co-signers and co-applicants on Alliant Credit Union’s website.
Borrowers can get a 0.4% APR discount if they choose automatic repayments.
Borrowers can get a debt protection benefit plan in the event of involuntary unemployment, disability or death.
Alliant Credit Union has a mobile application that allows its members to manage their accounts easily.
Is Alliant Credit Union Right for You?
Lenders have different criteria and requirements. Knowing what factors to consider can help determine whether an Alliant Credit Union personal loan is right for you.
Who Alliant Credit Union Is Perfect For
If you need immediate access to funds, you can consider taking out a personal loan from Alliant Credit Union. The lender typically approves an application on the same day. It also usually releases the loan funds on the same day.
Since Alliant Credit Union also has a mobile app and is a digital financial institution, it may also be ideal for individuals who prefer to do transactions and account management online without a need to visit a physical branch or office.
Who Should Not Choose Alliant Credit Union
Despite the different pros of choosing Alliant Credit Union, it may be the best choice for some individuals. For instance, if you need a larger loan, you may want to consider other options because Alliant Credit Union offers a maximum amount of $50,000 for personal loans.
It is also important to note that you need to be a member to qualify for an Alliant Credit Union personal loan. So, if you do not want to take an extra step or are not interested in becoming an Alliant member, this lender is not for you.
How to Apply for an Alliant Credit Union Personal Loan
Lenders have different qualification requirements and processes. MoneyGeek breaks down the steps you have to take in this Alliant Credit Union personal loan review.
Alliant Credit Union personal loans are only available to its members. If you’re already a member, you can simply apply for a loan by logging into your account. If you aren’t a member, you have to apply for membership first.
To be eligible for an Alliant membership, you have to be currently employed or have retired from an Alliant partner. Domestic partners or immediate family members of current Alliant members are also eligible for membership. Becoming a member of the Foster Care to Success (FC2S) also makes you eligible for Alliant membership. You can also check if you live or work in an eligible community near the credit union’s corporate headquarters.
If you are a non-U.S. resident, you will need either an unexpired ITIN or a Social Security Number.
Fill Out Application Form
Once you become an Alliant member, you may qualify for a personal loan. You can apply online. Log in to your account and complete the application form. You will have to provide personal, employment-related and credit information.
Wait for Approval
After submitting the form, Alliant Credit Union will review your application and decide whether to approve or deny your loan. Your credit score, income and debt-to-income ratio will also be considered. Typically, Alliant releases its decision on the same day,
Review Loan Agreement
If you get approved for a personal loan, you will receive a loan offer. Review all details. Make sure you understand all fees and terms.
Sign Loan Agreement
If you think that the loan package is a great deal for you, you can sign the loan agreement and send it back to Alliant Credit Union.
Receive or Direct Funds
Alliant Credit Union typically deposits the loan amount into the borrower’s account on the same day. However, you may also request them to mail a check instead.
Depending on your loan terms, you may have to make repayments for 12, 24, 48 or 60 months. You can make monthly deposits via designated ATMs. If you use a check, make sure it is endorsed.
What to Do if You Are Rejected From Alliant Credit Union
Not all loan applications get approved. There are various reasons why Alliant Credit Union may deny a loan. Typically, it is due to low credit scores, not enough income or not enough credit history. That is why it’s best to find out about the company’s requirements before applying for a loan.
If your loan application gets denied, the first thing you need to do is to ask the lender the specific reason why they rejected your application. Check with them if there is a possible way to modify your application to make it acceptable to them.
You can also apply for a personal loan in the future even if you got rejected in the past. However, it is best not to apply for another loan before you improve the factor that led to the rejection in the first place.
While it is also possible to apply to a different lender, you may want to avoid this unless it is necessary because you may risk affecting your credit score.
Frequently Asked Questions About Personal Loans
- Alliant Credit Union. "3 Things You Want to Know About Personal Loans." Accessed March 21, 2022.
- Alliant Credit Union. "Membership." Accessed March 21, 2022.
- Alliant Credit Union. "Personal loans, personalized for you." Accessed March 21, 2022.
- Alliant Credit Union. "What factors are considered when I apply for a personal loan?." Accessed March 21, 2022.
- Alliant Credit Union. "When is your credit score pulled?." Accessed March 21, 2022.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
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