Alliant Credit Union personal loans review: Competitive rates for members

Pros

• Small loan amounts availablenVariety of repayment terms availablenPotential fast funding

Cons

• Must be an Alliant member to qualify for a loannLimited in-person branch services availablenHigher rates for longer repayment terms

What you need to know about an Alliant Credit Union personal loan

Alliant Credit Union is a large credit union based in Illinois that offers a variety of financial services to its members, including savings and checking accounts, credit cards, auto loans and mortgages. 

Alliant also offers unsecured personal loans, with loan amounts ranging from $1,000 to $50,000. That makes it an option if you’re looking for a smaller loan. Alliant recommends its personal loans for covering a financial emergency, consolidating debt or financing home improvements.

You’ll have to be a member of Alliant before you can qualify for a personal loan — though the membership criteria aren’t that difficult for most people to meet.  

Competitive rates and flexible repayment terms

If you have strong credit, one of the advantages of applying for a personal loan from Alliant is the competitive interest rates and variety of terms offered. Repayment terms range from one to five years, though the rates do become progressively higher with longer terms.

If you want a chance to get the best rates, then the ideal repayment terms seem to be between 12 and 48 months.

But keep in mind that the rates you may receive will also depend on your credit and financial profile, and how it reflects your ability to repay the loan. Plus, Alliant only advertises the starting range for its personal loan rates, so the upper limit you could be facing is unclear until you apply.

Potential for fast funding

The possibility of quick funding also helps Alliant stand out. If you’re approved for a personal loan, the credit union can deposit the funds directly into your Alliant bank account, which it says typically happens the same day you’re approved.

You can also request to have a check mailed to you instead.

Membership is required before taking out a loan

Before you can apply for a personal loan, you have to be a member of Alliant Credit Union. Fortunately, Alliant makes it pretty simple to become a member.

Here are the membership criteria you’ll need to meet.  

• You’re a current or retired employee of a company that partners with Alliant (a full list is on the company’s website).
• You’re either a domestic partner of or related to a current Alliant member.
• You live or work in one of the eligible communities near the credit union’s corporate headquarters.
• You’ve become a member of the Foster Care to Success charity.

A closer look at an Alliant personal loan

• No collateral — Alliant offers unsecured personal loans, which means there’s no collateral required to take out a loan.
• No origination fee —  Alliant doesn’t charge any origination fees when you take out a loan. And there are no prepayment penalties, so you won’t be charged extra if you want to pay your loan back early.
• Possible rate discount — You may be eligible for a 0.4% rate discount when you sign up for automatic repayments through Alliant.
• Non-U.S. membership available — You can apply for membership if you live outside the U.S., but only if you meet certain requirements. Applicants must have either a Social Security number or active ITIN (individual taxpayer identification number).
• Limited in-person services — If you like online banking, Alliant may be a good fit. The credit union doesn’t have many physical branch locations, so keep that in mind if in-person banking is important to you.

Who is an Alliant Credit Union loan good for?

If you’re looking for a small personal loan to help cover a financial emergency, Alliant personal loans may be a good choice given the fast access to cash and small loan amounts it offers.

Its rates are competitive, though they do get progressively higher if you choose a longer loan term. And since the loan is unsecured, you won’t have to put forward any collateral to secure the funds.

But since Alliant is a credit union, membership is required to qualify for a personal loan. If you aren’t sure whether you want to become a member, Alliant does let you apply for a personal loan first to see what kind of terms you may receive before joining.

How to apply with Alliant Credit Union

If you’re not a member of Alliant Credit Union, start by visiting Alliant’s website and clicking on the “Become a Member” button. From there, the website will walk you through the registration process.

If you’re approved as a member, you can log into your account and begin the application process. Applying as a member first may speed up the loan application process.

You can apply for a personal loan even if you aren’t a member. This may be a good option if you want to see what kinds of rates and terms Alliant may offer you. Once you receive your loan decision, you can apply for membership.

Not sure if Alliant Credit Union is right for you? Consider these alternatives.

• Wells Fargo: A personal loan from this big bank may be a good option if you want to borrow more money than Alliant offers.
• Discover: Discover may be a good option if you’d like a personal loan lender that will send direct payments to help pay off your debt.

*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.