Alliant Credit Union Personal Loans Review 2022

Alliant Credit Union personal loan amounts and interest rates

Alliant Credit Union offers personal loans ranging from $ 1,000 to $ 50,000 with an APR starting at 6.24%. This minimum APR is one of the better deals on our list of the best personal loan credit unions, and has a maximum loan amount that is comparable to any other lender on the list.

Advantages and Disadvantages of Alliant Credit Union Personal Loans

This is how Alliant Credit Union personal loans work

Alliant Credit Union offers unsecured personal loans to qualified borrowers. Unsecured personal loans are loans that do not require collateral, e.g. B. a house or a car. You can get a loan in all 50 states.

You can use an Alliant personal loan for a debt consolidation, emergency expense, home renovation, or vacation – but this list is not exhaustive. Check with the credit union to determine if the purpose of your loan is an option.

Most people can get their money the same day their loan is approved. You can take out a loan with a term of one to five years, whereby no contractual penalty is due for early repayment.

You need to join Alliant to get a loan. To qualify, you can work with any of the organizations Alliant works with, be a family member of an Alliant member, or work in a community near the Illinois credit union headquarters. If none of these apply to you, you can qualify by joining Foster Care to Success and Alliant will cover your $ 5 enrollment fee.

You can also purchase debt protection on your loan that covers death, disability and involuntary unemployment and protects you from unexpected events that you may not be able to repay. Debt protection costs $ 1.99 each month for every $ 1,000 of your outstanding credit balance.

You can contact customer support 24/7 by phone, email, or by contacting the credit union on social media. Alliant also has a well-rated app on both the Apple and Google Play stores.

What creditworthiness is required for Alliant Credit Union personal loans?

Alliant Credit Union doesn’t publish the minimum creditworthiness you need to qualify for a loan, although a higher score will generally have a better chance of getting approval. Remember that your creditworthiness is not the only factor that lenders use to decide whether to offer you a loan – they will likely consider your income and outstanding debt as well.

To get your credit report from any of the three major credit reporting agencies, use annualcreditreport.com. You can receive your report once a week for free until April 20, 2022. Although this report does not provide you with a credit score, it does provide information about your credit and payment history. As you review your credit report, you can spot mistakes and see what you can do better.

You can see your score on your credit card statement or online account for free. You can also buy it from a credit bureau.

When you review your rates with Alliant, the lender runs a gentle loan inquiry that does not affect your credit score. However, if you accept the loan offer, Alliant will run a hard loan request which will give the credit union a full view of your loan history but may negatively affect your credit score.

After you begin paying back the loan, your payments (or missed payments) will appear on your credit report.

Is Alliant Credit Union Trustworthy?

The Better Business Bureau has given Alliant Credit Union an A +. The BBB, a not-for-profit organization focused on consumer protection and trust, measures its trustworthiness by assessing a company’s response to consumer complaints, honesty in advertising, and transparency about business practices.

Alliant has no current scandals or controversy. Between the top credit union BBB score and clean history, you could decide that Alliant is the right personal lender for you.

Alliant Credit Union Personal Loans Comparison

Alliant loans have a term of between one and five years. PenFed’s reach is six months to five years and First Tech’s two to seven years. If you want a longer term, First Tech may be your best choice – however, the longer your term, the more interest you pay.

All three lenders have the same maximum loan amounts and APR minimums within one percentage point.

Alliant is the only one of the three lenders to offer debt protection for your loan for a small fee. This coverage covers death, disability and involuntary unemployment and protects you from unexpected events that could prevent you from paying back your loan.

frequently asked Questions

Is Alliant Credit Union Legitimate?

Yes, Alliant Credit Union is a legitimate credit union that is federally insured by the National Credit Union Administration. In addition to loans, you can also open a current or savings account, invest money or take out a credit card from the wide range of Alliant financial products.

Is It Difficult to Get a Personal Loan From a Credit Union?

You need a solid credit score to get a personal loan from a credit union, but it isn’t necessarily more difficult than getting one from a bank or online lender. All of these institutions consider your income, creditworthiness, and outstanding debts in addition to your creditworthiness when deciding whether to approve a loan.

Is a Credit Union a Good Place to Get a Personal Loan?

A credit union is a great way to get a personal loan. You can also get a personal loan from a bank or an online lender, and your choices may depend on which financial institution offers you the best loan terms. Interest rates are capped at 18% by the National Credit Union Administration. So if you have poorer credit, you may get a better interest rate with one credit union than with any other lender.

How Much Can You Borrow From a Credit Union?

The amount you can borrow from a credit union depends on the specific lender and your credit history. Alliant can borrow up to $ 50,000, which is on par with most of the other lenders on our list of the best personal loan credit unions.

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