Alliant Credit Union Personal Loans: 2024 Review

Written by
Heidi Rivera
Edited by
Rhys Subitch
Updated on October 25, 2023

At a glance

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Check rate with Bankrate
4.5
Bankrate Score
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Availability
5.0
Affordability
4.7
Customer Experience
5.0
Transparency
3.5

About Bankrate Score

Full methodology

Formerly known as the United Airlines Employees’ Credit Union, Alliant has been operating since 1935. Although the credit union has changed its business model to an online-only service, it is still one of the largest credit unions in the country. Since its inception, Alliant has funded a total of $10 billion in loans, and services 700,000 members nationwide.

Lender Details

Moneybag

Loan amount

$1,000-$100,000

Rates

APR from

10.99%

Clock Wait

Term lengths

12-60 months

Best for emergency loans

Alliant’s loan application process is quick, as everything is done entirely online. The lender also offers same-day approval and funding. This, combined with its flexible loan amounts and the fact that it doesn’t charge an origination fee or prepayment penalty makes Alliant a good choice to cover both small and large emergencies alike. 

That said, Alliant is only a good choice for emergencies if you’re already a member. That’s because the credit union requires a 90-day waiting period for new members to qualify for its loans.

Alliant Credit Union pros and cons

PROS

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    Flexible loan amounts.

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    Quick funding.

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    No origination fees.

CONS

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    High starting APR.

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    No prequalification available.

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    No joint applications.

Do you qualify?

To qualify for an Alliant personal loan, you’ll need to become a member. You can join the credit union if:

  • You are currently employed by, or retired from one of Alliant’s partner companies.
  • You are a domestic partner or a family member of a current member.
  • You live or work near one of the communities near Allian’s corporate headquarters in Chicago.

If you don’t qualify as any of the above, you can join the credit union by becoming a member of Foster Care to Success. The organization has a one-time $5 membership fee, which Alliant will take care of on your behalf.

You will also need to satisfy Alliant’s credit and debt-to-income (DTI) requirements to qualify for its loans. Although these aren’t listed on the website, lenders typically require borrowers to have good to excellent credit.

It’s also worth noting that Alliant requires you to be an established member in order to get approved for its personal loans. That means you need to be a member for at least 90 days to qualify.

What Alliant Credit Union doesn’t allow the funds to be used for

Alliant doesn’t explicitly list any restrictions on how customers can use their personal loan funds. That said, most lenders don’t allow borrowers to use personal loans to pay for schooling expenses like tuition and fees, business expenses, gambling or illegal activities.

How this lender compares

logo
4.5
Bankrate Score
APR from
10.99%
Loan Amount
$1,000-$100,000
Term Length
12-60 months
Min Credit Score
Not disclosed
logo
4.6
Bankrate Score
APR from
8.99% – 35.99%
Loan Amount
$2,000 – $50,000
Term Length
36 to 60 months
Min Credit Score
600
Read our reviewArrow Right
on Bankrate
logo
4.7
Bankrate Score
APR from
8.99% to 29.49%* with autopay
Loan Amount
$5,000–$100,000
Term Length
24 to 84 months
Min Credit Score
680
Read our reviewArrow Right
on Bankrate

Alliant Credit Union vs. PenFed

Unlike PenFed, Alliant doesn’t have any physical branches, so it may not be the right fit for you if you prefer in-person service. Additionally, Alliant requires a minimum membership period of at least 90 days for you to apply for its personal loan products — a restriction that PenFed doesn’t have.

Read a full review about PenFed

Alliant Credit Union vs. SoFi

Both SoFi and Alliant are online-only lenders. That said, SoFi doesn’t have a membership requirement to apply for its loans. And, unlike Alliant, it allows joint loan applications. SoFi also allows borrowers to view their rate before formally applying — something Alliant doesn’t. 

Read a full review about SoFi

Alliant Credit Union: in the details

Loan Amount
$1,000-$100,000
APR from
10.99%
Term lengths
12-60 months
Funds available in
as soon as the same day
Additional requirements
Must become a member to apply.

What we like and don’t like

What we like

  • Flexible loan amounts: Alliant offers loan amounts ranging from $1,000 to $100,000. This makes its loans ideal for both small and large expenses alike.
  • Quick funding: If you choose to have your funds deposited into your Alliant savings account, you could receive the money as soon as the same day you apply.
  • No origination fees: Unlike other lenders, which charge origination fees of up to 10 percent, Alliant doesn’t. This can make its loans more affordable than lenders with similar starting interest rates.

What we don’t like

  • High starting APR: The starting APR on Alliant’s loans is on the higher side compared to other lenders, which may increase the overall cost of the loan.
  • No prequalification available: Alliant doesn't allow you to view your rate without hurting your credit score — a feature that is common with many other lenders. This means you must go through the full application process to find out if you qualify.
  • No joint applications: Alliant doesn’t allow co-borrowers or co-signers on its personal loan applications, so if you have less-than-perfect credit, you may not qualify for its loans.

 

How to contact Alliant Credit Union

Borrowers can get in touch with Alliant’s customer support via online chat or by calling 800-328-1935. Its phone line operates on a 24/7 basis.

How to apply for a personal loan with Alliant Credit Union

If you’re already a member of the credit union, you can apply for the loan by logging into your account and filling out the form. If you’re not an Alliant member, you’ll have to join the credit union, and wait at least 90 days before applying for its personal loans.

To apply, you’ll need to provide the following.

  • Your full name.
  • Date of birth.
  • Contact information.
  • Social Security number.
  • Gross monthly income.
  • Your employer’s contact information.

You'll then be prompted to select the type of loan you want, along with the purpose. Afterwards, you may be required to submit further documentation that serves as proof of the information provided, such as a copy of a valid ID, pay stubs or tax returns.

Once all of that information is submitted, you could get a decision that same day depending on the application volume and time it takes to verify your information. If you’re approved for the loan, you can get the funds that same day by choosing to have the funds directly deposited into your Alliant savings account.

Features and additional perks

Among its perks, Alliant offers a rate discount for enrolling in automatic payments. Borrowers who opt for this option can get their rates reduced by 0.40 percent — that’s much higher than the average 0.25 percent rate discount offered by most lenders in the market.

Borrowers also get the option to subscribe to the lender’s debt protection program. This program can cancel part or all of your remaining balance in case of death, disability or involuntary unemployment, for a monthly fee. Additionally, Alliant offers a loan assistance program to borrowers who are experiencing financial hardship to help them get back on their feet.

Fees and penalties

Unlike some personal loan lenders, Alliant doesn’t charge any origination fees or prepayment penalties on its loans. However, a late fee may be assessed if you miss your due date.

Alliant Credit Union frequently asked questions

How Bankrate rates Alliant Credit Union

Overall Score 4.5 Explanation
Availability 5.0 Alliant got a perfect score in this category due to its quick approval and funding process, in addition to its wide range of repayment terms and flexible loan amounts.
Affordability 4.7 Alliant’s loans feature decent starting APRs and as a credit union has a low APR maximum. This, combined with the fact that they don’t charge origination fees, makes its loans relatively affordable.
Customer Experience 5.0 Alliant offers 24/7 customer support, a highly rated mobile app, in addition to a quick online application process.
Transparency 3.5 Alliant only lists its starting APRs. The lender also doesn’t list its credit or income requirements, which is why they earned a lower score in this category.

Methodology

To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.