Alliant Personal Loans Review: What You Need to Know

Quick Take: Alliant offers personal loans with funding as fast as the same-day, with no fees and four term lengths to choose from.

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Pros & Cons 

Pros 

• Loan amounts from $1,000 to $100,000

• Competitive rates

• No origination fees

• Four repayment term options

• Quick funding, with same-day deposit often available

• Mobile app lets you access personal loan funds on the go

Cons 

• You must be an Alliant credit union member to apply

• Co-signers are not allowed

Company Overview 

Alliant Credit Union was founded in 1935 in Chicago, Illinois. It was originally established as the United Airlines Employees’ Credit Union and adopted the broader “Alliant Credit Union” name in 2003.

The credit union has more than 900,000 members nationwide and offers a full suite of services and products beyond personal loans, including checking and savings accounts, credit cards, investment and retirement accounts, and auto and home loans.

Key Features 

Interest Rates 

Alliant touts its “better-than-bank rates,” and the credit union does offer a competitive APR range. Personal loan APRs start at 8.74% for 12-month terms and at 11.74% for 60-month terms. It’s worth noting that your APR will be 0.4% higher if you don’t enable autopay.

The exact loan APR you’ll qualify for depends on your credit score, income , and other details, with higher credit scores and shorter loan terms generally corresponding with lower interest rates. 

Loan Amounts 

Alliant Credit Union offers personal loans in amounts ranging from $1,000 to $100,000. Some lenders top out at $50,000, so you have a relatively wide range of options.

Repayment Terms 

You have four repayment term options with Alliant personal loans:

• 1 year

• 2 years

• 4 years

• 5 years

Some lenders offer just two repayment terms, so Alliant gives you some extra flexibility.

Funding Speed 

You could get funding as quickly as the same day with Alliant personal loans. To expedite funding, apply online early in the day so you don’t miss any approval cut-off time.

Mobile App

Alliant has a mobile banking app, available on Android and iOS, that’s highly rated by customers and allows you to manage and view your account on the go. 

Costs & Fees

With Alliant personal loans, there’s no origination fee, and there’s no prepayment penalty if you decide to pay off your loan early. 

Eligibility Criteria

Alliant doesn’t publish a minimum credit score requirement to qualify for its personal loans, but the higher your score, the more likely you are to be approved (and get a low APR).

The most notable requirement for getting an Alliant personal loan is that you must be a member of the credit union to apply.

How To Apply for an Alliant Personal Loan

Follow these steps to get an Alliant personal loan:

1. Head to the personal loans page on Alliant’s website. You’ll be prompted to log into your account or apply as a new member. 

2. If required, fill out your profile details, including your name, income, and employment, etc.

3. Select the loan amount you’re looking for as well as the term length you’d like.

4. Review and accept the loan terms, then submit your application. 

Comparable Options 

It’s always worth researching multiple options before deciding on the best personal loan for you. Here are two alternatives to Alliant that could be worth considering*.

PenFed

Like Alliant, PenFed is a credit union. However, you don’t need to be a PenFed member to apply for a PenFed personal loan. PenFed personal loans max out at $50,000 (compared to $100,000 for Alliant), and both credit unions offer loan terms of up to 5 years.

PenFed’s APR range starts lower than Alliant’s: You could qualify for a rate as low as 6.74% with autopay (but your exact rate depends on factors including your credit score).

SoFi

SoFi is a popular online fintech offering personal loans among other financial products. Like Alliant, it offers personal loans of up to $100,000, though it has a higher minimum amount ($5,000 vs. Alliant’s $1,000). 

Also like Alliant, rates start at 8.74%, and they range up to 35.49%. SoFi offers even longer term lengths of up to 7 years.

When PenFed might be better: You want credit union-level rates without having to join a new credit union. 

When SoFi might be better: You want a longer term length than 5 years.

Who Alliant Is Best For 

Alliant personal loans are best for those who are already credit union members, or who don’t mind joining. If you have a decent credit score, you can qualify for competitively low rates, and you’ll have a generous range of term lengths and loan amounts to choose from.

If you need a co-signer for your personal loan or you don’t want to join the credit union, however, you’ll probably want to look elsewhere. 

Final Take 

Alliant could be a strong personal loan option thanks to its wide range of funding amounts and competitive rates. However, if you don’t want to join the credit union — or if you want a longer repayment term than 5 years — you’ll need to explore other options.

FAQs 

Is Alliant good for personal loans?

Yes, Alliant is a good option for personal loans. It offers a wide range of loan amounts ($1,000 to $100,000), four different term lengths, and no origination or prepayment fees. Just note that you need to be a member of the Alliant Credit Union to apply.

What credit score do you need for Alliant personal loans? 

Alliant doesn’t publish credit score requirements for its personal loans, but the higher your score, the better your chances of approval — and the more likely you are to secure a favorable interest rate.

How long does Alliant loan approval take?

Alliant approves personal loan applications as quickly as the same day, with same-day funding often available as well. 

Sources

• Alliantcreditunion.org - Official Alliant Credit Union website

• Penfed.org - Official Penfed Credit Union website

• Sofi.com - Official Sofi Personal Loans website