Alliant Personal Loans Review: Rates and Requirements

Alliant Credit Union offers unsecured personal loans with APRs starting as low as 8.99%, loan amounts from $1,000 to $100,000 and terms of 12, 24, 48 or 60 months, with no origination fees or prepayment penalties. The catch is you must be an Alliant member for at least 90 days before you can apply, and there's no way to prequalify or add a co-signer.

Key Takeaways

• Alliant offers some of the largest personal loans among credit unions, ranging from $1,000 to $100,000 with APRs starting at 8.99% and no origination fees.

• Membership comes with a waiting period. You must be an Alliant member for at least 90 days before you're eligible to apply for a personal loan.

• You can't check your rate before applying. Alliant requires a hard credit pull to see if you qualify, so there's no prequalification option like many other lenders offer.

• No co-signers are allowed, which can make qualifying harder if your credit or income doesn't meet Alliant's underwriting bar on its own.

• A 0.4% autopay discount is available, and shopping around against lenders like PenFed or SoFi is worth doing before committing to the 90-day membership wait.

Summary generated by AI, verified by MoneyLion editors

What Are Alliant Personal Loans?

Alliant is a credit union whose members are eligible for unsecured personal loans, meaning no collateral is required to qualify. Once you become a member, you'll need to wait 90 days before you can apply for a loan.

Alliant Personal Loans at a Glance

What Rates, Terms and Fees Does Alliant Offer?

Alliant's rates are tiered by loan term, with shorter terms generally carrying lower advertised rates:

• Fees: No prepayment penalties or origination fees. Late fees may apply if you miss a payment.

• Amount: $1,000 to $100,000.

• Repayment terms: 12, 24, 48 or 60 months.

You can get a 0.4% autopay discount on your APR by agreeing to automatic monthly payments.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms and fees from different lenders and choose the best offer for you.

What Do You Need To Qualify for an Alliant Personal Loan?

The most notable requirement for an Alliant personal loan is that you must be a member of the credit union to apply, and specifically, a member for at least 90 days.

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 to get a low APR.

Here are the standard FICO tiers as a reference point:

Most approved Alliant borrowers fall in the good-to-exceptional range, since the credit union doesn't allow co-signers to help offset a thinner credit profile.

How Do You Become an Alliant Member?

1. Confirm your eligibility: According to Alliant's website, you must qualify in one of the following ways:

   • Work for or are retired from a business Alliant partners with.

   • Are an immediate family member or domestic partner of a current Alliant member.

   • Live or work in an eligible community near Alliant's Chicago headquarters.

   • If none of the above apply, you can choose to support the Foster Care to Success charity during the application process, and Alliant will cover the one-time $5 donation on your behalf.

2. Apply online: Head to the Alliant website and apply. You'll need your Social Security number, a government-issued ID, your address and other personal details.

3. Open an account: You can open a savings account, which requires a $5 deposit, or a checking account, which requires a $25 deposit.

4. Wait 90 days: You must be a member for at least 90 days before you're eligible to apply for a personal loan.

What Can You Use an Alliant Personal Loan For?

You can use an Alliant personal loan for a variety of purposes, including:

• Debt consolidation

• Emergency expenses

• Home improvements

• Weddings, funerals or other major expenses

• Medical and dental procedures

• Major purchases

How Much Will an Alliant Personal Loan Cost Each Month?

Here's a breakdown of what an Alliant personal loan might cost based on different amounts, terms and rates:

How Do You Apply for 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. Fill out your profile details, including your name, income and employment information, if required.

3. Select your loan amount and the term length you'd like.

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

5. Wait for your decision. Many applicants receive approval and funding the same day.

How Does Alliant Compare to Other Lenders?

It's always worth researching multiple options before deciding on the best personal loan for you.

Here's how Alliant stacks up against two credit union and fintech alternatives:

PenFed

Like Alliant, PenFed is a credit union. However, you don't need to be a PenFed member to apply for a loan, only to accept and receive funding, and you can check your rate with a soft credit pull first. PenFed also allows co-borrowers, which can help you qualify or land a better rate. PenFed personal loans max out at $50,000, compared to $100,000 for Alliant, and both credit unions offer terms of up to five years. PenFed's APR range also starts lower, as low as roughly 6.74% with autopay, though your exact rate depends on your credit profile.

SoFi

SoFi is a popular online fintech offering personal loans among other financial products. Like Alliant, it offers loans up to $100,000, though its minimum amount is higher, $5,000 versus Alliant's $1,000. Rates start around 7.74% and range up to 35.49%, and SoFi offers longer terms of up to seven years.

When PenFed might be better: You want credit union-level rates without a long membership wait, and you'd benefit from adding a co-borrower.

When SoFi might be better: You want a longer term length than five years or a lower minimum barrier to prequalify.

When a Credit Union vs. a Fintech Lender Makes More Sense

A credit union makes sense if you're already a member with good-to-excellent credit and can wait a few days for funding. A fintech platform makes more sense if your credit isn't ideal or you need funding fast without a membership requirement.

Is Alliant Legit? Ratings and Customer Reviews

Alliant Credit Union was founded in 1935 in Chicago, Illinois. It was originally established as the United Airlines Employees' Credit Union and later adopted the "Alliant Credit Union" name.

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

Alliant Credit Union is not accredited by the Better Business Bureau but holds an A+ rating. On Trustpilot, Alliant is rated 2.6 out of 5 stars, a "Poor" rating, based on 154 reviews, with many reviewers citing slow processing times and unresponsive customer service, though some praise its mobile app and specific loan officers.

Pros and Cons of Alliant Personal Loans

Who Is Alliant Best For?

Choose Alliant if:

• You're already a member and have waited 90 days to apply.

• You prefer no origination fees and can qualify for a low APR with good credit.

• You want to borrow a large amount, up to $100,000.

Look elsewhere if:

• You don't want to become a member or wait 90 days.

• You need fast funding and have fair-to-poor credit.

• You want to rate shop across lenders, since Alliant doesn't allow prequalification.

• You need a co-signer to qualify.

Considering Your Loan Options?

Before committing to the 90-day membership wait, it's worth comparing personal loan offers from lenders that let you prequalify first, so you can see rates, terms and fees side by side.

Bottom Line

Alliant personal loans stand out for their high borrowing limit of $100,000 and APRs starting as low as 8.99% with no origination fees, making them a strong option once you're an established member with good-to-excellent credit. The trade-offs are real, though: a mandatory 90-day membership wait, no prequalification and no co-signer option mean Alliant isn't built for rate shopping or urgent borrowing needs.

If you don't want to join a credit union or need funds faster, comparing against PenFed or SoFi before committing is worth the extra step.

Key Terms

• Unsecured loan: A loan that doesn't require collateral, like a house or car, to qualify. Approval is based on factors like your credit score, income and history instead.

• Prequalification: A soft credit check that estimates your loan terms without affecting your credit score. Alliant doesn't offer this, requiring a hard credit pull to apply.

• Co-signer: A person who applies for a loan jointly with the primary borrower and shares equal responsibility for repayment. Alliant doesn't allow co-signers on its personal loans.

• Autopay discount: A rate reduction for enrolling in automatic monthly payments. Alliant's discount is 0.4% off your APR.

• Origination fee: A one-time upfront charge some lenders deduct from loan proceeds to cover processing costs. Alliant charges none.

• FICO score: A credit score ranging from 300 to 850, split into poor, fair, good, very good and exceptional tiers.

Summary generated by AI, verified by MoneyLion editors

Sources

• Better Business Bureau: Alliant Credit Union Profile

• Trustpilot: Alliant Credit Union Reviews

• Alliant Credit Union: Personal Loans

• National Credit Union Administration (NCUA)

• myFICO: What's in My FICO Scores?

Summary generated by AI, verified by MoneyLion editors

FAQ

Here are quick answers to common questions about Alliant personal loans:

Is Alliant good for personal loans? Alliant is a solid option for existing members with good-to-excellent credit scores, offering competitive rates, no origination fees and no prepayment penalties. It's a weaker fit if you need fast funding without an existing membership.

What credit score do you need for an Alliant personal loan? Alliant doesn't publish a minimum credit score, but generally having good-to-excellent credit can improve your chances of approval and help you land a lower rate.

How long does Alliant loan approval take? Approval is typically quick and can come through the same or next business day, though you must already be an established member for at least 90 days before applying.

Do you have to be a member to get an Alliant personal loan? Yes, you must be a member of Alliant Credit Union, and specifically a member for at least 90 days, before you're eligible to apply for a personal loan.

Does Alliant charge any fees on personal loans? Alliant doesn't charge origination fees or prepayment penalties, but late fees will apply if you miss a scheduled payment.