Alliant Credit Union Loans Full Review
Alliant Credit Union provides personal loans with flexible repayment terms, competitive interest rates, and loan protection, making them the best option available.
Founded in 1935, Alliant Credit Union is a member-owned financial institution that offers a wide range of financial products and services, including personal loans. With over 500,000 members across the country, Alliant Credit Union has become one of the largest credit unions in the United States. Alongside personal loans, they provide mortgages, checking and savings accounts, credit cards, and investment services. Alliant Credit Union is dedicated to delivering high-quality financial products and services to help its members achieve their financial goals.
How do Alliant Credit Union loans work?
Alliant Credit Union offers both secured and unsecured personal loans to its members, allowing funds to be used for various purposes such as consolidating debt, paying for unexpected expenses, or financing home improvements. The loans range from $1,000 to $50,000, with repayment terms varying from 12 to 60 months based on the amount borrowed. Furthermore, Alliant Credit Union loans have a competitive interest rate starting as low as 6.24% APR. However, the interest rate may vary depending on factors like the repayment term, amount borrowed, and the borrower’s creditworthiness.
Who can apply for Alliant Credit Union loans?
Alliant Credit Union loans are accessible to both members and non-members, though members generally have access to more flexible repayment options and lower interest rates. To become a member, individuals must meet specific eligibility requirements, such as living or working in eligible communities, being employed by eligible employers, or having a relation to an existing member. Once becoming a member, applying for a personal loan can be done conveniently online, by phone, or at one of the Alliant Credit Union branches.
Benefits of Alliant Credit Union loans
Alliant Credit Union’s personal loans offer several advantages. Borrowers can choose from various loan amounts ranging from $1,000 to $50,000. In addition, Alliant Credit Union provides loan protection insurance, which covers unforeseen circumstances such as disability, job loss, or death, ensuring the borrower’s loved ones won’t be burdened with the loan. Furthermore, there are no origination fees, prepayment penalties, or hidden fees. Flexible repayment terms, competitive interest rates, and online account management are also highlights. Cosigner release options are available for qualified borrowers, and in some cases, same-day funding is available.
Alliant Credit Union also offers the Personal Loan Booster Program, allowing borrowers to earn reward points for making prompt payments on their personal loans. These reward points can be redeemed for discounts on future loan rates or other Alliant Credit Union products and services, providing further value to borrowers.
Disadvantages of Alliant Credit Union loans
While Alliant Credit Union loans offer many advantages, there are a few drawbacks. As a cooperative, the company may require additional information and collateral insurance to grant a loan. Additionally, higher and more favorable loans may be restricted to Alliant Credit Union members. Another downside is that Alliant Credit Union does not offer prequalification options for their loans, meaning borrowers must submit a full application to get an interest rate quote.
Other cons with Alliant Credit Union may include their strict eligibility requirements that may exclude some borrowers, limited physical branch locations, and the fact that they only offer personal loans, which may not be sufficient for borrowers with more complex financial needs.
How to apply for Alliant Credit Union loans?
Applying for an Alliant Credit Union loan is a straightforward process that can be completed online, by phone, or in person at one of their branches. For a detailed step-by-step guide on how to apply for Alliant Credit Union loans, refer to our article.
