Alliant Credit Union Personal Loan Review

Main advantages

Personal loans

Alliant Credit Union personal loans are available to established members, meaning those who have been members for at least 90 days. Alliant offers personal loans ranging from $1,000 to $50,000, with terms up to 60 months. APRs vary a bit, but they can be just as low for qualified applicants. Personal loans are unsecured and therefore do not require collateral.

Car loans

New and existing members can apply for Alliant auto loans. Terms vary from 12 to 84 months for new and used cars. You can also apply for an auto refinance loan to see if you can get a lower rate on your current auto loan. APRs vary depending on the type of loan and your credit score.

Tesla Loans

If you’re looking for a Tesla, Alliance Credit Union has a specific loan for you. Tesla loans have competitive APRs for qualified applicants. Terms vary from 12 months to 84 months. You can find Tesla loans for new and used Tesla models, as well as Tesla refinance loans.

No assembly costs

No matter what type of personal or car loan you get from Alliant Credit Union, you won’t have to worry about pesky origination fees. This means you get the full loan amount you were approved for, not the loan amount minus any additional fees like you would with other personal lenders.

No prepayment penalties

There are no prepayment penalties with an Alliant Credit Union personal or auto loan. As such, you can repay your loan at any time during your loan term without worrying about additional prepayment charges. This is great for people who want to save a little money on interest charges by paying more each month or paying a lump sum to pay off their loan balance sooner.

What could be improved

Must be a member of Alliant Credit Union to qualify

Besides the typical qualifications for any loan, those who want an Alliant Credit Union loan will also have to clear another hurdle: membership. As it is a credit union, you must be a member of Alliant to apply for a loan. This requires that you mean one of the following conditions:

  • Be a current or retired employee or a partner company
  • Live or work in an eligible community
  • Be a partner or immediate family of a current member
  • Be a member of Foster Care to Success

You must also open and maintain an Alliant savings account with a balance of at least $5.

APRs are not always competitive

Depending on the type of loan and your qualifications, APRs on Alliant Credit Union loans are not always competitive. This is especially true of their personal loan rates. Even if you have perfect credit, you’re looking at at least a double-digit APR for a personal loan. Considering that some alternative lenders offer personal loan rates in the low single digits, this is not ideal. Alliant is more competitive on auto loan rates, but you can always find a better deal elsewhere.