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Alliant Credit Union personal loan review

Top perks

Personal Loans

Alliant Credit Union personal loans are available to incumbent members, meaning those who have been a member for at least 90 days. Alliant offers personal loans ranging from $1,000 to $50,000 with terms of up to 60 months. APRs vary quite a bit, but they can be as low as this for qualified applicants. Personal loans are unsecured, so no collateral is required.

car loans

Both new and existing members can apply for Alliant car loans. The terms range from 12 to 84 months for new and used vehicles. You can also apply for an auto refinance loan to see if you can get a lower interest rate on your current auto loan. The APR varies depending on the type of loan and your creditworthiness.

Tesla loan

If you’re in the market for a Tesla, Alliance Credit Union has a special loan just for you. Tesla loans have competitive APRs for qualified applicants. The 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 origination fees

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

No prepayment penalty

There are no prepayment penalties on an Alliant Credit Union personal or auto loan. This allows you to pay off your loan at any time during the term without worrying about additional early repayment fees. 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 early.

What could be improved

You must be a member of Alliant Credit Union to qualify

Aside from the typical qualifications for a loan, there is one more hurdle for those seeking a loan from Alliant Credit Union: membership. Because this is a credit union, you must be an Alliant member to apply for a loan. The prerequisite for this is that you mean one of the following conditions:

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

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

APRs are not always competitive

Depending on the type of loan and your qualifications, the APR on Alliant Credit Union loans is not always competitive. This is especially true for their personal loan rates. Even if you have perfect credit, look for at least a double-digit APR on a personal loan. Given that some alternative lenders offer personal loan rates in the low single digits, this isn’t ideal. Alliant is more competitive when it comes to car loan rates, but you might still find a better deal elsewhere.

Richard Dement

The author Richard Dement