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Alliant Credit Union Personal Loans Calculator & Overview

Updated 10 Aug 2023

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Alliant Credit Union is a not-for-profit financial cooperative that was founded in 1935. Moreover, Alliant has over 700,000 members and holds over $17 billion in assets. Alliant offers a wide range of personal loans that may be suited to your needs.

What is the cost of an Alliant Credit Union loan? Use the Alliant personal loan calculator below to input your desired loan amount and term and view your estimated monthly repayments. In any case, you can keep adjusting the figures until you find a payment amount that fits your budget.

Personal loans have an annual percentage rate (APR) varying from around 3% to 36% APR. The interest rates you can receive will depend on a range of factors, such as your credit score, income, and debt-to-income ratio. On a loan of $10,000 over 5 years, the cost could vary between $10,781 and $21,680. The interest cost is between $781 and $11,680.

Alliant Credit Union Personal Loans Review

Alliant Credit Union offers unsecured personal loans for debt consolidation, home renovations or repairs, vacations, and emergency expenses. There are no early repayment costs or origination fees. Furthermore, they provide same-day funding and allow co-borrowers to increase your chances of approval.

Alliant Credit Union’s Loan Features

Below is a snapshot of what you’re getting with an Alliant Personal personal loan:

Loan amounts: $1,000 to $50,000
Loan terms: Between 1 year and 5 years
Repayment frequency: Monthly
Loan flexibility: Same day approval and same day funding for most customers
Interest rates: Will be based on loan term and the borrower’s creditworthiness (APR from 6.24% to 27.24%)
Co-applications. A co-borrower with a higher income or a better credit score than you will increase chances of approval

Requirements for an Alliant personal loan

To apply for an Alliant personal loan, you must first join to become a member. Who can become a member?

If you are a current or retired employee of an Alliant U.S. business partner
If you are a domestic partner or immediate family member of an Alliant member
If you live or work in an eligible Chicago-area community
If you are willing to join Foster Care to Success (an organization that serves foster kids)

Alliant doesn’t disclose how you can qualify for its personal loan. However, you will likely need to meet the following criteria:

Be 21 years old or older
Be a permanent US resident
Have a permanent source of income from work or investments
Have a good credit history

If you want to apply for a loan with Alliant, you can do it on their website. When you’re applying, you might need to give them some more information. This could include information about your income, your bank account, and your address history.

Pros and Cons of Alliant Loans

Pros

No prepayment cost or origination fees
Potential for same-day approval or same-day funding
Discounts for automatic payments
Small loan amounts available
Wide range of loan amounts

Cons

Not available for non-members
No pre-qualifying options
Higher rates for longer repayment terms
No secured loan options
Does not provide direct payments to creditors

Alliant Credit Union personal loan calculator

Loan amount

Term

Provider

Product Information

EST Monthly
Repayment

Interest
Rate

Repayment
Period

Loan
Amounts

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Loan Amount

$20,000

Term

3 months

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

Frequently asked questions

Does Alliant offer unsecured loans?

Yes. Alliant offers unsecured loans ranging from $1,000 to $50,000. You don’t have to use collateral such as your house, car, or savings account to obtain a reduced interest rate. Hence, it’s a viable option if you’re searching for a smaller personal loan.

How does Alliant compare to other banks in terms of interest rates?

Alliant provides competitive interest rates based on several conditions. First, you can get low interest rates if you have a good credit score. Second, this is possible if you opt for a shorter repayment term. Lastly, it will depend on your ability to repay the loan on time.

What is the minimum credit score required for an Alliant loan?

Alliant does not clearly disclose credit scores on their website, but you can use annualcreditreport.com to obtain your credit report. When you compare rates with Alliant, the lender will conduct a soft credit inquiry, which has no effect on your credit score.

Can I get an Alliant personal loan if I have bad credit?

No. The approval process looks at your payment method, credit score, ability to repay, and the term of the loan. Unfortunately, Alliant usually doesn’t offer subprime loans, which are loans given to people with bad credit (629 FICO or lower).

Will Alliant charge me any fees for my loan?

Alliant doesn’t charge origination or early repayment fees. The main costs of the loan will be the principal and interest rate. Furthermore, the interest rate varies depending on your credit score, which varies between 6.24% and 27.24%.

Does Alliant provide loan protection insurance?

Yes. Alliant provides a debt protection plan for your personal loan that covers death, disability, and involuntary unemployment. Debt protection only costs $1.99 per $1,000 of your outstanding loan balance each month.

Alliant Credit Union Personal Loans Calculator & Overview