Review
Updated
Alliant Credit Union offers both personal loans and auto loans, including Tesla loans, with fast, same-day decisions in most cases. However, there are some important requirements for approval, including becoming a member, and offered interest rates aren't always competitive. Read our full Alliant Credit Union loans review for all the details.
Alliant Credit Union Personal Loan
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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= Good
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= Fair
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= Poor
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Minimum Credit Score
Not disclosed
Loan Amounts
$1,000 - $50,000
APR Range
10.49% - 12.49%
Term Length
12 - 60 months
Existing members can get quick approval on a variety of loans, and auto loans have competitive rates. If you're not a member already, personal loans require a wait, but auto loans are still an option.
- Multiple types of loans
- Quick approval
- No origination fees
- No prepayment penalties
- Unsecured personal loans
- Must be an Alliant member
- APRs can be high
- No brick-and-mortar branches
- No prequalification checker
Compare the best personal loans
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
| Lender | APR Range | Loan Amount | Min. Credit Score | Next Steps |
|---|---|---|---|---|
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Fixed: 8.99%-29.99% APR (with all discounts)
|
$5,000 - $100,000
|
680
|
|
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.20% - 35.99%
|
$1,000 - $50,000
|
None
|
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Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
10.49% to 19.49%
|
$2,000 - $30,000
|
720
|
Full Alliant Credit Union loans review
This personal loan is a good fit for: Alliant Credit Union members who need a low-fee personal loan with a quick turnaround time.
Top perks
Personal loans
Alliant Credit Union personal loans are available to established members, which means those who have been members for at least 90 days. Alliant offers personal loans of $1,000 up to $50,000, with terms of up to 60 months. APRs vary quite a bit, but they can be as low for qualified applicants. Personal loans are unsecured so they don't require collateral.
Auto loans
Both new and existing members can apply for Alliant auto loans. Terms range 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 based on loan type and your credit score.
Tesla loans
If you're in the market for a Tesla, Alliance Credit Union has a specific loan just for you. Tesla loans have competitive APRs for qualified applicants. Terms vary from 12 months up to 84 months. You can find Tesla loans for both new and used Tesla models, as well as Tesla refinance loans.
No origination fees
No matter which type of personal or auto loan you get from Alliant Credit Union, you won't need to worry about pesky origination fees. This means you get the full loan amount you're approved for -- not the loan amount minus extra fees like you'd get with some other personal loan lenders.
No prepayment penalties
There are no prepayment penalties with an Alliant Credit Union personal or auto loan. As such, you can pay off your loan at any time during your loan term without worrying about extra fees for paying it off early. This is great for folks who want to save a little money on interest fees by paying more each month or paying a lump sum to pay off their loan balance early.
What could be improved
Must be an Alliant Credit Union member to qualify
Other than the typical qualifications for any loan, those who want an Alliant Credit Union loan will also have to jump over one more hurdle: membership. Because it's a credit union, you need to be an Alliant member to apply for a loan. This requires that you mean one of the following conditions:
- Be a current or retired employee or a partner business
- 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 also need to open and maintain an Alliant savings account with a balance of at least $5.
APRs aren't always competitive
Depending on the loan type and your qualifications, APRs on Alliant Credit Union loans aren't always competitive. This is especially true of their personal loan rates. Even if you have perfect credit, you're looking at at least a two-digit APR for a personal loan. Considering some alternative lenders offer personal loan rates in the low single-digits, this isn't ideal. Alliant is more competitive on auto loan rates, but you may still find a better deal elsewhere.
How to qualify for an Alliant Credit Union loan
Before you can even apply for an Alliant Credit Union loan, you need to become a member. Membership requires you to meet one of the following conditions:
- Be a current or retired employee or a partner business
- 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 also need to open and maintain an Alliant savings account with a balance of at least $5.
If you're looking for an Alliant Credit Union personal loan, you must be an established member to even apply for one. This means you need to have been a member for at least 90 days before applying for a personal loan.
If you need an auto loan, you can actually apply to become a member at the same time as you fill out your auto loan application. There is no minimum time you need to spend as a member to qualify.
Other than the membership qualification, Alliant isn't clear on who can qualify for a loan. While evaluation your application, Alliant will consider:
- Your creditworthiness
- Your income
- The size of the loan you request
- For auto loans, the type and age of the vehicle
Application process
The process for applying for an Alliant Credit Union loan is fairly straightforward and can be done online once you meet membership requirements. If you want a personal loan, the process looks like this:
- Hit the "Apply Now" button on the personal loan page.
- Log into your account.
- Provide information about your personal loan, including the amount and preferred loan term.
- Provide personal information, including your income and employment information.
- Submit your application.
Those applying for an auto loan or Tesla loan would follow these steps:
- Hit the "Apply Now" button the loan page
- If you're already a member, log into your account. If you're not a member, choose "Apply as New Member."
- Choose the type of auto loan you want (new, used, new Tesla, used Tesla).
- Provide information about your auto loan, including the amount and preferred loan term.
- Provide personal information, including your name, Social Security number, contact info, income, and employment info.
- Provide information about your prospective vehicle, including the make, model, and age.
- Submit your application.
Alternatives to consider
- LightStream loans are known for their low rates. They have strict qualifications, including high credit score requirements, but they offer very competitive APRs and high loan amounts to eligible applicants.
- Wells Fargo personal loans can be a solid option if you're looking for a personal loan with the potential for a competitive APR. Qualified applicants can enjoy rates well below 10% with no origination or prepayment fees.
An Alliant Credit Union loan is right for you if:
Alliant Credit Union loans are best for people with good credit who want a quick online approval. They don't always have the lowest APRs, but their rates aren't awful. They also offer a fairly good range of loan sizes and terms. You do need to become an Alliant Credit Union member to qualify. If you need an auto loan, this isn't a problem, as you can join during your auto loan application process. If you're not a member already and need a fast personal loan, Alliant may not be for you, as you need to be a member for at least 90 days to apply for a personal loan.
FAQs
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No, there is no membership fee to join Alliant. However, you do need to meet certain qualification to join:
- Be a current or retired employee or a partner business
- 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
The latter membership requires a $5 fee, which Alliant pays on your behalf. You also need to open and maintain an Alliant savings account with a balance of $5 or more.
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No, Alliant is a digital credit union that only operates online.
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In most cases, Alliant offers same-day decisions for both personal and auto loans. Some applicants may need to provide additional information, which can mean waiting a few days for a decision.
Our Loans Expert
Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Wells Fargo is an advertising partner of The Ascent, a Motley Fool company. Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla and Truist Financial. The Motley Fool has a disclosure policy.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Wells Fargo is an advertising partner of The Ascent, a Motley Fool company. Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla and Truist Financial. The Motley Fool has a disclosure policy.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Citi Personal Loan disclaimer:
**Rates as of 10-06-2023 . Your APR may be as low as 10.49% or as high as 19.49% for the term of your loan. The lowest rate quoted assumes excellent credit, and a loan term of 36 months or shorter. Otherwise, a higher rate will apply. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the interest rate. If you are in default, your APR may increase by 2.00%. No down payment is required. Rates subject to change without notice.
You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Loan proceeds cannot be used for post-secondary educational or business purposes.
If you apply online, you must agree to receive the loan note and all other account disclosures provided at loan origination in an electronic format and provide your signature electronically.
Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.