Alliant Credit Union Personal Loan Review

• Must be a long(ish) standing member: With all credit unions, you have to be a member to get a loan. Alliant takes it a step further by requiring you to be a member for at least 90 days.
• Anyone can join: You can bypass Alliant Credit Union’s traditional membership requirements by joining the Alliant Credit Union Foundation. Alliant will even pay the required $5 donation for you.
• Quick funding if approved: If Alliant approves your loan application, you could get your money the same day that you applied.
• Can’t prequalify: Alliant Credit Union requires a hard credit pull to see if you’re eligible. It also doesn’t specify what credit score it requires.
• Big loans: Most personal loan lenders cap their loans at $50,000. However, you can borrow up to $100,000 with Alliant Credit Union.
• Has a financial hardship program: If you’re having trouble paying your loan, Alliant’s Loan Assistance Program could help.
• Best for established Alliant Credit Union members: Most people won’t qualify for an Alliant Credit Union personal loan — at least, not right away. But if you’ve been a member for at least 90 days, you could get a quick loan at a reasonable rate.

Alliant Credit Union pros and cons

If you’re not already an Alliant member and you need an emergency loan, you’ll have to check somewhere else. If you are eligible, though, Alliant Credit Union loans have unique benefits and drawbacks to weigh.

Alliant — a digital-only credit union — offers personal loans from $1,000 to $100,000. Its loans come with perks, including a Loan Assistance Program in case of financial hardship. It doesn’t specify what the program entails, so make sure to call Alliant as soon as you think you might fall behind.

You can also sign up for Debt Protection — this will let you cancel some of your loan balance in the event of death, disability or involuntary unemployment. Coverage costs $0.75 to $1.99 per $1,000 that you borrow, so it can get pricey.

Notably, though, Alliant Credit Union doesn’t give much info about credit requirements. This makes it hard to know whether the hard credit hit that comes with applying will be worth it.

When you’re shopping with lenders that don’t let you prequalify for a personal loan, be sure to get all of your applications submitted within 14 days. That way, only one hard credit pull will count against you.

Alliant Credit Union class action lawsuit

In August 2024, Alliant Credit Union settled a class action lawsuit for $86,750. It was accused of discriminating against Deferred Action for Childhood Arrival (DACA) recipients by denying them loans based on their immigration status rather than their creditworthiness.

Alliant Credit Union also agreed to update its policies as part of the settlement.

Alliant Credit Union personal loan requirements

Alliant Credit Union doesn’t specify its credit score requirements — you’ll have to formally apply to see if you qualify. But before you can do that, you’ll need to have been a member for at least 90 days.

Alliant Credit Union does offer personal loans in all 50 states.

The first step — joining Alliant Credit Union — is easy. As long as you meet one of the eligibility requirements below, you can become a member:

• Currently employed by (or retired from) an affiliated employer
• Are an immediate family member to a current Alliant account holder
• Live or work in an eligible community (which are all located near Alliant’s Chicago headquarters)
• Are willing to join the Alliant Credit Union Foundation (Alliant will pay the required one-time $5 donation for you)

If Alliant Credit Union’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.

How to get a personal loan with Alliant Credit Union

1. Join the credit union. You have to join Alliant online, as it doesn’t have any physical branches. The process should only take a few minutes. During the process, you’ll choose between a checking account, savings account or certificate of deposit (CD) account.

Savings and checking accounts require a $25 opening deposit, and savings accounts come with a free $5 deposit from Alliant. CD accounts require a $1,000 opening deposit.

2. Wait at least 90 days and apply online. Once 90 days have passed, you can apply for an online personal loan on Alliant’s website. Have your Social Security number, gross monthly income (what you make before taxes) and job information handy.

3. Get approved and get your loan. If you’re approved, you could see money in your bank account the same day that you applied. You could also receive it as a check in the mail.

How Alliant Credit Union compares to other personal loan companies

Even if you believe Alliant Credit Union aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Alliant stacks up against similar personal loan lenders.

How we rated Alliant Credit Union

To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:

• Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
• Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
• Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.

The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.

The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.

LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.