In search of a credit union that allows you to customize your loan payment date? Alliant Credit Union Personal Loans is the perfect option for borrowers who wish to choose their payment due date. It is a credit union that allows you to line up your payment with your paychecks.
Alliant Credit Union also offers an optional debt protection plan in certain situations, such as disability, involuntary unemployment or death. To unlock more information about Alliant Credit Union personal loans, ensure you read to the end of this article.
Details of Alliant Credit Union Personal Loan
If you intend to get a personal loan from AlliantCredit Union, it is important to have substantial knowledge of how the loan works, which includes the amount it offers and the terms of the agreement. In this section, we will shed more light on the overview of Alliant Credit Union Personal Loan.
- Loan amount: Alliant Credit Union offers loan amounts ranging from $1,000 to $100,000 to individuals who seek money to take care of urgent needs.
- Loan term: Lenders can choose from four different term lengths. You can decide to select one-year, two-year, four-year, or five-year loan terms, depending on the loan amount and your capability to pay back.
- Cost of personal loan: APR Rates begin from 11.49% for one- and two-year loans. If it is a four-year loan, the APR rate will be 13.49%, and 14.49% for five-year loans.
It is important to note that Alliant Credit Union does not charge any fees for its loans, the only thing required is to meet the requirements and repay your loan at the appointed time.
Who Should Get Personal Loans From Alliant Credit Union?
Getting a personal loan from Alliant credit union often makes financial sense if you;
- Are in urgent need of money.
- Have bad credit
- Are you an existing Alliant Credit Union member
- Have no issue working with an online lender
- Prefer working with a community-oriented nonprofit like a credit union, just like Alliant.
If you fall under any of these categories of people, an Alliant Credit Union personal loan might be an ideal option for you.
Who Should Not Get Personal Loans From Alliant Credit Union?
Not everyone will qualify to get a personal loan from Alliant Credit Union, it may not be an ideal option for you if;
- You are in search of lower rates.
- You do not intend to work with an online institution.
- You need to pay off your loan for more than five years.
- You don’t want to take a credit hit from a credit inquiry to check your rate.
- Alliant Credit Union may not be right for you if you do not want to go through the stress of maintaining a separate savings account.
Pros of Alliant Credit Union Personal loan
There are several advantages of getting g a personal loan from Alliant Credit Union, some of which include;
- Fast decision and funding times.
- Wide range of loan options.
- Accessible to those with fair credit.
Cons of Alliant Credit Union Personal loan
While Alliant Credit Union offers several benefits to lenders, it is also important to consider its disadvantages. Some of the disadvantages include;
- Involves hard credit inquiry needed to check your rate.
- The loan comes with a high rate.
- Lenders are required to manage separate savings accounts.
How to Qualify For Alliant Credit Union Personal Loan
Just like the way every lender has its underwriting requirements, Alliant Credit Union Personal Loan is offered based on some factors. To qualify for Alliant Credit Union Personal Loan, you are required to have a membership with them. Although you don’t necessarily have to be a member before you apply for the loan once the loan is approved, you are required to be a member of the credit union.
Borrowers are also required to have a credit score of at least 640 to qualify for a personal loan with Alliant. There is no income requirement for approval; you just need to demonstrate the capability to repay your loan.
Furthermore, you can apply for a personal loan from Alliant with a co-borrower who could be your parent or spouse. Nevertheless, Alliant Credit Union does not allow co-signers when applying for a personal loan.
How to Apply for an Alliant Credit Union Personal Loan
Individuals who intend to take out personal loans from Alliant Credit Union personal loan should follow the process explained below;
Confirm Your Membership
This is one of the major processes involved in applying for a personal loan from Alliant Credit Union. If you are already a member of this union, you can send in your loan application online or reach out the credit union through the contact information provided on their website. For those who are not members, you can send in your loan application directly on the website.
Submit Your Application
Unlike other lenders, there is no prequalification process at Alliant Credit Union. All you have to do is fill out the application online where you will be asked to provide certain information on the application form. On the application form, you will be asked to provide your name, income, employer, and social security number. In most cases, you will also be asked to provide recent pay stubs, bank statements, and copies of your identification, such as proof of current address.
In addendum, Alliant requires a hard credit check that confirms your eligibility for the loan amount you are taking out. Once you’re done filling out your application form, submit it.
Wait For Approval
The next thing after submitting your loan application is to wait for approval from Alliant. If the loan gets approval because you are a current member, Alliant will deposit your loan funds directly into your account. On some occasions, you could receive a check instead.
On the other hand, if your loan approval is complete and you are not a member, you will have to join the credit union before receiving your funds. Also, you will need to meet other Alliant member eligibility criteria, one of which is living or working in one of the communities near its Chicago headquarters.