I opened an Alliant Credit Union savings account last week and transfered $600. I was contacted by a represenative on Monday who wanted to help however she could. I explained my purpose: a $500 shared secured loan. She said she could help, but it could only be for 12 months. I said okay. She called back shortly and said there was a temporary hold on funds because the account was brand new. It would take three days. I said no problem.
This morning I noticed that the funds were available, so I applied for the loan online. I just prefer to do it that way rather than over the phone. Also, I found I was able to select a longer term, so I selected 48 months. Then I called the represenative to let her know, so that she didn't do any unnecessary work.
She said she could still work the loan. I assumed (perhaps wrongly?) that this meant that someone would have to review it on that end anyway, and it might as well be her. I said thanks, and asked her to contact me via email (as I'm often not in a place where I can talk about such things on my cell phone -- email is more convenient).
A short time later, I got an email from her showing terms for a loan, this time with a 12 month term, and asking me "if this looks good?" She says she'll send (I assume email) "the documents" after my response.
My questions:
1. Does Alliant limit $500 loans to 12 months terms?
2. When you apply for a loan online with Alliant, do you need to fill out an return additional documents? Or is she canceling that applicaiton and initiating a new one (perhaps so she gets credit for it)?
I don't fault her if she's just trying to be helpful, or even if she's hustling to get ahead. But I don't want to sacrifice my preference to do things online using automated means.
Thanks in advance for your help!
