Alliant CU Share Secured Loan Change?!

[lord_kinbote]

So, my funds of 550 finally went to available in my Alliant savings acount and I was about to app for a new share secured loan and I thought I would call and ask what the max term was.  I was transferred to the correct department and the individual on the phone told me that max term they would do for 500 is 6 months?!  **bleep**?!  I thought 48 months was what Alliant was known for.  I asked if there had been a recent change and they said "no".  I am not sure if I just got someone that had no clue or there is some new policy that just dropped - he was confident of this policy and even stated that the payment would be like 10 dollars a month and for a longer term the min payment would need t be atleast 50.  Anyone opened a recent loan?  I haven't app'd yet because of this info, and just trying to confirm.  Thanks in advance for any information.

[sterling40]

Got my Shared Secured loan of $500 today with Alliant Credit Union for 36 months at 2.8 interest and 14.85 total per month payments . No hard pull for either account (secured savings or loan). I did not ask about other length's of terms I just applied for the 36 and got it.

[lord_kinbote]

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@sterling40 wrote:

Got my Shared Secured loan of $500 today with Alliant Credit Union for 36 months at 2.8 interest and 14.85 total per month payments . No hard pull for either account (secured savings or loan).

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It goes to show you, that sometimes the CSR's have very confilicting information.  I submitted my online app, the day I posted my previous message.  I received a share secured loan for 500.00.  The term is for 48 months at 2.80% interest and the monthly payments equates to 11.04.  They offered a 60 month term, but the interest rate was a little higher.  I am in the process of setting up a second installment loan through SDFCU, but I am still waiting to verify my bank deposits so I can link the accounts.

Alliant appears top notch; They setup the payments for me to withdrawl from my savings account and released the 500 into my account, all while I was still on the phone.

[Gardenhand]

I recently opend a share secured installment loan at Alliant for 500 dollars over 48 months at 10.99 per month. They originally told me that they wouldn't do it for that long because it was such a low amount. I insisted that he double checked on that with the lending department and to his surprise there were NO such requirements on the SHARE secured loan. I opened it in September.

They tried to slip in a one dollar per month charge for some loan insurance thing. I said it was a secured loan and in the event I pass away no insurance would be needed as it would be taken out of my account. They dropped the one dollar per month charge.

[lord_kinbote]

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@Gardenhand wrote:

I recently opend a share secured installment loan at Alliant for 500 dollars over 48 months at about 10 dollars per month. The re originally told me that they wouldn't do it for that long because it was such a low amount. I insisted that he double checked on that with the lending department and to his surprise there were NO such requirements on the SHARE secured loan. I opened it in September.

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How long did it take the TL to show up - After your first payment?  Also, do you recall what the initial impact was to your FICO score?  I know there are a lot of variables at play, but just curious if you could pinpoint any data.

[Gardenhand]

I edited my last message to include the insurance charge.

i opened the account in the beginning of September and chose the 15th as my due date. It showed up on my reports at the beggining of October so about one month for me.

[Gardenhand]

Oh sorry I missed the other part of your question. For me the initial effect was minimum. I had two new accounts report at the same time. The Alliant loan and an open sky secured credit card. Both were opened with no hard pull.

EQ down one point 724 to 723

EX up three points 629 to 633

TU up one point 723 to 724 I'm not sure both accounts have reported or not. I only got one alert for TU and it's missing the details of the new account.

my profile is young and thin. I have six months history, 3 secured credit cards and 2 share secured installment loans. EQ and TU are clean and EX has three open collection, one paid and closed. I do have quite a few INQs on all three reports. I opened the new secured loans so I would have two installment loans and later on down the road my average age of accounts would be less effected by opening new accounts.

[sterling40]

Now back to the garden for me   Thanks guys!

[Anonymous]

Please, what is the dfiference between a Share Secured Loan and a Savings Secured Loan? I, too was recently approved to join Alliant FCU (very professional so far) and I am looking to rebuild.

$500 over 48 months is brilliant! Might be a little too long for me, but, brilliant nontheless. Especially if I can set it up for auto payments and forget it.