Alliant CU Unsecured Loan

[Anonymous]

Is the way the unsecured loan works the same as the share secured loan? I can pay down almost all of the balance immediately on the 5 year loan and have it report that amount, and pay hardly any interest on the loan?

[Chelow]

As far as last time I checked(02/26), Yes it is. They actually state that on their home page. Paying early is a thing.

[Anonymous]

Please let us know if you end up going with this and the prepayment works.  We certainly expect it will, but it would be nice to have a confirmation.

[Anonymous]

I signed up through the freelancers union and joined Alliant. Proceeded to instantly apply for the unsecured loan for $1000 at 60 months. Hard pull on TU. Wasn’t an instant approval, they gave me a 732 FICO 9 TU (nice surprise). 5 minutes later got an email stating it was approved and needed 3 docs uploaded: photo ID, social security card, and proof of residency (mortgage statement, utility bill etc). Just uploaded all three expecting a final decision tomorrow sometime I’ll keep you posted

[Chelow]

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@Anonymous wrote:
I signed up through the freelancers union and joined Alliant. Proceeded to instantly apply for the unsecured loan for $1000 at 60 months. Hard pull on TU. Wasn’t an instant approval, they gave me a 732 FICO 9 TU (nice surprise). 5 minutes later got an email stating it was approved and needed 3 docs uploaded: photo ID, social security card, and proof of residency (mortgage statement, utility bill etc). Just uploaded all three expecting a final decision tomorrow sometime I’ll keep you posted

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Uau ! That sounds awesome ! Can't wait to hear the outcome. Congrats ! 

[Anonymous]

I am greatful to have gotten my secured loan with them while I could.. While I had zero credit..

It has treated me very well and is good to 2020, but I have a few $2 payments set on autopay every 6 months so they won't close it as being inactive or something.. 

Works real good man but just sucks that you can't get it secured for when you really need to build some credit.. 

[Anonymous]

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@Anonymous wrote:

I am greatful to have gotten my secured loan with them while I could.. While I had zero credit..

It has treated me very well and is good to 2020, but I have a few $2 payments set on autopay every 6 months so they won't close it as being inactive or something.. 

Works real good man but just sucks that you can't get it secured for when you really need to build some credit.. 

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Eh its alright that its not secured to me as long as it works and reports the same way (paying off 90+% of it and having that report for five years). its essentially the same thing as the secured loan minus the hard pull as far as i can tell. and im the type that hard pulls dont bother me at all lol. dont necessarily need to build credit, I have a pretty decent credit report for where Im at right now (oldest account 8 years, AAoA around 3 years). I just needed that installment loan reporting to maximize scores since i dont have a mortgage or car loan or student loans.  Hoping this works out for me!

[SouthJamaica]

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@Anonymous wrote:

Is the way the unsecured loan works the same as the share secured loan? I can pay down almost all of the balance immediately on the 5 year loan and have it report that amount, and pay hardly any interest on the loan?

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I hate to be negative, but I saw this on their site, which makes me think the loans may not work the way the old SSL's did:

What Is The Impact Of Making Extra Payments On My Debt?

Over the course of a loan amortization you will spend hundreds, thousands, and maybe even hundreds of thousands in interest. By making a small additional monthly payment toward principal, you can greatly accelerate the term of the loan and, thereby, realize tremendous savings in interest payments.

[SouthJamaica]

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@Chelow wrote:
As far as last time I checked(02/26), Yes it is. They actually state that on their home page. Paying early is a thing.

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What exactly do they say that makes you think they won't accelerate the loan if it is paid down early?

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

Is the way the unsecured loan works the same as the share secured loan? I can pay down almost all of the balance immediately on the 5 year loan and have it report that amount, and pay hardly any interest on the loan?

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I hate to be negative, but I saw this on their site, which makes me think the loans may not work the way the old SSL's did:

What Is The Impact Of Making Extra Payments On My Debt?

Over the course of a loan amortization you will spend hundreds, thousands, and maybe even hundreds of thousands in interest. By making a small additional monthly payment toward principal, you can greatly accelerate the term of the loan and, thereby, realize tremendous savings in interest payments.

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Nice catch, SouthJ!

I am still (guardedly) optimistic for our OP.   The text you quote is indeed true for most Alliant borrowers, since most don't know about the crucial step of cancelling the autopay that is required when you first set up the loan.  If you don't cancel the autopay (after making the huge extra payment) then indeed the loan will get paid off much sooner.

My guess is that Alliant will push the due date way into the future once our OP pays from 100% to 8% -- and Alliant will also let him cancel the autopay a few business days after that.  That's how the SSLs worked.

Still, it's only a guess on my part.  Our OP will be doing our community here a big service by executing this practical test.