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Alliant CU Unsecured Loan

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Anonymous
Not applicable

Re: Alliant CU Unsecured Loan

Just signed the documents electronically. They didn’t require me to setup auto pay the option was available immediately to do manual payments (thus incurring an extra .4% interest rate) so I chose that. They just sent the email saying that all documents have been signed and the funds will be available shortly into my alliant savings account.
Message 11 of 22
Anonymous
Not applicable

Re: Alliant CU Unsecured Loan

I’m really hoping though that the due date still is pushed years into the future if not that’s no bueno lol.
Message 12 of 22
Anonymous
Not applicable

Re: Alliant CU Unsecured Loan

Funds have now been deposited into the savings account and the loan is showing on online banking
Message 13 of 22
Anonymous
Not applicable

Re: Alliant CU Unsecured Loan

Ok just posted a $920 payment to the loan now showing a due date of 3/1/2020 for $43.82. Didn’t push it out the 4 years I would have liked. It appears the loan will be paid off in 14 months. Ouch.
Message 14 of 22
Anonymous
Not applicable

Re: Alliant CU Unsecured Loan

That's really sad.  It sounds like Alliant may have imposed a 12-month maximum period on how far they permit prepayment.  DCU has a similar cap at three months.


Would you mind summarizing your experience in a single post?  I.e.....

 

Date you opened the unsecured loan

Original Amount of the loan

Original Term of the Loan (12 month, 36 month, 60 month, etc.)

Original monthly payment amount required (prior to making the big payment)

Date you made the big payment and the amount of the payment

How the Due Date changed after the big payment

The amount of the next payment due

 

BTW, are you absolutely certain that the loan term was 60 months?  Even if that's what you applied for, the fine print in the loan agreement might say it was for 12 months or 24 months (say).  If you can examine the final loan doc that would help.

Message 15 of 22
Anonymous
Not applicable

Re: Alliant CU Unsecured Loan

I just checked my ssl..

10/20/2017New Loan

12/30/21 - next payment Due Date

 

Nothing changed..

Message 16 of 22
Chelow
Regular Contributor

Re: Alliant CU Unsecured Loan


@SouthJamaica wrote:

@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.

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


 

This is from their home page : 

 

- "Can I pay off my loan quicker than the payment schedule?

Yes. At Alliant, there are no prepayment penalties for paying off your loan faster than your payment schedule. In fact, it’s a great way to save on interest over the long run. "

 

- "Terms and amounts

Personal loan amounts are available from $1,000 to $50,000. Available terms include one-year, two-year, four-year and five-year loans, and we won't penalize you if you pay your loan off early."

 

I wasn't trying to imply that the payments were going to be pushed as far as the whole term of the Loan, because i clearly don't have that information. I just meant you could pay early. I am sorry if i implied otherwise. I was basing myself on this info. Now reading again, i think accelerating the loan is kind of a penalty isn't it ? Then again, they say  " pay your loan off early ". 





Message 17 of 22
Chelow
Regular Contributor

Re: Alliant CU Unsecured Loan

I am still really hoping for OP to come back with the info CGID asked, crossing fingers the original term of the loan was acctually shorter than what we thought ( 60 Months ). Leaving us some hope. 





Message 18 of 22
SouthJamaica
Mega Contributor

Re: Alliant CU Unsecured Loan


@Chelow wrote:

@SouthJamaica wrote:

@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.

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


 

This is from their home page : 

 

- "Can I pay off my loan quicker than the payment schedule?

Yes. At Alliant, there are no prepayment penalties for paying off your loan faster than your payment schedule. In fact, it’s a great way to save on interest over the long run. "

 

- "Terms and amounts

Personal loan amounts are available from $1,000 to $50,000. Available terms include one-year, two-year, four-year and five-year loans, and we won't penalize you if you pay your loan off early."

 

I wasn't trying to imply that the payments were going to be pushed as far as the whole term of the Loan, because i clearly don't have that information. I just meant you could pay early. I am sorry if i implied otherwise. I was basing myself on this info. Now reading again, i think accelerating the loan is kind of a penalty isn't it ? Then again, they say  " pay your loan off early ". 


No, it doesn't mean that at all. A prepayment penalty is a financial deduction made when you pay off a loan prematurely. It used to be common in mortgages, it's now probably less common.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 19 of 22
Anonymous
Not applicable

Re: Alliant CU Unsecured Loan

Ok, I just checked my loan document from them,

 

unfortunately for me, I didnt check the terms of it, I did apply for a $1,000 loan at 60 months, but when they sent the document to be signed, it does state that it was a $1,000 loan at 12 months.  Bad news for me but I guess if you apply for a larger loan the 60 months would be able to be used.

Message 20 of 22
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