Alliant is a non-profit credit union founded in 1935 and headquartered in Chicago, Illinois. The lending institution offers small business loans as well as other funding options for its customers. According to its corporate profile, the credit union has approximately 300,000 members throughout the United States. Small business owners are able to acquire up to $20 million in financing, depending on loan type. Customer reviews online are evenly mixed both positively and negatively regarding the company's customer service experience and loan products. Consumers that choose Alliant should remember that they must have a credit score of 550 or higher.
Alliant offers to SBA loan products for small business owners. SBA 504 Loans feature a ten percent down payment on equipment or commercial real estate and favorable terms. SBA 7A Loans can be used for a wide variety of business purposes with up to $5 million in financing. Commercial Real Estate Loans feature no depository account requirements.
Alliant offers several other finance products that may be of interest to small business owners. Alliant offers banking services, personal loans, and investment products, to name a few. Members of the credit union are able to receive lower loan rates and higher interest payments. Alliant also offers updated financial tips on its website.
Other benefits of working with Alliant include:
Certain fees for small business loans from Alliant are not publicly disclosed on its website. Alliant does not give any specific information regarding potential origination fees interest rates, or closing costs. This makes it difficult for a borrower to determine whether or not they are getting the best possible deal. Since interest rates typically depend on credit history, small business owners will need to have excellent credit rates to avoid high rates.
There are several online complaints from customers regarding poor service issues from company representatives. These complaints allege representatives were rude during phone calls and were hard to reach when customers tried to contact the company.
It takes approximately 60-90 days for small business owners to receive acquired funding in their business bank accounts after a loan has been approved. This is a much longer timeframe than similar online small business loan competitors, which are able to transfer funds typically within one to seven days or less.