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Alliant Credit Union is clearly geared toward the little guy or gal — though any thrifty-minded borrower can benefit from its low loan minimums, lack of fees and its highly competitive rates. Main drawback: getting access to its HELOCs, which are limited to members (though just about everyone can join) and certain states (more of a problem).
Originally founded in 1935 to serve United Airlines employees, Alliant Credit Union has grown to have a national presence and over $18 billion in assets. Headquartered in Chicago, the organization now serves more than 850,000 members with a lineup of banking products ranging from HELOCs and mortgage loans to credit cards, personal loans, and checking and savings accounts. With no physical retail locations, Alliant operates fully online and through a network of surcharge-free ATMs on the ground.
In October 2024, CEO Dennis Devine left the organization after serving in his position for four years and growing organizational asset holdings. Alliant named Ken Schaafsma, previously its Chief Risk Officer, as interim CEO.
An appealing promotional APR, low rates thereafter, and a lean-on-fees structure scores Alliant Credit Union HELOC a perfect 5 out of 5 in affordability.
Customers in a number of states will need to shop for their HELOC elsewhere; so will borrowers who are interested in a home equity loan (which Alliant Credit Union does not offer).
The limited footprint – just half the country – results in Alliant scoring 4.5 out of 5.
Those looking for web-heavy customer service will be disappointed by reliance on an 800 number for communication (no chat feature with this lender just yet). That drags the score down to 4.2 out of 5, despite the strong rate transparency.
Though Alliant Credit Union boasts an A+ ranking with the Better Business Bureau, customer reviews on the BBB site rank only 1.22 out of 5 stars at the time of this writing– and the organization’s TrustPilot score is only 1.7 out of 5 (though .
Despite its fair share of irritated customers represented online, the continued (and growing) success of Alliant Credit Union points to a lender that has sorted out what its members are looking for. Industry reviews consistently point to competitive interest rates and trim fee structures with Alliant, which is one of the largest credit unions nationally offering a home equity product.
Alliant Credit Union offers interest-only and standard HELOCs, both with variable rates, a minimum loan amount of $10,000 (or $25,001 in Washington, D.C. and Wisconsin) and up to 85 percent of your home’s value, depending on where you live. Your HELOC interest rate will be higher if you don’t set up automatic payments. The interest-only HELOC has a 10-year draw period and a 20-year repayment term, while the standard option has a seven-year draw period and an eight-year repayment term.
Alliant Credit Union doesn’t disclose its HELOC eligibility requirements on its website, but you can expect to need a minimum credit score of 620 or better and a reasonable debt-to-income (DTI) ratio to meet its criteria for approval.
Selected lender
![]() Bankrate score
4.7
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
N/A
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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![]() NMLS: 401052
Bankrate score
4.9
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
2.6
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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![]() NMLS: 462289
Bankrate score
4.6
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
3.2
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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Loan amount |
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Starting at $10,000 |
$25,000-$1,000,000 |
Up to $400,000 (up to $100,000 in some states) |
Min. credit score required |
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Undisclosed |
700 |
640 |
Repayment terms |
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10-year draw period and 20-year repayment term for interest-only HELOCs, 7-year draw period and 8-year repayment term for standard HELOCs |
10-year draw period and 20-year repayment term for HELOC (5-year to 20-year repayment term for fixed-rate HELOC); 5 years to 20 years for home equity loan |
Standard credit card repayment (at least 1% of the statement balance plus interest); with cash-outs, you can lock in payments for 5-10 years |
Funds available in |
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Undisclosed |
Undisclosed |
With 7 business days |
Recent customer review |
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Customer review No reviews available yet. N/A |
The absolute worst HELOC underwriting ever! Hello- I have been in underwriting for five weeks. I'm 62, I've been through about 15 mortgage applications. I can assure you that they don't have a clue what they are doing. ... Jim . |
Low offer and extremely high rates and fees They offered me a very low amount compared to other lenders and on top of that offered a rate of 9.99% plus 4.5% cash out ( this cash out is a scam because it is an origination fee... Heloc |
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