USAlliance Financial Personal Loans

USAlliance Financial Personal Loans Reviews

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About USAlliance Financial Personal Loans

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USAlliance Financial, based in Rye, New York, is a full-service credit union that offers a variety of banking services, including personal loans, mortgages, checking and savings accounts, credit cards, investment products and insurance. Originally launched by a group of IBM employees to serve New York, New Jersey and Connecticut, it has since expanded to over 5,000 branches nationwide.

    Pros & Cons

    • Flexible terms
    • Emergency loans available
    • No prepayment penalty
    • Spanish support available
    • Must become a member
    • Maximum loan amounts not disclosed

    Our editor’s take

    When it comes to personal loans, USAlliance Financial is a strong contender, with competitive annual percentage rates (APRs), minimal fees and flexible term options. It also offers a solid variety of borrowing options, including secured loans, a credit-building loan and a 60-seconds-approval emergency loan, in addition to its regular unsecured personal loan.

    Our only criticism is that USAlliance Financial doesn’t disclose its maximum borrowing limits for all of its products, making it difficult for potential customers to decide if the product will serve their needs. In addition, while USAlliance’s interest rates are competitive, there are other lenders and credit unions with lower starting APRs that you may be eligible for, especially if you have an excellent credit score.

    USAlliance Financial personal loan products

    USAlliance Financial offers a variety of options for personal loans and lines of credit, both secured and unsecured, depending on your borrowing needs.

    Personal loan

    USAlliance’s personal loans can be used for almost any purpose and are unsecured, meaning they don’t require any collateral to qualify. These loans have flexible terms up to 84 months and have a fixed rate, so your monthly payments will remain the same for the life of the loan.

    Debt consolidation loan

    If you need to pay down high-interest debt, you can apply for a debt consolidation loan with USAlliance Financial. With this type of loan, you consolidate several debts into one loan with a single monthly payment, ideally at a lower interest rate than your existing debts. This can help you to save money over the life of the loan and get out of debt faster.

    MyLife Ready Cash

    This loan option is designed for last-minute emergency expenses, such as a medical bill or car repair. It doesn’t require any underwriting or credit checks, and approvals can be obtained in as little as 60 seconds. Loan amounts range from $200 to $1,000 and can be deposited into your USAlliance checking account within minutes.

    Credit-builder loan

    If you’re looking to build up your credit profile, a credit-builder loan can help. With this type of loan, you make all your loan payments in advance. The loan money is held in your account with USAlliance while you make your monthly payments, which are reported to the credit bureaus. Then, once you’ve paid the loan back in total, you gain access to those funds.

    Terms range from 12 to 24 months, and you can borrow between $500 and $2,000, depending on your income and credit score.

    Savings Secured Loans

    USAlliance offers secured loans in which you can use your stock or savings as collateral and borrow up to the amount that you’ve put on deposit.

    Signature Line of Credit

    If you’d rather have access to a revolving line of credit, USAlliance’s Signature Line of Credit can be used to finance almost any need, including covering account overdrafts — funds can be automatically transferred to your checking account if your balance dips below zero.

    USAlliance Financial personal loan rates

    As of publishing, USAlliance’s personal loan rates range as low as 11.99% to 14.74% fixed APR, depending on the term length chosen (shorter terms offer lower rates). These rates include a 0.25% discount if you enroll in automatic loan payment from a USAlliance account.

    USAlliance’s three lines of credit have APRs ranging from 10.24% to 15.24% at the time of publishing. These APRs do not include a discount.

    The MyLife Ready Cash loan has a 27.50% APR for all borrowers as of publishing.

    USAlliance Financial personal loan fees

    USAlliance Financial doesn’t charge any prepayment penalties should you decide to pay off your loan early. There is also no mention of any origination fees for its personal loans. The MyLife Ready Cash loan has a nonrefundable $18 fee to apply.

    There are late payment fees, which vary depending on your loan agreement. If you’re struggling to make a payment on your loan, USAlliance offers the option to skip a payment with at least five days’ notice for a $50 processing fee.

    How to apply for a USAlliance Financial personal loan

    If you want to apply for a USAlliance Financial personal loan, you can first pre-qualify through an online form, with no risk to your credit score, to see if you’re eligible. Once you decide to officially apply for a personal loan, you’ll need to provide the following information:

    • Your Social Security number
    • Your current and previous employers’ information
    • Your gross income
    • The purpose of your loan
    • Your co-applicant’s information (if necessary)

    You will need to become a USAlliance Financial member in order to take out a personal loan. Membership comes with benefits such as early paycheck deposits, free credit score tracking, layoff insurance and discounts with various U.S. retailers, including Sam’s Club and CarAdvise.

    To access the MyLife Ready Cash loan, you need to have been a USAlliance member for at least the past eight consecutive months and have online or mobile banking with USAlliance Financial.

    How do USAlliance Financial personal loans compare?

    USAlliance Financial is a competitive lender, offering a wide range of loan products, long term lengths, minimal fees and low APRs. However, it’s not the only lender out there, and depending on your needs, another lender may better suit you.

    For example, when compared with another nationwide credit union, PenFed, USAlliance offers more borrowing options but has a higher starting APR. Here’s how else the two stack up against each other:

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    USAlliance Financial personal loans FAQ

    What is USAlliance Financial?

    USAlliance Financial is a nationwide credit union offering personal loans, checking and savings accounts, credit cards, investments, insurance and more. It is based in Rye, New York, but has branches and ATMs across the country.

    Does USAlliance Financial allow co-signers?

    Yes, you can use a co-signer to get a personal loan with USAlliance Financial. This means even if you have a lower credit score or insufficient income, you may still be eligible for a loan if your co-signer is able to meet the eligibility criteria.

    How long does it take to receive USAlliance Financial personal loan funds?

    USAlliance Financial doesn’t indicate how long it can take for you to receive your personal loan funds. Customer reviews on its website say they were approved instantly and funds were deposited within 48 hours. Its MyLife Ready Cash emergency loan can get you funds of up to $1,000 within a few minutes.

    Is USAlliance Financial legit?

    USAlliance Financial is a legitimate credit union insured by the National Credit Union Administration (NCUA), which means your money is secured up to $250,000 for each account. It was founded in 1966 to serve IBM employees in the tri-state area of New York, New Jersey and Connecticut and has since expanded access to 5,300 branches across the country and has 150,000 members worldwide.

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    USAlliance Financial Personal Loans Company Information

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    USAlliance Financial Personal Loans