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Ally Lending Personal Loans Review 2024

Find the Best Personal Loans for You

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APR
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Ally Lending offers installment loans for medical treatments and procedures and for home repairs and renovations.

These loans are available through home improvement and health care providers.

Ally Lending offers loans for:

  • Health care (fertility, audiology, cosmetic, dental, vision, veterinary).
  • Home improvement (windows and doors, flooring, roofing, siding, plumbing, electrical, HVAC, pool repair).

Here’s how the process works: Let’s say you’re thinking about putting new hardwood floors in your home. Instead of asking you to pay for the floors upfront, the installer offers you financing through Ally Lending. Your hardwood floor cost will be broken into smaller monthly payments (plus interest). If you decide to apply, the provider will either grant access to the Ally Lending platform so you can start the process on your own personal device, or you can apply on the spot at the provider’s location.

There is no down payment or application fee required, and you can get prequalified in a couple of minutes without credit impact. From there, you will be presented with some loan options. All options have a fixed annual percentage rate, which varies based on your loan terms and creditworthiness.

Once you select a loan, you will submit a formal application – all online with e-signatures – and Ally will do a hard credit check. If approved, you will receive notification via email and will be mailed a billing statement with instructions on how to set up your account.

In the meantime, Ally will pay the hardwood floor installer in full directly, leaving you to pay back the loan to Ally.

Ally Lending offers a range of rates and terms for its various loan types. Here’s how it breaks down:

APR Range Term Range Minimum/Maximum Loan Amount
Home improvement 0% to 26.99% 24 to 180 months $500/$65,000
Health care  3.99% to 26.99% 3 to 84 months $750/$40,000

Because the APR ranges vary widely, your credit and the term length you choose can have a big impact on what your interest rate will be. Note that for health care loans, the APR ranges may vary depending on the type of service you are purchasing.

Borrowers must be U.S. citizens or permanent residents and at least 18 years old. While consumers can take out a loan for someone else, Ally Lending does not allow co-signers.

Beyond that, each loan has its own underwriting requirements, and loan availability can vary by service provider.

For each type of personal loan, the minimum credit score requirement is 580.

Ally Lending point-of-sale financing is available to applicable businesses in all states. On the consumer end, customers will not know if a provider offers an Ally loan as an option until they engage with a provider.

Ally Financial has an A+ rating with the Better Business Bureau. Ally Financial also has a bad rating of 1.2 out of 5 stars on Trustpilot based on more than 300 reviews. In 2021, the Consumer Financial Protection Bureau received 34 complaints about Ally Financial personal loans. In all cases, the company provided a timely response and closed 31 with an explanation, two with monetary relief and one with nonmonetary relief.

Call Ally Lending’s general questions line at 800-427-9184 Monday to Friday from 8 a.m. to 8 p.m. Eastern Time and Saturday 10 a.m. to 5 p.m. ET. There is no online chat feature available.

The entire application and account management process with Ally Lending is digital. Once a provider introduces the customer to the platform, prequalifying is done in a couple of minutes. The customer completes the rest of the application online. Once the loan is approved, Ally Lending pays the provider directly. After that, customers manage their loan through Ally’s website, where they can view statements, make payments and set up auto payments if they wish.

  • People who want to spread out the cost of a major purchase.
  • People who want to complete the loan process online.
  • People who don’t need a co-signer.

Sarah Goldberg
Sarah Goldberg

Sarah is a seasoned financial market expert with a decade of experience. She's known for her analytical skills, attention to detail, and ability to communicate complex financial concepts. She holds a Bachelor's degree in Finance, is a licensed financial advisor, and enjoys reading and traveling in her free time.

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