MoneyGeek’s Take: Ally Lending Personal Loan Review
Ally Lending provides loans to consumers through a network of businesses in various industries such as healthcare, automotive, home improvement and retail. They are known for their minimal fees and pre-qualification options, which is best for consumers who need to pay for emergencies or projects over time rather than in one lump sum.
Ally Lending does not offer personal loans directly to consumers. Instead, loans are offered to businesses, who then offer these loans to consumers. If a loan is approved, Ally Lending sends the funds directly to the business to pay for any service the consumer will need, be it a renovation, repair, or general service.
At a Glance: Ally Lending Personal Loans
- 0% to 26.99%APR Range
- Not DisclosedMinimum Credit Score
- $500 to $65,000Loan Amount Range
- Not DisclosedRepayment Terms
- Same DayTime To Recieve Funds
on Ally Website
MoneyGeek Breakdown - Ally Lending Personal Loan Details
0% to 26.99%
Credit Score Requirements
Undisclosed, varies by service provider
Undisclosed; varies by service provider
$500 to $65,000
Undisclosed; varies by service provider
Is Ally Lending Right for You?
Ally Lending’s services are only meant for certain consumers — and not everyone has access to them. On top of that, there are a variety of other factors to consider before selecting a loan provider, which is why it’s important to evaluate any Ally Lending personal loan review.
Who Ally Lending Is Perfect For
Loans from Ally Lending are best for individuals who want to spread out the cost for certain healthcare, automotive, or home improvement services or retail purchases.
Ally Lending is also best if you have a strong credit score, as you can take advantage of the 0% APR from certain service providers. This may mean making high monthly payments over a short period of time, but if you can afford it, you might be able to repay your loan without incurring any borrowing costs.
Who Should Not Choose Ally Lending
Ally Lending only offers loans through a network of service providers, which means you cannot apply for a loan directly from their company. This means that borrowers who are looking for personal loans for other purposes, such as debt consolidation or paying off bills, may be better off elsewhere.
How to Apply for an Ally Lending Personal Loan
The process to apply for an Ally Lending loan begins once you find a suitable provider offering Ally financing options. From here, you can expect the following steps:
Once you’ve found your desired provider, pre-qualify with Ally. This will entail a soft credit pull that won’t harm your credit score.
Fill Out Application Form
If you’re happy with Ally’s offer and decide to go with their services, fill out the application form and submit it. This can be done online. Depending on your profile, they may also pull a hard credit check, which can impact your score temporarily.
Wait for Approval
Wait to get approved. Your service provider will inform you when they receive approval.
Review Loan Agreement
Read the fine print and all the details involved in the loan agreement.
Sign Loan Agreement
The documents can be signed electronically — once you’re done, submit this and ensure you receive an email confirmation.
Receive or Direct Funds
Loan funds will go directly to your service provider or retailer, which will be used to fund your desired service or purchase.
Enroll in an Ally account online to be able to manage your loan and make payments.
What to Do if You Are Rejected From Ally Lending
If your loan application was rejected, don’t panic. Loans can get rejected for a number of reasons, such as having a low credit score, not having enough income, not having enough credit history and more.
The first thing you should do if Ally rejects your application is to reach out and ask why you were rejected. You’ll also want to assess your current financial situation, examine your credit reports and address any errors on your report. This can help you improve your chances of getting approved for a loan the next time you apply.
You can also develop short- and long-term strategies to address the point of rejection. Short-term strategies can include applying elsewhere and getting a co-signer, while long-term strategies can include improving your credit score and reducing your debt.
Frequently Asked Questions About Ally Lending Personal Loans
If you’re still confused about getting an Ally Lending personal loan, review the frequently asked questions that MoneyGeek answered below.
Read More on Personal Loans
- Ally Lending. "Flexible Healthcare Financing." Accessed March 21, 2022.
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