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.

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Last Updated: 11/1/2022
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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

  • Ally

    • 0% to 26.99%APR Range
    • Not DisclosedMinimum Credit Score
    • $500 to $65,000Loan Amount Range
    • Not DisclosedRepayment Terms
    • Same DayTime to Receive Funds

    on Ally Website

MoneyGeek Breakdown - Ally Lending Personal Loan Details

  • APR

    0% to 26.99%

  • Credit Score Requirements

    Undisclosed, varies by service provider

  • Income Requirements

    Undisclosed; varies by service provider

  • Loan Amounts

    $500 to $65,000

  • Loan Terms

    Undisclosed; varies by service provider

  • Permitted Uses

    For healthcare, automotive, or home-improvement services and retail purchases only

  • Prohibited Uses

    Debt consolidation, bills payments and other purposes not mentioned above

  • Time to Receive Funds

    Same day

  • Origination Fees


  • Late Fees

    Undisclosed; varies by service provider

  • Prepayment Penalty Fees


  • Co-signers and Co-applicants

    Undisclosed; varies by service provider

  • Perks

    No prepayment penalty fees

  • Mobile Application

    Yes, for loan management

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.


Make Payments

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


The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity.