This lender does not offer direct-to-consumer personal loans for any purpose. In 2010, the company, headquartered in Detroit, MI, rebranded, and by 2014, Ally became a publicly-traded company.Īlly now offers online checking and savings accounts, self-directed trading and robo-advisor portfolios, mortgage refinancing, and auto loans in addition to point-of-sale financing for healthcare and home improvements. Ally originally worked with auto dealers to finance vehicles for customers.

If you don’t qualify for interest-free financing, it’s important to compare your estimated rate with quotes from other lenders before making a decision.Īlly Financial was founded as GMAC, a division of General Motors, in 1919. If Ally’s interest-free loan product is available through your provider, you may be able to only repay the principal of your loan without worrying about interest charges, but this could require higher payments over a shorter term. Ally does not disclose an APR range, and available amounts and terms can vary depending on your provider.Īlly personal loans are best for people who need financing for a healthcare procedure or home repair or renovation. Once you’re approved for a loan, the proceeds will be delivered directly to your service provider for the repairs, renovations, or services you receive. Many other lenders offer a discount for using autopay.Īlly Lending offers personal loans with no origination fees or prepayment penalties through service providers like doctors and contractors.

No autopay discount: While it’s easy to set up automatic payments from your online account, you won’t receive a rate discount for doing so.

No APR range disclosed: Most lenders report an APR range to help customers get an idea of what rates they might pay, but Ally doesn’t disclose this information.Instead, you’ll need to work with a healthcare provider or home improvement contractor to get a loan from Ally. Direct-to-consumer loans not available: You can’t apply for a loan on the Ally website.Easy online account management: Your paper loan statement will contain instructions for setting up an online account, from which you can view loan details, schedule automatic payments, and set up payment reminders.No prepayment penalties: You can pay off your loan early without worrying about prepayment fees from Ally.Ally Lending doesn’t charge any application or origination fees.

No application or origination fees: Many lenders charge a flat fee or percentage of the loan amount to issue the loan, which is taken out of the loan proceeds.

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