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Ally Lending Personal Loans Review | Find the Best Loan for You

Ally Financial, best known for its digital banking services, offers personal loans through its Ally Lending division. Ally started as the auto finance arm of General Motors in 1919. After the 2008 financial crisis, it rebranded and became the only online financial ally. The Ally Lending division was born when the parent company acquired Health Credit Services in 2019.

Ally does not offer personal loans directly to consumers. Instead, Ally Lending operates on what’s called a business-to-consumer model. Offers loans through partners including healthcare providers, home improvement dealers, retail platforms, and auto centers.

Best Features

  • There are no submission fees.
  • There is no credit effect to pre-qualify for a loan.
  • Set up and manage your account online.


  • The loans are not direct to the consumer, so you must apply for financing through a provider.
  • The maximum APR for these loans is higher than many credit cards.

What can ally use personal lending loans?

Ally Lending offers installment loans for those who want to pay for a service over time instead of paying a single lump sum. These loans are provided through home improvement, auto, retail and healthcare providers.

How do ally personal loans work?

Ally Lending offers loans for:

  • Healthcare (fertility, audiology, cosmetic, dental, orthopedic, veterinary).
  • Home improvement (windows, doors, floors, ceilings, siding, plumbing, electrical, HVAC, swimming pool repair).
  • Cars (repairs, modifications, upgrades).
  • retail stores.

Here’s how the process works: Let’s say you’re thinking of laying new hardwood floors in your home. Instead of asking you to pay for the floors up front, the installer offers you financing through Ally Lending. The cost of hardwood floors will be broken down into smaller monthly payments (plus interest). If you decide to apply, they will give the provider access to the Ally Lending platform so you can start the process on your personal device, or you can apply right away at the provider’s website.

There is no down payment or application fee required, and you can get a pre-qualification within 2 minutes without affecting credit. From there, you will be presented with some loan options. All options have a fixed annual percentage rate, which varies based on loan terms and creditworthiness.

Once you’ve selected the loan, you’ll submit a formal application – all online with electronic signatures – and Ally will do a tough credit check. If approved, you will receive an email notification and a billing statement will be mailed with instructions on how to set up your account.

In the meantime, Ally will pay the entire hardwood flooring installer directly, leaving you to repay the loan to Ally.

What are the terms, fees and conditions for Ally Lending?

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

my head April range Range range Minimum/Maximum loan amount
home improvement 0% – 26.99% 24 to 180 months $500 / $65,000
to me 9.99% – 26.99% 12 to 60 months $250 / $40,000
selling by pieces 0% – 26.99% 3 to 60 months $250 / $40,000
Health Care 3.99% – 26.99% 3 to 84 months $750 / $40,000

Because APR ranges vary widely, your credit and the length of time you choose can have a huge impact on your interest rate. Note that for healthcare loans, annual percentage ranges may vary based on the type of service you’re purchasing.

How do you qualify?

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

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

What credit score do you need?

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

Where does Ally Lending work?

Ally Lending POS financing is available to related businesses in all states. For the consumer, customers will not know if the service provider is offering an Ally loan as an option until they do business with the service provider.

Is the lender reputable?

Ally Financial has a D- rating with the Better Business Bureau, mainly due to unresolved consumer complaints from previous auto loan customers, and is not a BBB approved company. Ally Financial also has a rating of 1.3 out of 5 on Trustpilot. In 2020, the Consumer Financial Protection Bureau received two complaints about personal loans from Ally Financial. In both cases, the company provided a timely response.

How is Ally Lending customer service?

Call the toll-free Ally Lending Customer Service hotline Monday through Saturday from 8 a.m. to 10 p.m. ET. There is no online chat feature available.

What are some features of Ally Lending online?

The entire application and account management process with Ally Lending is digital. Once the provider submits the client to the platform, pre-qualification takes place within 2 minutes. The customer completes the rest of the order online. Once the loan is approved, Ally Lending pays the provider directly. Then, clients manage their loan through Ally’s website, where they can view account statements, make payments, and set up automatic payments if they wish.

Allied Lending Personal Loans are best for:

  • People who want to distribute the cost of a large purchase.
  • People who want to complete the loan process online.
  • People who don’t need a co-location.


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