Ally Bank Personal Loans Reviews

Ally Bank personal loans are a solid option for those who need help affording medical bills or home renovations. However, its lack of transparency regarding interest rates and loan amounts makes it difficult for consumers to compare against other lenders without going through Ally’s pre-qualification process.

Also, you must work directly with a medical or home service provider that is affiliated with Ally in order to be eligible to apply for a loan. If your provider doesn’t partner with Ally, you’ll need to consider another lender instead.

Ally Bank doesn’t offer personal loans directly to borrowers. Instead, you’ll need to work with an Ally Lending-affiliated service provider that offers one of the following Ally-backed financing options.

Unfortunately, Ally Bank is not transparent with its personal loan rates. To find out what rates and terms you qualify for, you’ll need to work with your Ally-affiliated provider. Your rates will vary based on factors such as your loan’s term length and your creditworthiness.

Ally does say it offers pre-qualification with no impact to your credit score so that you can see what terms you may qualify for without a hard inquiry on your credit report.

Ally Bank doesn’t disclose any fees associated with its personal loans. However, it does advertise them as being free from down payments, application fees and prepayment penalties.

To get a better idea of what fees you may or may not be charged, you should speak with your Ally Lending-associated provider.

To apply for an Ally Bank personal loan, you need to first make sure your medical or home service provider offers financing through Ally.

If it does, you can apply for your loan entirely online by completing these four steps:

1. Pre-qualify: Your provider will work with you to pre-qualify for a personal loan. This process is quick to complete and has no impact on your credit report.
2. Choose a loan: Ally Bank lets you select from multiple financing options, which have been personalized based on your needs.
3. Complete your application: Once you’ve chosen a loan, you’ll need to finish your application by providing personal and financial information. At this time, Ally will also complete an instant credit check.
4. Close on your loan: If your application is approved, you’ll need to sign loan documents to make it official. Once you do, your loan funds will be sent straight to your provider.

Ally Bank is a legitimate bank that has operated entirely online since 2009 and was one of the country’s first digital banks. It offers a full range of banking products, including checking and savings accounts, credit cards, mortgages and investment services. It reports, as of publishing, serving more than 11 million customers and holding $197 billion in total assets.

However, since Ally doesn’t disclose many of the finer details of its loans right away, you’ll want to compare its rates and terms with those from other lenders once you have access to that information to ensure you’re getting the best deal.