Ally Bank Personal Loans

Ally Bank Personal Loans Reviews

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About Ally Bank Personal Loans

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With over 100 years in business (before becoming an online-only bank in 2009), Ally Bank says it aims to make customers its first priority. A full-service digital bank, it offers all the usual banking products, such as checking and savings accounts, as well as personal loans that you can access through its Ally Lending arm and affiliated providers.

    Pros & Cons

    Pros
    • Funds sent directly to your medical or service provider
    • No origination fee, application fee or prepayment penalty
    • Simple application process
    Cons
    • Must work with an affiliated service provider
    • Loans only for medical care or home improvements

    Our editor’s take

    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 personal loan products

    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.

    Medical treatments and procedures loans
    Ally Bank loans are available for medical treatments and procedures such as audiology, vision, dental, MedSpa and fertility. Veterinary expenses are also eligible. With these loans, you can split the cost of your (or your pet’s) medical care over a period of time in exchange for Ally charging you a fixed interest rate.

    To get an Ally medical loan, your health care provider must partner with Ally Lending, and your lender will then receive the loan funds directly from Ally.

    Repairs and renovations loans
    Home improvements can get costly. Ally Bank’s loans for repairs and renovations can help break up the cost over time at a fixed interest rate. Eligible home expenses include windows and doors, flooring and roofing, plumbing, electrical, HVAC and pool repairs.

    You’ll need to work with an Ally Lending-affiliated service provider in order to get a loan, and your lender will then receive the funds directly from Ally.

    Ally Bank personal loan rates

    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 personal loan fees

    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.

    How to apply for an Ally Bank personal loan

    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.

    How do Ally Bank personal loans compare?

    Ally Bank is difficult to compare with other lenders since it doesn’t share its rates, terms or minimum and maximum loan amounts until you consult with an affiliated provider. Even so, it stands out among other lenders thanks to its lack of fees.

    Let’s take a look at how Ally Bank compares with another popular personal loan lender, Best Egg:

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    Ally Bank personal loans FAQ

    What is Ally Bank?

    Ally Bank is a full-service bank that says it has served 11 million customers over its last 100 years in business. Through Ally Bank, you can secure personal banking accounts, retirement accounts and even mortgage loans.

    Who is eligible for an Ally Bank personal loan?

    Ally Bank doesn’t publicly disclose its personal loan requirements. However, you’ll need to work with a provider that offers financing and is affiliated with Ally Lending in order to get one. This provider can help you complete the pre-qualification process, which won’t have an impact on your credit score.

    What type of loans are Ally Bank personal loans?

    Ally Bank personal loans are installment loans, which break up the cost of the loan over an agreed-upon term.

    Is Ally Bank legit?

    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.

    Ally Bank Personal Loans Reviews

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      How do I know I can trust these reviews about Ally Bank, a member of Ally Financial Inc.?
      • 4,479,812 reviews on ConsumerAffairs are verified.
      • We require contact information to ensure our reviewers are real.
      • We use intelligent software that helps us maintain the integrity of reviews.
      • Our moderators read all reviews to verify quality and helpfulness.
      Page 1 Reviews 0 - 10

      Reviewed April 1, 2024

      I am reviewing this company every place that I can. THREE days...THREE! And still haven't spoken with anyone that can help. All they do is transfer, transfer, transfer. I have never seen a company that does not want to collect their money owed. SHAMEFUL!

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      Customer ServiceStaff

      Reviewed Feb. 16, 2024

      I was transfer to 3 different people. They couldn't hear me. I couldn't hear them. I kept repeating myself 3 times per person is like they work at home and they have the best services. Then the 4th person I gave her all the information and she said it's on process and then the call ended. I had to call again and finally was able to get someone that I could understand.

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        StaffLoan Process

        Reviewed Jan. 9, 2024

        I have been paying a car loan off with this company since 2017, very long time. All the hidden fees and charges are ridiculous. They do not care about their customers. I will never do business with this company again!

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        Ally Bank Personal Loans Company Information

        Company Name:
        Ally Bank, a member of Ally Financial Inc.
        Website:
        www.ally.com