Ally Lending, the personal lending arm of Ally Bank, a subsidiary of Ally Financial Inc. (NYSE: ALLY), announced on Tuesday it has added to its retail market lending offering through its new agreement with installment payments platform, Sezzle. Ally Lending revealed through the partnership it will bring a fully digital application process to Sezzle for purchases up to $40,000, and monthly fixed-rate installment loans that can extend up to 60 months.
“Consumers using the platform will have the opportunity to discover new stores, manage existing orders, reschedule future payments, change payment methods and receive notifications ahead of their next payment. Ally Lending will begin funding loans for retail market borrowers in Q1 2021.”
Charlie Youakim, executive chairman and CEO of Sezzle, spoke about the partnership by stating:
“Our collaboration with Ally Lending extends our customer financing offerings with a stable, trusted partner, making it possible for consumers to better manage their finances with confidence. Ally’s dedication to its customers and commitment to innovation aligns with our own vision and culture – making this relationship the perfect fit for us.”
Hans Zandhuis, head of Ally Lending, went on to add:
“Now, more than ever, consumers are looking for user-friendly, affordable financial tools that simplify their lives. This new agreement is another example of how Ally is addressing these demands.”