If you need money to cover home improvements or medical expenses, then you should consider a personal loan. But I know the hassle of searching for a good lender. This is why I would like to recommend one of the best personal loan lenders. Ever heard of Ally Lending? Yes, they are responsible for the approval of the Ally personal loans. It is tailored toward offering financial solutions to borrowers.
However, their services are provided through service providers and not directly. Although generally, personal loans can be used for different purposes, for Ally personal loans, you can only use them for home improvement and health care. But you do not need to get worked up because there are no prepayment penalties or application fees. Additionally, borrowers can access its services through the official website or mobile app for the best experience.
How Does It Work?
Before choosing an Ally personal loan, you need to find out whether or not Ally Lending will work for you. For instance, if you are a homeowner looking to finance a home improvement project or you are looking for funds for medical procedures, Ally is the perfect platform for you.
What’s more, they do not charge borrowers prepayment penalties or application fees. In the meantime, they offer flexible repayment terms; therefore, finding the best option for your budget is possible. Hence, if you would like to apply for a personal loan from Ally, you can do so through their official website.
Next, check the requirements or eligibility criteria to see if you meet them. If you do, you can proceed with the application process. Then, provide all the necessary information and documents for the application.
Nonetheless, they work together with any provider of your preference to provide enough funds for you. You can also check if your home improvement contractor, health care provider, or auto dealer provides Ally as a financing choice. But if they don’t, you can request enrollment.
Ally Personal Loan Requirements
Before you apply, you need to understand the eligibility criteria or qualification requirements for getting an Ally personal loan. By doing this, you will be able to find out if you are eligible and what to expect during the application procedure. This will also increase your chances of getting approved and save you time. Let us find out what Ally Lending requires from borrowers:
- Sufficient income.
- Good credit score.
- Low debt-to-income ratio.
- Employment status.
Although having a co-signer increases your chances of getting approved for a personal loan from Ally, it has not been confirmed if they allow co-signers during the loan application process.
How Long Does It Take for Ally Lending to Approve a Personal Loan?
The approval time after applying for an Ally personal loan differs. Normally, it takes a few working days to a week. But this depends on the specifics of your application and the information verification process.
How to Apply for an Ally Personal Loan
Before applying for an Ally personal loan, you need to enroll first. This process is more or less the sign-up process. Once you complete this, you can begin to apply for the personal loan offered by Ally Lending. Meanwhile, here is how to get started with Ally Lending:
- Pre-qualify.
- Select a loan option.
- Complete the loan application process.
- Finalize your loan.
Once you close your loan, your funds will be received by your service provider. During the enrollment process, you will need to provide your personal details.
What to Do If You Are Denied
If you apply for an Ally personal loan and your application ends up being denied, that can be disappointing. However, that is not the end of the procedure. These are the steps you need to take to discover more opportunities:
- Realize the reasons for denial.
- Improve your financial profile (credit score and income).
- Explore alternative financial options.
- Ask a professional for financial advice.
Being denied a loan is not the end. If you ever find yourself in a situation like this (loan denial), you can always explore other options.
Ally Personal Loans Alternatives
If you do not want to use Ally Lending or you used their services but got denied, as mentioned previously, it is not the end. Here are some alternatives to check out:
- Discover
- Wells Fargo
- SoFi
- LendingClub
- MoneyLion
- Upstart
- Capital One
- Axos Bank
- Upgrade
So, if you need some lenders to consider, these are some of the best lenders, but keep in mind that their requirements and services will be different.
FAQs
Are Ally Personal Loans Secured or Unsecured?
Just like other personal loans, Ally personal loans are unsecured, which means you don’t need any collateral such as a house, car, or any other valuable asset to apply for them.
How Much Personal Loan Can I Borrow on Ally?
The amount you can borrow from Ally typically depends on what you want to use the money for. If you want to use the money to finance health care, you can get up to $40,000. However, it doesn’t disclose the loan amounts you can borrow for home improvement financing.
Does Applying for Personal Loans on Ally Affect My Credit Score?
It depends on the type of credit check Ally conducts on your credit history while applying for the loan. If a soft pull is conducted on your credit report during pre-qualification, it won’t affect your credit score. But if a hard inquiry is conducted during the final application, it can hurt your credit score.
