If you’ve arrived at this article looking for information about Ally Bank personal loans, you’ve come to the right place. Below you’ll find out what loans are available at Ally Bank, along with reviews about Ally from existing customers.
What loans are available at Ally Bank?
Ally doesn’t offer personal loans, but it does offer auto financing and home loans. You can also apply for the Ally CashBack Credit Card, where you can earn 2% cash back at grocery stores/gas stations and 1% cash back on any other purchase.
The Ally CashBack Credit Card currently has no annual fee and an introductory APR of 0% on balance transfers for 12 billing cycles once you’ve opened an account. The APR then reverts to 14.74%, 19.74% or 24.74% depending on your credit history and score. A balance transfer fee of $5 or 3% of the transfer applies.
Ally has a corporate financing arm, providing asset-based loans, cash flow financing and more to businesses.
Ally personal line of credit
A personal line of credit is a loan that works in a similar way to a credit card. It provides a revolving line of credit, and you only pay interest on the amount you borrow until you’ve paid it back. It can be cheaper to borrow funds via a personal line of credit as opposed to a credit card.
Ally doesn’t offer a personal line of credit for individuals, but their CashBack Credit Card may serve your needs. Ally does provide lines of credit for businesses as part of their asset-based loans offering.
Ally financial reviews
As well as auto financing, home loans, and their credit card, Ally offers an Interest Checking Account, an Online Savings Account, a Money Market Account and several IRAs and CDs. They also provide an investment platform too for self-directed and automated investing.
Ally Bank operates online only and doesn’t have any physical branches. Because Ally doesn’t have the same overheads that come with traditional brick-and-mortar banks, they can offer favorable rates on their financial products for their customers.
According to Ally’s website, they’ve been voted the best online bank for the 4th year in a row. Sounds good on the surface, but what do real customers think about Ally Bank?
On Credit Karma, Ally Bank scores 2.4 / 5 overall. One 5 / 5 review left by a customer stated that they have no complaint yet about Ally and that it’s a nice online bank with great rates on savings accounts, however, they only use Ally for their savings and not their day-to-day banking.
Another reviewer who has been a customer for a few years was pleased with Ally Bank, saying that they offer some of the best rates for savings accounts as well as free interest checking accounts and free-to-use ATMs. This person said they’d had no trouble with customer support each time they needed to contact them.
The customer service element of Ally crops up several times in different reviews around the web, and unfortunately not for the right reasons in many cases.
Some reviewers reported that getting through to the call centers to get a problem resolved was an issue with one saying that Ally Bank is hard to communicate with after being left on hold for over two hours.
Many of the negative reviews seem to involve the auto loans from Ally Bank, for example, when a customer has had a problem with a late payment or when receiving a charge after giving their vehicle back at the end of its lease.
When doing your homework on Ally Bank, it’s worth bearing in mind that many people leave a review when they’re unhappy about something, but may not necessarily bother if their service is running smoothly! Check out more reviews about Ally Bank (by state) at the BBB.
Other loan providers
If you do need a personal loan as opposed to a credit card or personal line of credit, there are plenty of other lenders around that may be able to help you. For starters, check out these personal loan apps below:
Rainyday app – you can borrow $100 to $2,500 with this app in a matter of minutes; all kinds of credit scores are considered. Rainday isn’t a lender, but it will connect you with a loan provider that may be able to help you.
LoanSolo app – this app will loan you between $100 and $1,000 and all credit scores are considered. Like Rainday, this company acts as an intermediary, matching people who need a personal loan with a lender that can provide them with the funds they need.
Before you apply for a personal loan, be sure to check out the loan terms and rate of interest that you’ll be charged to make sure you get the right deal for you. For more details on loan providers, check out our article on personal loan apps.
*The above information is correct at the time of publishing.