Ally Lending announces a partnership with Sezzle
Ally Lending, the personal lending arm of Ally Bank, announced it’s adding to its retail market lending offerings via an agreement with Sezzle, a fast-growing installment payments platform. The news comes on the heels of an announcement to partner with Vyze, Mastercard’s leading alternative financing platform for retailers.
Ally’s latest announcement in the “buy now, pay later” space comes as this emerging segment continues to gain traction with American consumers. According to a recent study of approximately 2,000 consumers1, 81% of those surveyed said they would use installment payments, if available. In addition, 65% said they would come back to a store or website more often if it offered installment payments.
Leveraging its digital expertise and growing footprint in the retail lending space, Ally Lending will bring a best-in-class, 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.