Ally Lending announces relationship with Sezzle
CHARLOTTE, North Carolina, September 22, 2020 / PRNewswire / – Ally Lending, the personal lending arm of Allied bank, a subsidiary of Ally Financial Inc. (NYSE: ALLY), today announced that it is adding to its retail loan offerings through an agreement with Sezzle, an installment payments platform fast growing. The news follows an announcement by partnership with Vyze, Mastercard’s leading alternative financing platform for retailers.
Ally’s latest ad in the “buy now, pay later” space comes as this emerging segment continues to gain traction with US consumers. According to a recent study of around 2000 consumers1, 81% of those surveyed said they would use installment payments, if available. Additionally, 65% said they would come back to a store or website more often if they offered installment payments.
“Our relationship with Sezzle is part of Ally’s partnership-driven growth strategy and supports our customer-centric mindset. We are committed to providing flexible payment solutions to consumers across a range of prices when they shop at their favorite stores, ”said Hans Zandhuis, responsible for allied loans. “Today more than ever, consumers are looking for user-friendly and affordable financial tools that make their lives easier. This new agreement is another example of how Ally is responding to these demands.
For many consumers, paying over time for goods and services can be a useful option, rather than going broke with one large payment. A majority (70%) of consumers in the study said they avoided or postponed buying something they needed because they didn’t have the money to pay for it. It also makes sense for businesses to take advantage of allied loans to give their customers more purchasing power. Installment payments provide a convenience that helps make everyday and ambitious purchases affordable for consumers.
“Our collaboration with Ally Lending extends our client finance offerings with a stable and trusted partner, allowing consumers to better manage their finances with confidence,” said Charlie youakim, Executive Chairman and CEO of Sezzle. “Ally’s dedication to its customers and commitment to innovation aligns with our own vision and culture – making this relationship the ideal fit for us.”
Leveraging its digital expertise and growing footprint in the retail lending arena, Ally Lending will bring Sezzle a top-notch fully digital application process for purchases up to $ 40,000and monthly fixed rate loans of up to 60 months. Consumers using the platform will have the ability to discover new stores, manage existing orders, postpone future payments, change payment methods, and receive notifications before their next payment. Ally Lending will begin financing loans for retail borrowers in the first quarter of 2021.
“Millions of Americans are currently facing economic challenges and the need for flexible payment options has never been greater,” Zandhuis said. “Our partnership with Sezzle will not only provide cost-effective, ‘buy now, pay later’ financing options, but also a seamless online shopping experience at over 10,000 merchants.”
For more information, please visit allylending.com.
1Source: “The Future of Payments: A National Installment Research Study”. 2020, Sezzle and The Center for Generational Kinetics.
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company with $ 184.1 billion assets from June 30, 2020. As a customer-centric company with passionate customer service and innovative financial solutions, we relentlessly focus on “Getting it Right” and being a trusted financial services provider to our consumer, business and corporate clients. . We are one of the nation’s largest full-service auto finance operations, providing a wide range of financial services and insurance products to auto dealers and consumers. Our award-winning online banking (Allied bank, Member FDIC and Equal Housing Lender) offers mortgages, personal loans and a variety of deposits and other banking products, including savings, money market accounts and checks, certificates of deposit (CDs) and individual retirement accounts (IRA). In addition, we offer securities brokerage and investment advisory services through Ally Invest. Our strong corporate finance business provides capital to equity promoters and mid-market companies.
For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.
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About Sezzle Inc.
Sezzle is a rapidly growing fintech company with a mission to financially empower the next generation. Sezzle’s payment platform increases the purchasing power of 1.5 million active consumers in the United States and Canada by offering interest-free installment plans at online stores and certain in-store locations. Sezzle’s seamless, inclusive and transparent payment option empowers consumers to take control of spending, be more responsible, and access financial freedom. When consumers apply, approval is instantaneous and their credit scores are not negatively affected. This increase in consumer purchasing power leads to increased sales and basket size for the more than 16,000 active merchants who offer Sezzle in the United States and Canada.
For more information visit sezzle.com.
Allied public relations
Sezzle Public Relations
SOURCE Ally Financial