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Ally Lending enters retail financing with Mastercard Vyze partnership

By Pavithra R

August 26, 2020

  • Ally Lending
  • Mastercard Vyze
  • USA
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Ally Lending, the personal lending arm of Ally Bank, a subsidiary of Ally Financial, has announced that the firm has partnered with Vyze, Mastercard’s leading alternative financing platform for retailers.

Through the partnership, Ally is entering into retail financing, building on its experience and rapidly growing footprint in home improvement lending and healthcare. Ally Lending will serve as the first installment loan lender on the Vyze platform, giving retail merchants access to a financially stable lender for higher-ticket sale options.

The budget-friendly, “pay over time” trend is gaining momentum in U.S. A recent survey from Business Insider revealed that 74% of those surveyed find installments helpful for budgeting, and 70% believe installments help alleviate the stress of making a larger purchase. Alternative financing options benefit consumers and retailers and merchants who offer affordable credit options to their shoppers.

“In today’s economic environment, flexible, affordable financing options that protect consumers’ and businesses’ long-term financial health have never been more important. Mastercard’s deep experience in global payment and technology positions Vyze as a leader in the point-of-sale lending market. Together, our partnership gives merchants, who want to offer consumers trusted and stable installment loan options, a powerful, digital option,” said Hans Zandhuis, head of Ally Lending.

The collaboration will help Ally Lending to provide merchants with a way to give their customers choice, assurance, and simplicity, ultimately leading in more sales. On the Vyze platform, Ally Lending will offer a comprehensive installment lending solution with various payment options, giving empowering shoppers with purchasing power. Ally Lending is bringing a fully digital application process to Vyze for purchases up to $40,000 with monthly fixed-rate installment loans extended from 6 to 60 months with flexible promotional offerings.

“Partnering with Ally Lending allows us to continue to grow customer choice and payment flexibility in the retail sector. This opens the door for merchants to offer their shoppers a proven, trusted lending partner in Ally Lending, whose dedication to customer service and ‘doing right’ aligns with ours. This partnership will strengthen customer loyalty for the many retailers we work with,” said Mitch Ferro, CEO of Vyze for Mastercard.

Established since 1919, Ally Financial is a leading digital financial services company offering financial products for consumers, businesses, automotive dealers, and corporate clients.

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