Ally offers financing experience on retail payments platform Sezzle
By Pavithra R
Ally Lending, the personal lending arm of Ally Bank, the banking subsidiary of Ally Financial has announced offering its financing on retail payments platform Sezzle.
According to Sezzle, the integration is the first of its kind and enables select shoppers to choose to pay over time using Ally’s longer-term, fixed-rate installment loans or Sezzle’s buy-now-pay-later, installment offerings. Ally’s financing extends to purchases up to $40,000 with 3-60-month terms.
“People expect to be able to pay over time when they check out. By blending our fintech platform with the strong banking foundation of Ally Bank, we’re now able to give people that option,” said Hans Zandhuis, head of Ally Lending.
The launch comes at a time when e-commerce is on the rise and are embracing alternative payment options. Sezzle’s core product enables consumers to pay for retail goods over a 6-week period with no interest or fees. Ally Lending’s offerings will expand upon Sezzle’s financing options, offering longer loan terms for higher ticket transactions.
Ally Lending is available for purchases in categories such as home furnishings, jewelry and sporting goods. Shoppers using the Sezzle platform will see “financed by Ally” during checkout when an installment payment plan is available from Ally Lending.
“We’re on a mission to financially empower the next generation. With Ally Lending’s personalized, flexible financing solutions now available on our platform, we’re able to offer even more options for consumers to budget their purchases and responsibly pay for what they want and need,” said Charlie Youakim, executive chairman and CEO of Sezzle.
Founded in 2016, Sezzle is a public-benefit corporation on a mission to financially empower the next generation. Its payment platform offers interest-free instalments for up to 6 weeks and increases the purchasing power for users across the U.S. and Canada at online stores and selected in-store locations.
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