Ally Lending, the personal lending arm of Ally Bank, has announced it's adding to its retail market lending offerings via an agreement with Sezzle, an installment payments platform.
The news comes on the heels of an announcement to partner with Vyze, Mastercard's 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.
Leveraging its digital expertise and growing footprint in the retail lending space, Ally Lending will bring a fully digital application process to Sezzle for purchases up to USD 40,000, and monthly fixed-rate instalment loans that can extend up to 60 months. Consumers using the platform will be able 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.
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