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Ally Lending Offers New Payment Option
Ally Lending is giving its customers a new way to pay by offering financing through Sezzle. The partnership is the first of its kind for Sezzle, a payment platform that offers interest-free payment plans for consumers at online stores and select in-store locations. Ally Lending, the lending service for Ally Bank, can be used in multiple categories including home furnishings, jewelry and sporting goods.
“People expect to be able to pay over time when they check out,” said Hans Zandhuis, head of Ally Lending. “By blending our fintech platform with the strong banking foundation of Ally Bank, we're now able to give people that option.”
Consumers who use Sezzle will see “financed by Ally” during checkout when a payment plan is available. The payment plans are designed to purchase items over time via Ally Lending’s fixed-rate installment loans or Sezzle's buy-now-pay-later option with financing on purchases up to $40,000 for terms that range from three to 60 months.
The payment option comes at a time when buy-now-pay-later options are on the rise for Gen Z and millennials. During the past 12 months, the payment option has increased 17 percent for the former and 21 percent for the latter.
“We're on a mission to financially empower the next generation,” said Charlie Youakim, executive chairman and CEO of Sezzle. “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.”