Direct LendingLending Arm Ally Expands Financing Into Retail

PRNewswire PRNewswireAugust 25, 20205 min

Ally Lending, the personal lending arm of Ally Bank, a subsidiary of Ally Financial Inc. (NYSE: ALLY), today announced its partnership with Vyze, Mastercard’s leading alternative financing platform for retailers. Ally’s entrance into point-of-sale retail financing builds on its deep experience and rapidly growing footprint in healthcare and home improvement lending. Ally Lending will serve as the first installment loan lender on the Vyze platform, giving thousands of retail merchants access to a financially stable lender for higher-ticket sale options.

The budget-friendly, “pay over time” trend continues to gain momentum in the U.S. According to a recent Business Insider report, 74% of those surveyed find installments helpful for budgeting and 70% think installments help alleviate the stress of making a larger purchase.Alternative financing options benefit not only consumers, but also retailers and merchants who offer affordable credit options to their shoppers. Merchants who offer point-of-sale financing options see on average a 32% increase in sales and a 75% increase in order value.2 Through its partnership with Vyze, Ally Lending provides merchants with a way to give their customers choice, assurance and simplicity, ultimately resulting in more sales.

“In today’s economic environment, flexible, affordable financing options that protect consumers’ and businesses’ long-term financial health have never been more important,” said Hans Zandhuis, head of Ally Lending. “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.”

On the Vyze platform, Ally Lending will offer a comprehensive installment lending solution with a range of consumer payment options, giving shoppers the purchasing power they need for big- and small-ticket goods and services. Ally Lending brings a fully digital application process to Vyze for purchases up to $40,000 with monthly fixed-rate installment loans extending from 6 to 60 months and flexible promotional offerings.

“Partnering with Ally Lending allows us to continue to grow customer choice and payment flexibility in the retail sector,” said Mitch Ferro, CEO of Vyze for Mastercard. “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.”

For more such Updates Log on to https://fintecbuzz.com/ Follow us on Google News Fintech News

PRNewswire

PRNewswire

Leave a Reply

Your email address will not be published. Required fields are marked *

We are one of the world’s leading Fintech-based media publication with our content strategized and synthesized to fit right into the expanding ecosystem of Finance professionals. Be it fintech live news, finance press releases, tech articles from Fintech evangelists or interviews from top leaders from global fintech firms, we give the best slice of knowledge topped up with the aptest trends. Our sole mission is to help tech and finance professionals step up with the rapidly emerging Fintech civilization and gain better insights to emerge victorious in every possible way. We adopt a 360-degree approach in order to cater to present a holistic picture of the fintech arena.

Our Publications




FintecBuzz, 2020 © All Rights Reserved