Ally Personal Loans 2023: Home Improvement Financing and Alternatives

Ally Bank partners with service providers to offer financing for home improvement projects and medical procedures.
Annie Millerbernd
By Annie Millerbernd 
Edited by Kim Lowe

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Ally Bank doesn’t offer unsecured personal loans directly to consumers. Rather, it provides financing for home improvement projects and medical treatments through vendors that partner with the bank — general contractors and health care providers, for example.

The funds that Ally lends go to the vendor, rather than the borrower, to cover costs of the project or procedure. With a personal loan, the money goes directly into your bank account, and you can spend it how you want.

But like personal loans, Ally loans have fixed interest rates and are repaid in monthly installments. Your annual percentage rate on this type of financing is decided the same way it’s decided on a personal loan: Your credit, income and existing debts are key factors in qualifying.

Ally says its home improvement loan rates are between 2.99% and 26.99%. Rates for medical financing range from 3.99% to 26.99%, depending on the type of procedure or service.

You typically access Ally financing when you’re with the vendor — at your home with the contractor or in your doctor’s office. At that time, you provide information about your income and debt, and Ally will show you any offers you've pre-qualified for.

Ally personal loan alternatives


Some large national banks, including Citibank, Wells Fargo and American Express offer personal loans. You may have to become a banking customer in order to get a personal loan from a bank.

Snapshot of a typical bank-issued personal loan:

  • Credit scores accepted: Good to excellent.

  • APR range: 6% to 29%.

  • Loan amounts: $1,000 to $100,000.

Online lenders

Online lenders like LightStream, LendingClub and Upstart tailor their personal loans to borrowers in different credit bands. It pays to shop around to see which lender can offer the best rates and terms because each company uses its own formula to set your rate.

Snapshot of a typical online personal loan:

  • Credit scores accepted: Bad to excellent.

  • APR range: 6% to 36%.

  • Loan amounts: $1,000 to $100,000.

You can pre-qualify for a personal loan with multiple online lenders without affecting your credit score.

Lending Club
NerdWallet rating 
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Est. APR


Est. APR


Est. APR


Loan term

2 to 7 years

Loan term

2 to 5 years

Loan term

3 to 5 years

Loan amount


Loan amount


Loan amount


Min. credit score


Min. credit score


Min. credit score


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Credit unions

Federal credit unions, including PenFed, Navy Federal and First Tech may offer personal loans with lower rates than traditional banks and online lenders because they cap APRs at 18%. Rates at other credit unions, like Alliant, look more like online and bank lenders’. Credit unions may not require good credit profiles to qualify. Your local credit union is a good first stop for a personal loan.

Snapshot of a typical credit union personal loan:

  • Credit scores accepted: Bad to excellent.

  • APR range: 6% to 28%.

  • Loan amounts: $500 to $50,000.

Other Ally Bank reviews

Ally offers other financial products, including:

See if you pre-qualify for a personal loan – without affecting your credit score
Just answer a few questions to get personalized rate estimates from multiple lenders.
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