Ally Bank doesn’t offer personal loans directly to consumers. Previously, it provided unsecured financing for home improvement projects and medical treatments through vendors that partnered with the bank.
However, Synchrony Bank acquired Ally Lending in 2024. Ally still offers banking products, investment services and auto financing, but it no longer provides point-of-sale financing.While Ally Lending no longer exists, plenty of lenders offer personal loans. With a personal loan, the money goes directly into your bank account, and you can spend it how you want.
» MORE: Compare home improvement loans
Personal loans have fixed interest rates and are repaid in monthly installments. Your credit score, income and debt are key factors in qualifying for a personal loan and determining your annual percentage rate.
Borrowers can pre-qualify online with a soft-credit check, which means there’s no impact to your credit score, to see loan offers.
» MORE: Best medical loans
Ally personal loan alternatives
Banks
Some large national banks, including Citibank and Wells Fargo offer personal loans. You may have to become a banking customer to get a personal loan from a bank.
Snapshot of a typical bank-issued personal loan:
- Credit scores accepted: Good to excellent.
- APR range: Average 11.57% at commercial banks for a two-year loan.
- Loan amounts: $1,000 to $100,000.
» MORE: Best banks for personal loans
Online lenders
Online lenders like Upgrade, LendingClub and Upstart tailor their personal loans to borrowers in different credit bands. It pays to compare lenders to see which one can offer the best rates and terms, as 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: $300 to $100,000.
You can pre-qualify for a personal loan with multiple online lenders without affecting your credit score.
 |  |
|---|---|
| See my rates | See my rates |
Est. APR7.74-35.99% | Est. APR5.96-35.99% |
Loan term2 to 7 years | Loan term2 to 7 years |
Loan amount$1,000-$50,000 | Loan amount$1,000-$60,000 |
Min. credit score600 | Min. credit score600 |
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%.
Credit unions typically require you to become a member before applying for a loan. Since credit unions will consider membership and other factors in addition to your credit score when assessing an application, your local credit union is a good first stop for a personal loan, especially if you have fair or bad credit (a score between 300 and the low 600s).
Snapshot of a typical credit union personal loan:
- Credit scores accepted: Bad to excellent.
- APR range: Average 10.74% at credit unions for a 36-month unsecured loan.
- Loan amounts: $250to $100,000.
» MORE: Best credit union personal loans
Other Ally Bank reviews
Ally offers other financial products, including:
- Vehicle loans and auto loan refinancing.
Methodology
How we chose the best personal loans
Our team of consumer lending experts follow an objective and robust methodology to rate lenders and pick the best.
30+
Lenders reviewed
We review over 35 lenders, including major banks, top credit unions, leading digital platforms, and high interest installment lenders operating across multiple states.
25+
Categories assessed
Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.
60+
Data points analyzed
Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
Star rating categories
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
NerdWallet’s review process evaluates and rates personal loan products from more than 30 financial technology companies and financial institutions. We collect over 60 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
