Ally Bank personal loans: 3 alternatives

Jamie Johnson Written by:
Erin Dunn Edited by:
Updated
•3 min read
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In a Nutshell

Ally Bank doesn’t offer personal loans directly to consumers. If you’re looking for debt consolidation loans or larger loan amounts, these lenders provide features that could make them good alternatives to consider. 
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Ally Bank doesn’t offer personal loans. If you’re looking for a personal loan to consolidate debt or make a major purchase, one of these lenders could be a good alternative.

Best for debt consolidation: Discover

Why you may want to consider Discover: Discover offers personal loans for debt consolidation. And if you’re looking to consolidate high-interest credit card debt, Discover can usually pay off your lenders directly.

  • Limited fees — Discover doesn’t charge any application or origination fees, and there are no prepayment penalties for paying your loan off early.
  • Loan amounts — Discover offers personal loans between $2,500 and $40,000. There’s no collateral required to take out a loan, and you’ll receive a fixed interest rate.
  • Multiple repayment terms — Discover offers personal loan term lengths of 36, 48, 60, 72 and 84 months. That can help you find a monthly payment amount that works for you — but remember that a longer term usually means paying more interest over the life of the loan.

To learn more, read Discover personal loan reviews.

Best member perks: SoFi

Why you may want to consider SoFi: SoFi offers personal loans between $5,000 and $100,000 that can be used to consolidate debt, fund home improvement projects and even finance IVF.

  • Member benefits — SoFi offers perks like access to financial planning and estate planning services, as well as member events and experiences.
  • Fees — SoFi doesn’t charge any prepayment penalties or late fees, though you need to opt for an origination fee to secure a lower rate.
  • Fast application and funding — The online application process is quick, and if you’re approved you may be able to get same-day funding. (The exact timing will depend on your bank.)

To learn more, read SoFi personal loan reviews.

Best for large loan amounts: Wells Fargo

Why you may want to consider Wells Fargo: Wells Fargo offers personal loans that can be used to pay down debt, fund a major expense or pay for home improvements. You can apply for an unsecured loan between $3,000 and $100,000 with competitive rates.

  • Wells Fargo customers only — Keep in mind that to apply, you must have a qualifying Wells Fargo account open for at least 12 months.
    Multiple loan terms — Wells Fargo offers multiple loan repayment terms between 12 and 84 months.
  • No fees — A Wells Fargo personal loan doesn’t have any origination fees, closing costs or prepayment penalties.
  • Fast credit decision — Wells Fargo says most customers will find out if they’re approved the same day they apply.

To learn more, read our Wells Fargo personal loan review.

How we picked these alternatives

Since Ally Bank is an online lender, we looked for other lenders that offer personal loans online. We considered things like fees, loan terms and amounts, ease of application and time until funding, as well as any other features that might make a loan stand out.

*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.