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Ally Bank is an online bank that doesn’t currently offer personal loans. An arm of Ally Financial Inc., the bank focuses on online savings accounts, checking accounts, auto loans and home loans.
If you’re looking for a personal loan from an online lender, we’ve got a couple of alternatives for you to consider. Whether you want to consolidate debt or finance home improvements, a personal loan might help you achieve your financial goals.
Why you may want to consider Discover: If you’re thinking of taking out a personal loan to consolidate debt like high-interest credit cards, Discover can pay your creditors directly. Direct payments may be helpful if you’re tempted not to pay off all your debt yourself with loan funds.
Here are some more details about Discover personal loans.
- Prequalification option: You can see what your rate might be before officially applying for a loan. To check your credit for prequalification, Discover will perform a soft inquiry that won’t affect your credit scores. Just remember that you’ll still have to officially apply, and if you’re approved, your rate and loan terms may be different from what you saw on your prequalification. Discover may perform a hard inquiry as part of your formal application.
- No origination fees or closing costs: Discover doesn’t charge an origination fee or closing costs. There’s also no prepayment penalty if you want to pay off your loan early.
- Loan amounts: Discover offers loans that range from $2,500 to $35,000. That maximum amount is lower than what some other online lenders offer, so if you need a larger loan amount, you’ll need to look elsewhere.
To learn more, read our Discover personal loan review.
Why you may want to consider SoFi: If you’re approved for a personal loan, SoFi offers a suite of benefits for members as well as unemployment protection. Some potential benefits include member dinners, happy hours, networking events and one-on-one money advice from financial planners.
If you find yourself unemployed through no fault of your own, you can apply to have SoFi temporarily pause your loan payments (in three-month increments up to a 12-month maximum) through its unemployment protection program. But keep in mind that interest will continue to accrue on your balance during this period.
Here are some more details about SoFi.
- Higher loan amounts: If you’re looking for a large loan amount, SoFi offers loan amounts that range from $5,000 to $100,000 if you apply through its site. (Keep in mind that SoFi may offer different terms on Credit Karma, and note that depending on which state you live in, the minimum amount might be higher.)
- Lending criteria: SoFi requires you to have a steady income source or be employed (or have an employment offer for a job you’ll start within 90 days) and says it will also look at your cash flow, credit scores and career experience when evaluating your personal loan application.
- No origination or prepayment fees: SoFi doesn’t charge an origination fee, prepayment penalties or closing costs for personal loans.
For more info, read our SoFi personal loan review.
How we picked alternatives to an Ally Bank personal loan
Since Ally Bank is an online bank, we examined other online lenders that offer personal loans. We looked at features such as eligibility requirements, loan terms and amounts, fee structures, interest rates, prequalification options and other aspects that might make a personal loan appealing.