In a NutshellAlly Bank doesn’t offer personal loans directly to consumers. If you’re looking for debt consolidation loans or larger loan amounts, these four lenders provide features that could make them good alternatives to consider.
Ally Bank doesn’t offer personal loans directly. You’ll have to go through a health care provider or home improvement contractor that partners with Ally Lending to issue medical loans or home improvement loans.
If you’re looking for a personal loan for another purpose — like consolidating debt or making a major purchase — and you want to work directly with a lender, one of these four could be a good alternative.
- Best overall: Marcus by Goldman Sachs
- Best for debt consolidation: Discover
- Best member perks: SoFi
- Best for large loan amounts: Wells Fargo
Best overall: Marcus by Goldman Sachs
Why you may want to consider Marcus by Goldman Sachs: Marcus doesn’t charge common fees like an origination fee. Its loans range from $3,500 to $40,000, and the application process is simple. Marcus personal loans can be used for a variety of purposes.
- Simple application process — Applying for a Marcus personal loan is fairly straightforward — you can apply online and can choose from your loan options in minutes. If you’re approved, you could receive your funds within three days.
- On-time payment rewards — Once you’ve made 12 consecutive loan payments in full and on time, you have the option to defer a payment for one month without accruing any additional interest or fees.
- Loans can be used for a variety of purposes — A Marcus personal loan can be used to consolidate debt, finance a home renovation project, pay for a wedding or fund another large purchase.
To learn more, read our Marcus personal loan review.
Best for debt consolidation: Discover
Why you may want to consider Discover: Unlike Ally, 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. This can be helpful if you think you might be tempted to spend the loan funds on other things.
- Limited fees — Discover doesn’t charge any application or origination fees, and there are no prepayment penalties for paying your loan off early. But you will be charged a fee for any late payments.
- Loan amounts — Discover offers personal loans between $2,500 and $35,000. There’s no collateral required to take out a loan, and you’ll receive a fixed interest rate.
- Multiple repayment terms — Discover offers some choices for the length of your repayment period on a personal loan: 36, 48, 60, 72 and 84 months. That can help you nail down 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.
- Return the loan proceeds within 30 days — If you apply for a Discover personal loan but realize later it was a mistake, you have 30 days to return the loan funds without getting charged any interest on the money you borrowed.
To learn more, read our Discover personal loan review.
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. And SoFi offers unique benefits for its members like unemployment protection — so if you lose your job, SoFi may be able to modify your payments for you.
- No-fee promise — SoFi doesn’t charge any origination fees or prepayment penalties. The lender promises that the only thing you’ll pay for is the principal and interest.
- Fast application and funding v The online application process is quick, and if you’re approved you may be get same-day funding. (The exact timing will depend on your bank.)
To learn more, read our SoFi personal loan review.
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.
- 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 get word if they’re approved or not 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. We also looked for personal loans that offer uses Ally doesn’t, like the ability to use a loan to consolidate debt.