Ally Bank personal loans: 3 alternatives

Written by: Jamie Johnson
• Updated •3 min read
This date may not reflect recent changes in individual terms.
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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 three lenders provide features that could make them good alternatives to consider. 
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Ally Bank doesn’t offer personal loans directly. You’ll have to go through a healthcare 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 three could be a good alternative.

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 $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 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.

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.

  • Fees — SoFi doesn’t charge any prepayment penalties or origination fees.
  • Fast application and funding — 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.

*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.

About the author: Jamie Johnson is a Kansas City-based freelance writer who specializes in finance and business. She covers a variety of personal finance topics, including building credit, credit cards, personal loans and student loans… Read more.