- Sezzle, the Minneapolis-based buy-now-pay-later company, has announced its long-term financing program with Ally Lending
- Ally Lending is the personal lending branch of Ally Financial
- Sezzle now offers longer loan options for higher priced transactions
- The program offers monthly fixed-rate installment-loan products for up to 60 months and $40,000 per installment plan (subject to credit review)
- The new program is coming after news of a likely Sezzle IPO
The Quote: Paul Paradis, President of Sezzle
“We heard from our merchants that they were looking for solutions to suit a wider range of products, including higher-priced items. With Ally Lending’s personalized, flexible financing solutions now available on Sezzle’s platform, we offer shoppers a responsible, transparent way to finance higher ticket items over a longer period. It’s a win-win for retailers and consumers.”
Check out our previous Sezzle converage and, for more information on the new long-term financing program, read the release below.
MINNEAPOLIS, May 19, 2021 /PRNewswire/ — Sezzle Inc. (ASX: SZL) (Sezzle or Company) // – Sezzle, the highest-rated, purpose-driven Buy Now, Pay Later (BNPL) solution, is pleased to announce the launch of its long-term financing options with Ally Lending, the personal lending arm of Ally Bank, the banking subsidiary of Ally Financial (NYSE: ALLY).
This financing solution expands upon Sezzle’s core product, offering longer loan terms for higher ticket transactions. Ally Lending enables monthly fixed-rate installment-loan products that extend up to 60 months in length and US$40k per installment plan through a fully digital application process (*subject to credit review and approval).
Per Sezzle’s mission of financial empowerment, Ally’s financing solution is a more transparent, responsible, and consumer-friendly option for consumers. The launch of Sezzle’s long-term product is an additional advantage to shoppers that use Sezzle as a financial co-pilot on their path to financial empowerment.
“We heard from our merchants that they were looking for solutions to suit a wider range of products, including higher-priced items,” said Sezzle President Paul Paradis. “With Ally Lending’s personalized, flexible financing solutions now available on Sezzle’s platform, we offer shoppers a responsible, transparent way to finance higher ticket items over a longer period. It’s a win-win for retailers and consumers.”
For more information visit, Sezzle.com.
About Sezzle Inc.
Sezzle is a rapidly growing fintech company on a mission to financially empower the next generation. Sezzle’s payment platform increases the purchasing power for millions of Active Consumers by offering interest-free installment plans at online stores and select in-store locations. Sezzle’s transparent, inclusive, and seamless payment option allows consumers to control their spending, be more responsible, and gain access to financial freedom. When consumers apply, approval is instant, and their credit scores are not impacted, unless the consumer elects to opt-in to a credit building feature called Sezzle Up.
This increase in purchasing power for consumers leads to increased sales and basket sizes for the more than 34,000 Active Merchants that offer Sezzle.
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial-services company with $181.9 billion in assets as of March 31, 2021. As a customer-centric company with passionate customer service and innovative financial solutions, we are relentlessly focused on “Doing it Right” and being a trusted financial-services provider to our consumer, commercial, and corporate customers. We are one of the largest full-service automotive-finance operations in the country and offer a wide range of financial services and insurance products to automotive dealerships and consumers. Our award-winning online bank (Ally Bank, Member FDIC and Equal Housing Lender) offers mortgage lending, personal lending, and a variety of deposit and other banking products, including savings, money-market, and checking accounts, certificates of deposit (CDs), and individual retirement accounts (IRAs). Additionally, we offer securities-brokerage and investment-advisory services through Ally Invest. Our robust corporate finance business offers capital for equity sponsors and middle-market companies.