Ally Financial’s personal lending arm has teamed up with Vyze, a financing platform owned by Mastercard, to enhance its ability to support installments-based payments.
The deal marks Ally’s first move into the point-of-sale retail financing market and will allow retail merchants access to “a financially stable lender for higher-ticket sale options”.
“In today’s economic environment, flexible, affordable financing options that protect consumers’ and businesses’ long-term financial health have never been more important,” said Hans Zandhuis, head of Ally Lending.
“Mastercard’s deep experience in global payment and technology positions Vyze as a leader in the point-of-sale lending market.
“Together, our partnership gives merchants, who want to offer consumers trusted and stable installment loan options, a powerful, digital option.”
Ally Lending’s service through Vyze will offer a digital process for customers to purchase items costing up to $40,000 with payment options at a monthly fixed rate for between six and 60 months.