Ally Lending expands relationship with Milan Laser

Rhea-AI Summary

Ally Lending, a subsidiary of Ally Financial (NYSE: ALLY), announced its expansion of patient financing options to all 96 locations of Milan Laser Hair Removal in the U.S., building on their January partnership. This growth reflects the booming billion-dollar hair treatment industry. Ally Lending's digital platform will allow patients to finance their treatments affordably, ultimately enhancing patient access to essential services. As of September 30, 2020, Ally Financial reported assets worth $185.3 billion, indicating its strong market position.

Positive

• Ally Lending expanded partnership with Milan Laser to 96 locations from 2 in January, indicating significant growth.
• Patient financing options enhance access to laser hair removal services, tapping into a billion-dollar market.
• Ally's platform allows patients to pre-qualify with no impact on credit, improving borrower experience.

Negative

• None.

CHARLOTTE, N.C., Oct. 27, 2020 /PRNewswire/ -- Ally Lending, the personal lending arm of Ally Bank, a subsidiary of Ally Financial Inc. (NYSE: ALLY), today announced the availability of patient financing options at all locations of Milan Laser Hair Removal, the largest laser hair removal company in the United States. Hair treatment and removal is a billion-dollar industry in the U.S.¹ with no signs of slowing down.

Ally Lending and Milan Laser first launched their partnership in January with two store locations, quickly expanding to all 96 locations nationwide within nine months. With this milestone, Ally Lending continues to build on its team's strong legacy in the consumer healthcare lending market, an expertise that was added through the acquisition of Health Credit Services LLC (HCS) in October 2019. In healthcare, Ally Lending's financing solutions encompass cosmetic, dental, audiology, orthopedic, vision and fertility treatments, and provide patients with affordable digital lending options for sought-after and, often life-changing, care.

With the addition of lending options from Ally, Milan Laser's patients can now pay for services over time, choosing the laser hair removal package that best fits their needs while protecting their cash flow and savings. Ally Lending's digital, consumer-friendly platform makes the borrowing experience quick and simple.

"There are so many health and wellness procedures that consumers avoid getting when they need them or put off altogether because of cost," said Hans Zandhuis, head of Ally Lending. "Together with our partners at Milan Laser, we're making it easier for people to access treatments in a more affordable way. Not only is the process fully digital, but also borrowers can get pre-qualified with zero impact to their credit."

Milan Laser provides a safe and effective way to remove unwanted body hair, permanently. All of Milan Laser's clinics run efficiently with three to five employees, including a Candela Authorized Practitioner who is overseen by a board-certified physician. 

"At Milan, we're always evaluating the best partnerships to make laser hair removal affordable for as many people as possible, while offering world-class service. Ally delivers on both," said Colleen Papek, chief operating officer at Milan Laser Hair Removal. "Ally Lending's partnership has truly exceeded our expectations, from their hands-on training of our Milan field team and analysis of data to maximize the financing options we provide our clients, to their knowledgeable and responsive customer service."

In addition to financing options in the health and wellness sector, Ally Lending also offers personal loans for home improvement needs, auto maintenance and servicing, and installment payment options for retail purchases. To learn more, visit allylending.com. 

¹IBISWorld, "Hair Loss Treatment & Removal in the US industry trends (2015-2020)."

About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial-services company with $185.3 billion in assets as of September 30, 2020. 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. For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.

For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.

For further images and news on Ally, please visit http://media.ally.com.

About Milan Laser
Milan Laser was founded in 2012 by two board-certified medical doctors with a vision of offering a permanent solution to their client's unwanted body hair. Milan Laser is now the largest laser hair removal company in the country with 96 locations nationwide and growing. The experts at Milan Laser have the industries only true Unlimited Package™ offering unlimited laser hair removal sessions to every client. Each medical provider at Milan Laser is certified by Candela, guaranteeing safe and effective laser treatments for all skin tones. Milan Laser is the leading laser hair removal provider in the country because it's their specialty, it's all they do.

For more information about Milan Laser Hair Removal's nationwide locations visit https://milanlaser.com/contact/index.html

For images, media and press requests for Milan Laser Hair Removal visit www.milanlaser.com/press.

Contact:

Justin Nicolette
Ally Public Relations
justin.nicolette@ally.com

View original content:http://www.prnewswire.com/news-releases/ally-lending-expands-relationship-with-milan-laser-301159764.html

SOURCE Ally Financial

FAQ

What recent expansion did Ally Lending announce?

Ally Lending announced the expansion of patient financing options to all 96 locations of Milan Laser Hair Removal.

How many locations does Milan Laser Hair Removal have?

Milan Laser Hair Removal has 96 locations across the United States.

What is the significance of the partnership between Ally Lending and Milan Laser?

The partnership provides affordable financing options for laser hair removal, improving patient access to services.

What are the financial assets of Ally Financial as of September 30, 2020?

As of September 30, 2020, Ally Financial had assets worth $185.3 billion.

When did Ally Lending and Milan Laser first partner?

Ally Lending and Milan Laser first partnered in January 2020.