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Home › Society › Economy › Banking, Insurance & Loans › Ally Bank - quick loans

Ally Bank - quick loans

Started by Laura Jackson51 · · 👁 5 views · 63 replies

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Participants Laura Jackson51electricbadger89silentskipper3Casey Hughes2Zachary Gonzalez2Kevin Morris12Keith Reed62redbison8bluesurfer6Scott Johnson45ironcyclist58electricdrifter18Larry Hayes3shadowanglerSarah Rodriguez8darkmaker94Anthony Sanders5Bryan Gray6Mark Perez4Richard Campbell10Alex Doyle90redranger82Daniel TorresEric Taylor4 …
redbison8 redbison8 Member
34 messages
joined Aug 2010
#21 ·
Scott Johnson45 said:Did you take out a loan here in the US? Have you filed a complaint with the Federal Reserve if you feel like they really did you wrong?

Nah, I didn't get a loan in America, but the principle is identical. Just forget about trying to file a complaint against them here—they're registered in Malta. And things work "perfectly" over there in Malta—I don't even need to explain why everyone looking to pull off tax evasion, fraud, or shady criminal schemes picks that place for their registration.
bluesurfer6 bluesurfer6 Active Member
77 messages
joined Feb 2018
#22 ·
redbison8 said:Nah, I didn't get a loan in America, but the principle is identical. Just forget about trying to file a complaint against them here—they're registered in Malta. And things work "perfectly" over there in Malta—I don't even need to explain why everyone looking to pull off tax evasion, fraud, or shady criminal schemes picks that place for their registration.

Well, if things are working out so perfectly for them in Malta, then you basically don't stand a prayer in their court system. Are you even an EU resident?

Ally probably operates under a different business model in every single country, much like any major bank, so I guess you're ultimately subject to the legal system of whatever country you borrowed the money in. Where are you based?
redbison8 redbison8 Member
34 messages
joined Aug 2010
#23 ·
Scandinavia. Look, I thought just like you did, but man, was I wrong. In certain sectors, EU directives actually override local laws—and shady outfits like Ally Bank have figured that out perfectly. They hunt for loopholes in both the EU regulations and local statutes to structure their entire business model and draft those user agreements. Hardly anyone actually reads the fine print, let alone understands the legal implications behind it. Personally? I went digging and found a ton of irregularities regarding my own dealings with them. Now, I just need to turn all this into hard evidence and make sure they get hit. It’s going to be a long haul, I assume, but I’ve got them cornered since I’ve gathered every single scrap of documentation needed to take them to court. Worst-case scenario? They get slapped with a massive fine for their illegal practices, and from that ruling, I should be able to claw back damages—which could honestly turn into a significant amount of money.
ironcyclist58 ironcyclist58 Regular
863 messages
joined Feb 2020
#24 ·
Haha, I was just looking at this... over in the UK, Ally is running ads with an EKS of 1600%. Seriously, you almost can't pass up an offer like that.
bluesurfer6 bluesurfer6 Active Member
77 messages
joined Feb 2018
#25 ·
Where on earth did these Ally people come from? Maybe they're some kind of Bulgarian operation or something.
redbison8 redbison8 Member
34 messages
joined Aug 2010
#26 ·
bluesurfer6 said:Where on earth did these Ally people come from? Maybe they're some kind of Bulgarian operation or something.

I have no clue, but I am 100% certain they aren't Swiss.😁

Behind all this, there’s probably some crew with massive criminal records. Honestly, at some point, I wouldn't be surprised if one of them—or someone they send—actually shows up at my door. This isn't just about me, though; it's much bigger than that. These people are looking at massive fines for illegal operations, fraud, and God knows what else. I'm ready for it. I already told them that if things go south, I might even take a bullet to the head—because when I get pushed, I don't think, I just act. First I shoot, then I ask questions...

The whole thing is such a scam. They don't even have their own banking system or accounts; they're just operating through a local account at some random bank, like something in Chicago or whatever.
electricdrifter18 electricdrifter18 Newcomer
6 messages
joined Nov 2019
#27 ·
So, he still hasn't actually explained where the scam happened or how it went down? Honestly, if someone isn't going to lay out the facts, I feel like we should just lock this thread and ban anyone posting nonsense.

In what way were you scammed? Because from what I can see, they advertise everywhere—I'd assume people know exactly what they're getting into before they sign anything... unless I'm totally wrong here? Care to enlighten us?
Kevin Morris12 Kevin Morris12 Active Member
230 messages
joined Mar 2020
#28 ·
You can find a ton of info online regarding Ally and their loans, including copies of the actual paperwork they send out to customers. To put it bluntly: those figures you see advertised on their site—like borrowing $5,000 and paying back $5,097—only apply if you already have a co-signer. But let’s be real: most people turning to these types of lenders don't have one. In those cases, they redirect you to a separate insurance and guarantee firm (which, they claim, has absolutely nothing to do with them) that ends up charging you an average of 60-70% of your principal for their services. Naturally, the longer the repayment term you choose, the higher the interest rate climbs. So, a loan of, say, $667 over 6 months could end up costing you a total of roughly $1067. Out of that, only about 40-$17 (plus the principal, of course) actually goes to Ally Bank, while about $383 goes straight to that guarantee firm they try to distance themselves from.

Yes, it’s a massive amount of money. However, both parties—Ally and that guarantor—lay everything out in black and white in the contract before you ever sign. You get a full repayment schedule, just like when you take out a legitimate loan at a major institution like Chase or Wells Fargo. If someone goes through all of that and knowingly puts their signature on the contract, agreeing to every single condition listed, are they really being defrauded just because they opted for an incredibly expensive loan? I don't think so.

Even though this ends up being an exorbitant amount of cash, I believe it's actually a good thing that these offers exist in the market for people who have no other way to access credit and need it urgently. We can speculate all we want about whether a loan like this will dig an even deeper hole for them, but I truly believe it helps many people in the long run. The key is that the individual needs to be fully aware of what they are signing up for, rather than waking up to the reality only when the bill comes due.
ironcyclist58 ironcyclist58 Regular
863 messages
joined Feb 2020
#29 ·
Yeah, over here they can play those shady games and just claim an APR of 8%. In the UK, they clearly aren't allowed to pull that crap, so they actually bother to advertise a 1600% APR properly.
redbison8 redbison8 Member
34 messages
joined Aug 2010
#30 ·
Look, the issue isn't about how they calculate interest or credit—they aren't stupid enough to advertise one thing and offer another. The real kicker is that once you sign that contract, you're basically stuck. There’s no complaining after the fact...

Besides, if what you guys are saying is true and their business models vary, then they’re clearly just pivoting to fit the specific market and the country they're operating in.

Whatever. I'm not going to waste my breath whining about it—I'm not naive enough to think there's some lawyer or government agency in the world you can run to against these types of fly-by-night operators once you've signed and agreed to the terms. You don't get me—I'm complaining about much deeper issues that even a literate person might overlook or fail to grasp (especially if they aren't an expert in this field). Not to mention, a huge chunk of people using these banks are working-class folks who don't have the time or inclination to dig through the fine print. Well, Ally is playing games here, but I've been doing a deep dive, and every single new detail I uncover reveals another irregularity. I'm not naive enough to believe everything at face value. I check every little detail, and then I consult with institutions and advisors who break things down for me—explaining what's legitimate, what isn't, and what actually constitutes grounds for a complaint. I can't go into all those specifics right now.

All I did was start this thread with a simple question: does anyone know, or have any experience, with what happens in America when someone takes out a loan from Ally and either can't or won't pay it back? Now that I see they operate under different systems in different countries, I guess that's not even relevant anymore.

At the end of the day, I'm convinced that even in the worst-case scenario where I walk away with nothing, Ally will still be hit with massive fines and various suspensions—we're talking about their license to operate in this country being on the line. And if that happens, such a ruling would pave the way for damages, not just for me, but for everyone else in a similar boat. End of story.
Larry Hayes3 Larry Hayes3 Newcomer
1 message
joined Nov 2019
#31 ·
I was wondering if there might be any other banks out there that offer similar kinds of loans? I’m feeling a bit overwhelmed by my current financial situation, so I really could use some urgent help, maybe as soon as tomorrow...

Thanks
electricdrifter18 electricdrifter18 Newcomer
6 messages
joined Nov 2019
#32 ·
Larry Hayes3 said:I was wondering if there might be any other banks out there that offer similar kinds of loans? I’m feeling a bit overwhelmed by my current financial situation, so I really could use some urgent help, maybe as soon as tomorrow...

Thanks

If you're just looking for smaller amounts, try Googling "quick online loans"—you'll find places like Cash Expert. Everything moves super fast with them; you can have the funds in your account within an hour or two. For those first-time smaller loans, they usually do up to $1,000$667
shadowangler shadowangler Newcomer
3 messages
joined Nov 2019
#33 ·
Just took out a loan from $1000 today with a 30-day term, so we'll see how it plays out. I'm paying back $3,000 and handing over a fee to the guarantee provider
electricdrifter18 electricdrifter18 Newcomer
6 messages
joined Nov 2019
#34 ·
shadowangler said:Just took out a loan from $1000 today with a 30-day term, so we'll see how it plays out. I'm paying back $3,000 and handing over a fee to the guarantee provider

As long as you don't miss your deadline, you should be totally fine!
shadowangler shadowangler Newcomer
3 messages
joined Nov 2019
#35 ·
electricdrifter18 said:As long as you don't miss your deadline, you should be totally fine!

Yeah. The contract states if you miss a payment, they charge the maximum interest allowed by law. Basically, for every dollar you borrow, you end up paying back $333
shadowangler shadowangler Newcomer
3 messages
joined Nov 2019
#36 ·
Everything went smoothly on my end. I returned everything on time and paid the security deposit $0.33. For larger loans exceeding $1000, the deposit costs just as much as the credit itself if you don't have the patience or the desire to bother someone else to act as your co-signer. Honestly, it’s only worth it to take out $1000, and even then, only if you're a new customer
.
Kevin Morris12 Kevin Morris12 Active Member
230 messages
joined Mar 2020
#37 ·
shadowangler said:Everything went smoothly on my end. I returned everything on time and paid the security deposit $0.33. For larger loans exceeding $1000, the deposit costs just as much as the credit itself if you don't have the patience or the desire to bother someone else to act as your co-signer. Honestly, it’s only worth it to take out $1000, and even then, only if you're a new customer
.

image
Sarah Rodriguez8 Sarah Rodriguez8 Newcomer
3 messages
joined Jan 2004
#38 ·
redbison8 said:Look, the issue isn't about how they calculate interest or credit—they aren't stupid enough to advertise one thing and offer another. The real kicker is that once you sign that contract, you're basically stuck. There’s no complaining after the fact...

Besides, if what you guys are saying is true and their business models vary, then they’re clearly just pivoting to fit the specific market and the country they're operating in.

Whatever. I'm not going to waste my breath whining about it—I'm not naive enough to think there's some lawyer or government agency in the world you can run to against these types of fly-by-night operators once you've signed and agreed to the terms. You don't get me—I'm complaining about much deeper issues that even a literate person might overlook or fail to grasp (especially if they aren't an expert in this field). Not to mention, a huge chunk of people using these banks are working-class folks who don't have the time or inclination to dig through the fine print. Well, Ally is playing games here, but I've been doing a deep dive, and every single new detail I uncover reveals another irregularity. I'm not naive enough to believe everything at face value. I check every little detail, and then I consult with institutions and advisors who break things down for me—explaining what's legitimate, what isn't, and what actually constitutes grounds for a complaint. I can't go into all those specifics right now.

All I did was start this thread with a simple question: does anyone know, or have any experience, with what happens in America when someone takes out a loan from Ally and either can't or won't pay it back? Now that I see they operate under different systems in different countries, I guess that's not even relevant anymore.

At the end of the day, I'm convinced that even in the worst-case scenario where I walk away with nothing, Ally will still be hit with massive fines and various suspensions—we're talking about their license to operate in this country being on the line. And if that happens, such a ruling would pave the way for damages, not just for me, but for everyone else in a similar boat. End of story.

I'm not sure which legal system you're operating under, but receiving damages isn't just an automatic byproduct of what you mentioned. Even if it were, there wouldn't be anything left to collect because they would have gone completely bankrupt.
Keith Reed62 Keith Reed62 Newcomer
8 messages
joined Mar 2013
#39 ·
shadowangler said:Yeah. The contract states if you miss a payment, they charge the maximum interest allowed by law. Basically, for every dollar you borrow, you end up paying back $333

That’s not quite right. If you don't pay on time, they charge statutory interest, which caps out at around 12% annually, or whatever the current federal limit happens to be.

And just so you know, if you miss the deadline, they go after your assets. First, a process server or a notary sends a notice, and if nothing is paid within 8 days, then the collections and legal seizure process kicks in.
darkmaker94 darkmaker94 Regular
417 messages
joined Aug 2011
#40 ·
The statutory default interest rate is sitting at 6.11% annually right now, but it’s dropping down to 5.89% starting July 1st.

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