Sezzle, a fintech firm which provides Buy Now, Pay Later (BNPL) offerings, has introduced long-term financing options.
The company launched the new service with Ally Bank’s personal lending arm Ally Lending.
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The move will enable selected shoppers pay for their purchases over time using Ally’s longer-term, fixed-rate instalment loans or Sezzle’s BNPL instalment offerings.
The collaboration will offer financing up to $40,000 with three to 60 month terms.
Interested shoppers can avail the point-of-sale retail financing applying online, which is subject to credit review and approval.
Sezzle president Paul Paradis said: “We heard from our merchants that they were looking for solutions to suit a wider range of products, including higher-priced items.
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By GlobalData“With Ally Lending’s personalised, 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.”
Ally Lending head Hans Zandhuis said: “People expect to be able to pay over time when they check out.
“By blending our fintech platform with the strong banking foundation of Ally Bank, we’re now able to give people that option.”
Notably, the launch comes at a time when e-commerce shopping is on the rise amid ongoing pandemic.
The use of BNPL among younger generations has also increased simultaneously.
