CHARLOTTE, N.C., Jan. 26, 2021 /PRNewswire/ -- Ally Lending, the
personal lending arm of Ally Bank, a
subsidiary of Ally Financial Inc. (NYSE: ALLY), today announced its
relationship with Eargo (NASDAQ: EAR), a leading medical device
company dedicated to improving the quality of life of people with
hearing loss. The agreement expands Ally's financing offerings in
audiology, a market Ally Lending entered more than five years ago,
and gives more people access to Eargo's innovative, award-winning
hearing aid devices. Ally's alignment with Eargo builds upon the
company's deep legacy and rapidly expanding footprint in
business-to-business-to-consumer lending. Ally Lending experienced
75% YoY loan origination growth in 2020.
Approximately 48 million Americans have some degree of hearing
loss – making hearing care essential for more than one in 10 of our
neighbors. The U.S. Food and Drug Administration notes that these
individuals typically face an average ticket of $4,600 for a set of hearing aids, making price a
primary reason for delaying a purchase. Ally Lending hopes to
eliminate the cost barrier by giving Eargo customers the option to
pay in small, planned amounts over time. The Ally Lending program
offers Eargo customers:
- Easy-to-use online consumer application process
- Simple, quick pre-qualification with no credit impact
- Low merchant discount fee options with low consumer monthly
payments
"The pandemic has challenged many Americans financially, forcing
people to make hard decisions about their spending priorities.
Those with pressing healthcare concerns need to find ways to get
life-altering care at a price they can afford," said Hans Zandhuis, head of Ally Lending. "In teaming
up with Eargo, we can make it easier for people to purchase a
device that improves the safety and quality of their everyday
lives."
Eargo's value proposition of innovative products with licensed
professional support packaged via a direct-to-consumer approach
addresses the major challenges of traditional hearing aid adoption,
including social stigma, accessibility and cost. Eargo hearing
devices are one of the first and only virtually invisible,
rechargeable, and completely-in-canal aids. They are also FDA
regulated and Class I exempt devices for the treatment of hearing
loss. Eargo's commitment to product simplicity and compassionate
customer service empowers consumers to take control of their
hearing.
"Our mission is to improve access to the best hearing care
possible so that people can live better, and one way to do that is
through our partnership with Ally Lending," said Christian Gormsen, CEO of Eargo. "Ally's program
is easy for our customers to access and gives them flexible,
low-interest plans — enabling them to purchase the hearing
technology they need and with Eargo, the technology they want."
To learn more about Eargo's hearing aids and accessories, visit
Eargo.com.
In addition to financing options in healthcare, Ally Lending
offers personal loans for home improvement needs, auto maintenance
and servicing, and soon, installment payment options for retail
purchases. To learn more, visit allylending.com.
About Ally Financial Inc.
Ally Financial Inc. (NYSE:
ALLY) is a leading digital financial-services company with
$182.2 billion in assets as of
December 31, 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 further images and news on Ally, please
visit http://media.ally.com.
Contact:
Justin Nicolette
Ally Public Relations
justin.nicolette@ally.com
About Eargo
Eargo is a medical device company
dedicated to improving the quality of life of people with hearing
loss. Our innovative product and go-to-market approach addresses
the major challenges of traditional hearing aid adoption, including
social stigma, accessibility and cost. We believe our Eargo hearing
aids are the first and only virtually invisible, rechargeable,
completely-in-canal, FDA regulated, exempt Class I device for the
treatment of hearing loss. Our differentiated, consumer-first
solution empowers consumers to take control of their hearing.
Consumers can purchase online or over the phone and get
personalized and convenient consultation and support from licensed
hearing professionals via phone, text, email or video chat. The
Eargo solution is offered to consumers at approximately half the
cost of competing hearing aids purchased through traditional
channels in the United States.
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SOURCE Ally Financial