Personal Loan Apps Banking On Features

Unsecured lending is the theme of this week’s PYMNTS Provider Ranking of Personal Loan Apps, which looks at this fascinating space with fresh eyes to reveal the trends. Personal loans have a million uses, but they’ve long been popular for consolidating high-interest debt at lower rates. FinTechs have revitalized personal lending with creativity, usability and more access.

A number of app economy players are contending for a seat at this particular table, as the lucrative personal loan sector seeks its own level in the API-driven open banking world.

The Top 5

Roaring into the No. 1 spot on the debut edition of the PYMNTS Provider Ranking of Personal Loan Apps is MoneyLion, with its mix of affordable lending, spending and wealth management services. A decent head-start (and a strong concept) didn’t hurt.

Position No. 2 this month belongs to SoFi, whose student loan refinancing app made the name known before quickly branching into investments and money management. A bit of social media virality elevated SoFi early on, which may have helped it beat out venerable LendingTree which came in at No. 3 in the inaugural ranking of personal finance apps.

Personal finance app Avant stepped into the No. 4 position with its artificial intelligence (AI) approach to personal loans and a focus on “underbanked middle class.” Closing out the top five at No. 5 is P2P lender LendingClub, whose recent hire of Chief Risk Officer Annie Armstrong (formerly of Uber) might see this respected FinTech lender moving up a spot or two in the next ranking. Stay tuned …



Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.