Personal loans are taking many forms these days and using apps to obtain them is our favorite.
Why? That should be obvious as this is PYMNTS Provider Ranking of Personal Loan Apps. It’s just how we do things here. And while this is our most compact ranking — it averages about seven apps — they represent the leading edge of digital-first lending.
Let’s see what’s transpired since last month.
The Top 5
In a ranking that see’s little movement month-to-month, this latest update is a doozy.
For example, whereas one app has dominated this ranking for months there’s a new No. 1 this cycle. It’s the SoFi app climbing two spots to become the new top app around here.
Dropping a spot to No. 2 is the MoneyLion app, which just announced that it will trade in crypto along with its exciting news about going public this month.
At No. 3 it’s the Upgrade app, down a spot in the rankings but up in terms of valuation, which rose to $3.3 billion after its Series E fundraise in August.
No change at No. 4 as Avant keeps its usual spot warm.
Rooted to the spot at No. 5 it’s still LendingTree, connecting borrowers with multiple lenders in its online lending marketplace.
The Top 10
Below the Top 5 line of the Provider Ranking of Personal Loan Apps it thins out considerably.
Only two apps charting here, but that’s not unusual at all.
And they haven’t changed position since last cycle, making this all very straightforward.
Keeping its No. 6 spot for another cycle we’ve got PaySense.
Another ranking regular at No. 7 as the FlexWage app holds steady, as usual.
We said it’s a “compact ranking” and we delivered. Take this information and go make some money. Or borrow some.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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