Like the payments to be made on a personal loan, the competitors in PYMNTS’ latest Provider Ranking of Personal Loan Apps are predictable and evenly spaced out.
They’re predictable because the apps are ranked in the same order they were in last time. They’re evenly spaced out because, in all but one case, there’s a gap of at least five points between each contender and the app in front of it.
With a hurdle like that, they’re going to have to beg, borrow and steal to move ahead in the rankings.
As with PYMNTS’ other Provider Rankings, each app’s score is determined by looking at its channel coverage, up-to-date downloads, monthly average users, sessions per user and average session length.
Now, let’s take a closer look at the apps and their rankings.
The Top 5
Leading the way again is SoFi with a score of 97.
Five points back is MoneyLion. This app is again the runner-up with a score of 92.
Seven points behind that is Avant, which holds onto the No. 3 spot with a score of 85.
Five points in back of that is Upgrade. This app is again ranked fourth with a score of 80.
In the narrowest gap between competitors in this month’s list, PaySense is just three points behind with a score of 77. Like last time, this app is ranked fifth.
The Top 10
Further back in the pack is LendingClub. Seven points behind the competitor in front of it with a score of 70, this app holds onto sixth place.
After another five-point gap, we close out this month’s list with LendingTree. With a score of 65, this app is ranked seventh, as it was last time, in the latest Providing Ranking of Personal Loan Apps.
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