Latest Personal Loan Provider Ranking Not Its Usual Settled Self This Month

It’s an expensive world. Recent PYMNTS research finds a great many high-earning people in younger demographic groups living paycheck-to-paycheck, for example.

This is where personal loans can enter the frame, with some helpful bridge financing.

Pretty self-explanatory when you think about it. But not all apps are on the same level of excellence that we demand with PYMNTS’ Provider Ranking of Personal Loan Apps.

With that in mind, we take you now to the rankings. Lend an ear (or an eyeball) as we run down this briefest of PYMNTS Provider Rankings, which has the amazing attribute of almost never changing.

“Almost never,” we said. Remember that.

The Top 5

Right out of the gate we have a change from last month, and it’s a big one.

Elevating a spot to take the vaunted No. 1 position in the ranking this cycle is the MoneyLion app, which announced a combination with Fusion in September to form MoneyLion Inc.

Conversely, dropping a spot is the SoFi app, now at No. 2. No tears needed as newly public SoFi is expanding, acquiring payments firm Galileo, branching out internationally through its purchase of 8 Securities in Hong Kong, and community bank Golden Pacific in Q1.

There ends the excitement, as we resume our regularly appearing order of loan apps.

At No. 3 it’s Upgrade, which just added a buy now, pay later (BNPL) feature with a product that allows users to pay off their outstanding debt in four months.

Sitting pretty at No. 4 it’s Avant, whose CEO recently said nice things of near-prime borrowers.

Rooted to the spot at No. 5 for one cycle more it’s the LendingTree app, granting smartphone access to its large online loan marketplace.

The Top 10

Things get pretty straight forward from here on out, as regular readers of the Provider Ranking of Personal Loan Apps are no doubt aware.

At No. 6 for another cycle, it’s the PaySense app, serving borrowers in India primarily.

So as not to throw any unnecessary curveballs, we’ve still got the FlexWage app at No. 7, whose primary product is WageBank, giving employees access to earned wages via debit card.

No wonder they never fail to chart. That’s a personal loan product most of us can appreciate.

And that’s a wrap. Quick and uncomplicated, just the way personal loans should be.