Ranking of personal loan application providers wins Staring competition by standing still

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Are you bored? A thousand pardons, but what can we do when the ranking of providers of personal loan applications seems more frozen than the atomic clock of the US Naval Observatory?

This thing just doesn’t change. It’s like watching the grass grow. And yet, these apps collectively control the growing personal lending space, with quick decisions and API-powered personalization that ensure loans to eligible people, along with ever-better user experiences.

Take a few moments as we go through another ranking of personal home loans.

The first five

You know it before you even say it. MoneyLion remains at No.1, chasing all comers with sharp algorithms and a load of money collected in a SPAC (rather than via a traditional IPO) this year.

At # 2, it was and still is the SoFi app – fresh out of its own IPO – and having this year acquired the payments company Galileo, 8 Hong Kong Securities and the Golden Pacific community bank.

The LendingTree app has taken root at # 3, where it stays firm for another cycle.

Avant is in 4th place, whose CEO recently doubled his efforts to help “near prime” consumers whose credit scores below FICO are not appreciated by traditional lenders.

The PaySense app which covers all of India then some with ease of application is at # 5.

The Top 10

With the top tier taken care of, let’s see who aspires to the Top Five. It’s a very short list.

At # 6 for another month we have the Upgrade app, which will ramp up on mobile in 2021.

Once again at # 7, it’s on-demand payroll service provider FlexWage, who takes us out.

Sometimes the ranking of personal loan application providers is a meal, and other times, more of a snack. Either way, we’re just happy that these apps exist to keep personal loans flowing.

See you next time. Maybe we will have more to discuss. Maybe not.

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NEW PYMNTS DATA: DIGITAL BANKING STUDY – THE BATTLE OF BREWING FOR WHERE WE WILL BANK

On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.


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