Personal Loan Apps Borrowing Chart Positions

Bill Mount

Share Tweet Share Share Share Email Credit markets are ultra-tight. You’d think there was a terrifying global pandemic. Oh, right. There is. No matter. In commerce versus COVID, commerce is actually winning. Next-gen lending apps have really important things to think about now like creating that irresistible offer, snagging that […]

Credit markets are ultra-tight. You’d think there was a terrifying global pandemic.

Oh, right. There is. No matter. In commerce versus COVID, commerce is actually winning.

Next-gen lending apps have really important things to think about now like creating that irresistible offer, snagging that download, disbursing that loan and, perhaps most importantly of all, making it to PYMNTS’ Provider Ranking of Personal Loan Apps. Not everyone does.

This is our shortest Provider Ranking at just seven (7) apps. Between them, however, this G7 of digital lenders is getting much-needed funds into individual and small business bank accounts with the speed, certainty and terms that make app-based finance so appealing.

Now, lend us a moment of your time for the new Provider Ranking of Personal Loan Apps.

The Top 5

New at No. 1 this month is the SoFi app, set to merge with publicly-traded firm Social Capital, pushing mighty MoneyLion from its familiar perch to take a paw at No. 2 this month. Growl.

The LendingTree app stays firmly rooted at No. 3 as online lender Avant likewise holds steady at No. 4, exactly where we found them in our previous update.

Fresh at No. 5 is India’s PaySense app, which has a new partner in Netherlands-based PayU.

The Top 10

The pressure gets pretty intense down here, especially because PYMNTS Provider Ranking of Personal Loan Apps only goes to seven. Chart positions are coveted by many, won by few.

And who might that be? This month it’s the Upgrade app upgrading its ranking by one chart position to land at No. 6.

This month, as last, it’s FlexWage at No. 7 with its popular WageBank product getting people access to earned wages as a sensible alternative to payday loans. Clearly, the concept rates.

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NEW PYMNTS DATA: HOLIDAY SHOPPING RETROSPECTIVE STUDY – FEBRUARY 2021

About The Study: The Holiday Shopping Retrospective Study: Merchant Insights For 2021 And Beyond, a PYMNTS and PayPal collaboration, examines consumers’ shopping practices and preferences during the 2020 holiday season and what these mean for merchants now and for holiday seasons to come. The report is based on a census-balanced survey of 2,070 U.S. consumers.

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