Does Personal Loan App Ranking Make Digital Shimmy
What is all this, then? Changes in the ranking of PYMNTS providers of personal loan applications?
We don’t normally use salty language butâ¦ saint moly.
Of course, there are pressures on all players in the space, from rates to loan repayment terms to the way personal loans are generated. FinTechs and traditional brands making the leap to digital light speed are heating things up, and we see it in a normally placid ranking.
Maybe we are making too big of a deal. We let you decide.
The Top 5
The claws have always sunk at # 1, MoneyLion is still the king of this jungle of apps. The company is crossing fiery regulatory hurdles ahead of its planned merger with Fusion Acquisition Corp., a special purpose acquisition company (SPAC), this year.
From the expected to the totally unforeseen, it’s the Upgrade consumer credit app, which improves by a dizzying four positions in one cycle to enter the Top 5 at No. 2. Wow. It may have something to do with the transformation of the upgrade from alternative credit to financial services earlier this year.
The changes at the top of the charts seem to have triggered a series of changes in this shortest app ranking after months of calmly unchanged scores and rankings.
For example, SoFi drops from one spot to # 3 in the wake of its own PSPC plans.
No change, ironically, for the Avant app at # 4 for another cycle. Depending on who you ask, âavantâ comes from the Italian âavantiâ which means âlet’s goâ. There is your dose of irony. Additionally, Avant’s CEO recently told PYMNTS that consumers close to premium aren’t as risky as the incomplete data suggests, which should have wide appeal – and secure your position in the rankings.
Now for another unexpected change. LendingTree drops two spots in the new rankings, closing the Top 5 at No.5. The company made a strategic $ 80 million investment in banking and investment service Stash in the second quarter, which may (or may not) ) have an impact on its ranking. .
The Top 10
It’s a short trip to the end of the ranking of personal loan application providers after the Top 5, as only seven providers make the cut on a monthly basis.
At # 6 of this cycle is the PaySense app, which loses a position in the chart and comes out of the Top 5. It could very well be back above the line the next time we meet. here.
That leaves the FlexWage app at what has become its anchor at # 7 – and closing out what we optimistically call âthe Top 10â – because if we build it, they will come.
Until next time, remember that personal loans are staff. Let’s keep it that way.