Ranking of personal loan application providers
Consumer lending and borrowing has been a story of worry and wonder since COVID-19 appeared to trigger a capricious series of economic disasters. Businesses still face good resistance to borrowing money. Consumers are having a harder time and need credit options now.
The jury is still out on the 2021 default chart – CFOs and loan officers around the world are studying moves by state-owned banks in China as they now push cheap consumer credit to begin a slow recovery – and more will be revealed before it rings. 2022.
In the meantime, PYMNTS ‘personal loan app provider rankings are here to prove that digital consumer credit has its own momentum. You just have to look at the real movers and shakers.
This being the shortest ranking of all – just seven apps – we’ll try to keep it short.
The top five
“Roar,” says MoneyLion, ranked No. 1, who loves him at this particular perch.
Still within easy reach of the aforementioned leonine app, this one – SoFi – is once again # 2, having recently given amateur investors early access to its scheduled IPO this year.
The LendingTree app seems to be rooting at # 3.
The online loan market and the Avant app remain at # 4 for an additional month, placing it in the (hum) once again “avant-garde” in personal loan applications.
Closing the top five for this ranking of personal loan app providers is a No.5 favorite, the mighty PaySense of India. There is no shortage of interesting news from Indian fintechs in 2021.
The Top 10
At this point, we’re notorious for saying something like “it’s a cinch from here” as the ranking of personal loan app providers has only seven applicants. But beneath this calm, collected calm lies fierce competition from some of the world’s most beloved digital lenders.
At this exact point – and closes at # 6 for a month – is the Upgrade app, driven by things like the popular debit rewards program it rolled out earlier this year.
The rock solid FlexWage app closes us at # 7 even as more players enter the market space where early access to wages meets personal loans.
For the shortest of 18 or so PYMNTS vendor rankings, it took longer than expected.
Think of it as a small “term loan” that pays off long after you leave.