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Zen-Like Stillness Hides Kinetic Action Behind New Personal Loan Provider Rankings

Zen-Like Stillness Hides Kinetic Action Behind New Personal Loan Provider Rankings

June 10, 2021 at 07:20PM
by PYMNTS

We have such a good time doing the Provider Ranking of Personal Loan Apps that it’s kind of a drag more of them don’t chart. But we believe in apps. If we build it, they will come.

So, we built it.

And despite a slight scarcity in personal lending apps with metrics to make these rankings, there’s no shortage of action among the current field of players.

Just one thing: they haven’t budged since last cycle. Not a one. What gives? Let’s find out.

The Top 5

King of the app jungle — for another month anyway — is the MoneyLion app at No. 1. That’s understandable, between its recent successful SPAC and forthcoming moves into crypto.

At No. 2 it’s SoFi, which took the traditional IPO route to market this year and is on an expansion spree now, acquiring payments firm Galileo and branching out internationally by purchasing Hong Kong-based 8 Securities and community bank Golden Pacific in March.

Who’s No. 3? No guessing involved: LendingTree takes it in a walk, just like last time.

If that was No. 3 and nobody changed seats, that means Avant stays cool at No. 4. The company Avant focuses on underserved consumers and just purchased Zero Financial along with its neobank, Level.

Anyone notice all the acquisitions personal loan firms are making? Curiouser and curiouser.

Taking us out of the Top 5 at No. 5, another familiar face: PaySense, recently acquired by PayU.

The Top 10

PYMNTS Provider Ranking of Personal Loans Apps gets a bit lonely below the Top 5 line, occupied as it is by only two apps, each pushing upwards into more rarified air.

At No. 6 it’s the Upgrade app, which early this year launched a debit rewards product that our own editors described as “eye-catching.” That doesn’t happen every day.

Meanwhile, at No. 7 and completing the Top 10 (yes, we know) it’s FlexWage.

That’s does it until next month. Happy downloading — and borrowing.