Personal Loan Apps Spike In Latest Provider Rankings

Personal loan apps are getting lots of attention during this time of incomprehensible financial doubt. Consumers are downloading and using these apps more now, and they’re still deciding on their favorites, as shown in the latest PYMNTS Provider Ranking of personal loan apps.

The Top Five

Some, though not all, chart positions have changed since the last Provider Ranking of personal loan apps. That’s to be expected, with the digital shift affecting every aspect of life, including personal loans and P2P finance.

Here are the highlights:

MoneyLion kept the throne at No. 1, no doubt helped by its Mastercard partnership announced in Q1. LendingTree leaped up four spots to take the No. 2 position, partially on the strength of its recent $80 million investment in finance app Stash.

SoFi held onto its No. 3 spot, buoyed by recent acquisitions including FinTech Galileo. Online finance marketplace Avant went to No. 4 in the latest PYMNTS’ Provider Ranking of personal loan apps, pushing rival PaySense out of that position and out of the top five this month.

Meanwhile, peer-to-peer lending app LendingClub entered the top five, riding a wave of goodwill after announcing its Skip-a-Pay deferment plan in response to the COVID-19 pandemic.