Personal Loan Apps Ranked During Recovery

Share Tweet Share Share Share Print Email Cash is still in short supply for millions

Cash is still in short supply for millions of Americans and small businesses living out 2020 on a mix of unemployment, side hustles and on-again/off-again government stimulus. For many, personal loans are part of the solution, and for this, the app universe has many options.

PYMNTS’ latest Provider Ranking of Personal Loan Apps shows strength in mobile-digital banks, particularly those brands that have staked a claim to spots atop the Provider Ranking.

However, as COVID has taught us, never get too comfortable for too long because the only constant is change, and that holds true for the personal loan app space as well.

The Top 5

Remaining king of the personal loan app jungle for another Provider Ranking is MoneyLion at No. 1, buoyed by a string of recent announcements. Moving up one spot is SoFi taking the No. 2 slot as it gains users with its student loan and mortgage products. LendingTree drops one spot to No. 3 for another strong showing, while Avant holds tight at No. 4 with its online loan marketplace concept. The “upset” in this latest Provider Ranking of Personal Loan Apps is consumer credit app upgrade which enters the Top 5 at No. 5 for the first time.

The Top 10

Popular P2P lending app LendingClub takes the No. 6 chart position this go-around, recently introducing COVID resources for borrowers, followed at No. 7 by India-based PaySense, with real-time wage access app FlexWage taking the No. 8 position. At No. 9 we find refinancing app Earnest, which completes this Provider Ranking of Personal Loan Apps.

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

Source Article