Looking for a loan? You can find one app-style, where terms are more yielding and it’s all done fast via smartphone. PYMNTS latest Provider Ranking of Personal Loan apps shows borrowers are shifting their allegiances here and there as 2021 begins.
The Top 5
And away we go. Starting out it’s top cat MoneyLion sitting cross-pawed at No. 1 for another month, with so easy SoFi keeping its No. 2 perch.
Bit of a switcheroo now, as the LendingTree app’s branches reach No. 3, pushing popular Avant down one chart position from the last ranking to No. 4.
Unchanged at No. 5 is the Upgrade credit app and its new mobile debit rewards product.
The Top 10
As Provider Ranking of Personal Loan apps shifts along with the tidal motion of the markets, sometimes our Top 10 may rank fewer than 10 apps, as is this case with personal loans.
Looking at the remainder of top-ranked apps, we find India’s PaySense app — in which Netherlands firm PayU is acquiring a majority equity stake — gaining one chart position this month to snag the No. 6 spot.
The final slot in this new Provider Ranking of Personal Loan apps goes to the FlexWage app, moving to No. 7 in the ranking as it works on improving access to earned wages.
NEW PYMNTS DATA: BUY NOW, PAY LATER CONSUMER STUDY
About: Buy Now, Pay Later: Millennials And The Shifting Dynamics Of Online Credit, a PYMNTS and PayPal collaboration, examines the demand for new flexible credit options as well as how consumers, especially those in the millennial demographic, are paying online. The study is based on two surveys, totaling nearly 15,000 U.S. consumers.