Latest ranking changes for personal loan providers

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It’s an expensive world. Recent research from PYMNTS has found that a large number of high-income people in younger demographics live from paycheck to paycheck, for example.

This is where personal loans can come in, with useful bridge financing.

Pretty self-explanatory when you think about it. But not all applications are at the same level of excellence that we demand with PYMNTS ‘ Ranking of personal loan application providers.

With that in mind, we now take you to the leaderboard. Lend an ear (or eyeball) as we go through this briefest of the PYMNTS supplier rankings, which has the amazing attribute of hardly ever changing.

“Almost never,” we said. Remember this.

The Top 5

Right off the bat, we have a change from last month, and it’s a big change.

Raising a spot to take the vaunted No.1 position in this cycle’s leaderboard is the Silver Lion app, which announced a combination with Fusion in September to form MoneyLion Inc.

Conversely, dropping a place is the SoFi app, now at # 2. No tears needed as new public company SoFi grows, acquiring payments company Galileo, diversifying internationally through purchase of 8 securities in Hong Kong and community bank Golden Pacific in the first quarter.

There the excitement ends, as we resume our regular loan application order.

At n ° 3 it is To improve, which just added a buy now, pay later (BNPL) feature with a product that allows users to pay off their debt in four months.

Sitting pretty at n ° 4 is Before, whose CEO recently said nice things about near-prime borrowers.

Rooted in place at n ° 5 for one more cycle, it is the Loan tree app, providing smartphone access to its large online loan market.

The Top 10

Things get pretty straightforward from now on, as regular readers of the Ranking of personal loan application providers are probably aware of it.

At n ° 6 for another cycle, it is the PaySense app, serving borrowers primarily in India.

In order not to throw unnecessary curve balls, we always have the SalaryFlex app at # 7, whose main product is WageBank, allowing employees to access earned wages via a debit card.

No wonder they never fail to plot. It is a personal loan product that most of us can appreciate.

And it’s a wrap. Fast and easy, just like personal loans should be.

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NEW PYMNTS DATA: DIGITAL BANKING STUDY – THE BATTLE OF BREWING FOR WHERE WE WILL BANK

On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.


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