A number of app economy players are contending for a seat at this particular table, as the lucrative personal loan sector seeks its own level in the API-driven open banking world.
The Top 5
Roaring into the No. 1 spot on the debut edition of the PYMNTS Provider Ranking of Personal Loan Apps is MoneyLion, with its mix of affordable lending, spending and wealth management services. A decent head-start (and a strong concept) didn’t hurt.
Position No. 2 this month belongs to SoFi, whose student loan refinancing app made the name known before quickly branching into investments and money management. A bit of social media virality elevated SoFi early on, which may have helped it beat out venerable LendingTree which came in at No. 3 in the inaugural ranking of personal finance apps.
Personal finance app Avant stepped into the No. 4 position with its artificial intelligence (AI) approach to personal loans and a focus on “underbanked middle class.” Closing out the top five at No. 5 is P2P lender LendingClub, whose recent hire of Chief Risk Officer Annie Armstrong (formerly of Uber) might see this respected FinTech lender moving up a spot or two in the next ranking. Stay tuned …