New Personal Loan Provider Ranking Breaks Its Composure With Two Big Changes

Never a lull at PYMNTS’ Provider Ranking Research Facility and Café, deep in a hidden mountain fortress the location of which cannot be disclosed at this time. Or at any time. Clue: It’s hidden.

While there, we sip coffee through masks (Halloween, not HEPA, at this point) and analyze data on the field of players in this new update to the Provider Ranking of Personal Loan Apps.

This ranking is usually pretty sleepy, without a lot of movement — lending is serious, after all.

There are always exceptions, however, and this month’s ranking ranks as one such.

The Top 5

No surprises as we open on the SoFi app holding on at No. 1, having added a record 523,000 new members in Q4 2021. One might say “SoFi, so good” if one thought one was droll.

Growling at SoFi from its No. 2 spot is the MoneyLion app. Staying power is key in the rankings.

Still at No. 3 and not budging is the Avant app, having branched out into banking late last year.

Up here with the big dogs of the Top 5, we’ve got the Upgrade app once again at No. 4. After patiently conquering the Top 5, we weren’t expecting any movement there.

That brings us to the gateway No. 5 chart position, where we find a new name has entered these hallowed ranks.

We welcome the PaySense app to the Top 5, taking No. 5.

Tea is at 4 p.m. sharp in the conservatory. You’ll hear the dressing gong.

The Top 8

Personal Loans may be our shortest ranking, typically coming in around eight apps total. That’s because it’s not easy making it to the Top 8. You need grit, determination — and loans.

One such winner is the LendingClub app, rising a spot to take No. 6 this time around.

Meanwhile, the LendingTree is rooted to the spot at No. 7. No change here.

We come now to No. 8 where, to our surprise, we find a new name has materialized.

It’s the Earnest app, coming out of the blue to grab the No. 8 chart position. Well done, you.

That’s a wrap for this edition of PYMNTS’ Provider Ranking of Personal Loan Apps.

You’ve even got time left over to download one of these apps and borrow some bucks.