Personal loan

Personal Loan Application Ranking Offers Experience

Personal loan, app, ranking, SoFi

Like the payments to be made on a personal loan, the competitors of the latest PYMNTS Ranking of personal loan application providers are predictable and evenly spaced.

They are predictable because the apps are listed in the same order as last time. They are evenly spaced because, in all but one case, there is a gap of at least five points between each competitor and the application that precedes it.

With such an obstacle, they will have to beg, borrow and steal to advance in the ranking.

As with other PYMNTS vendor rankings, each app’s score is determined by looking at its channel coverage, up-to-date downloads, average monthly users, sessions per user, and average session duration.

Now, let’s take a closer look at the apps and their rankings.

The Top 5

Showing the way again is SoFi with a score of 97.

Five points back is SilverLion. This application is again the second with a score of 92.

Seven points behind is Beforewho retains third place with a score of 85.

Five points behind is Upgrade. This app is again ranked fourth with a score of 80.

In the narrowest gap between competitors on this month’s list, PaySense is just three points behind with a score of 77. Like last time, this app is ranked fifth.

Top 10

Further down the peloton is loan club. Seven points behind the competitor ahead of it with a score of 70, this application retains sixth place.

After another five-point gap, we close out this month’s list with LendingTree. With a score of 65, this application is ranked seventh, like last time, in the latest ranking of personal loan applications.

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NEW PYMNTS DATA: HOW UTILITIES AND CONSUMER FINANCE COMPANIES CAN IMPROVE THE BILL PAYMENT EXPERIENCE

About: More than half of utilities and consumer finance companies have the ability to digitally process all monthly bill payments. The kicker? Only 12% of them do. The Digital Payments Edge, a collaboration between PYMNTS and ACI Worldwide, surveyed 207 billing and collections professionals at these companies to find out why going digital remains elusive.