P2P Lending is a Scam – Change My Mind

by nealosis

I was reviewing all the defaults and charged-off loans in my Lending Club portfolio earlier today and it just makes my blood boil.

For Example consider this borrower, who stole $40K and faces zero consequences

imgur.com/a/a02FQ9f

Seems like you can create a massive bump in your income by taking out huge P2P loans ($30K, $40K, etc), make one payment, and then run off with the money. It seems there’s no reason to not do this when there are no negative consequences. The first few defaulting borrowers in my portfolio didn’t even suffer a decline in their credit score for stealing all this money.

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