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The only catch is that the new lenders don't seem very good at lending. For example, I can get a 7% loan at a credit union and 10% at a bank but Vouch/Affirm/Av
by pbreit 11y ago
The only catch is that the new lenders don't seem very good at lending. For example, I can get a 7% loan at a credit union and 10% at a bank but Vouch/Affirm/Avant/Prosper/LendingClub/etc want 20-30%.
- ac29 11y agoYou must have terrible credit. As someone who has taken part in the lending side of P2P companies, 20+% APR is the lowest grade of credit and represents a substantial default risk (real returns are <10%).
- pbreit 11y agoWell, I definitely have an inordinate ability to repay. But the newer lenders, unlike the older lenders, aren't acknowledging that for whatever reason. Maybe they only want the high rate business?