LC is a credit play all about default rate. Unregulated loan sharking company masquerade as "FinTech".
China p2p lending is far worse still (or far greater profiteering opportunity), LC co-founder is running a shop in Shanghai again. There are probably hundreds of them all doing the same shit; financing speculative real estate investments. Instead of taking second ARM mortgage to finance down payments, now they go onto p2p lending sites!!