Lending Club - LC is honest and upfront
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LC says on their website (read the investor part) that they accept only 10% of loan applications so they are completely upfront about it.
They cater to a very specific segment of the population that is credit safe but pays high interest on credit cards. This segment is offered a lower rate and the ability to refinance which is both a brilliant financial play as well as a good social service.
I agree that it would be great if credit could be extended to higher risk segments of the population but accusing LC of scamming because that's not part of their business model is ridiculous.
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