I know that several of you have jumped off the Lending club band wagon but something came to me and I wondered if I am insane for considering it.
According to Lending Club, I'm an "A" borrower...excellent credit, pay my stuff on time. I could get a 10,000 loan for 6% through Lending Club.
I loan out to the D, E, F folks on Lending club and am currently sitting at 19% return annualized (no charge-offs yet in our 6 month experiment but I know they are going to eventually happen). If I turned around and invested that 10K in other Lending Club notes, I could potentially MAKE 8-13% using OTHER PEOPLE's money.
Am I smoking crack...is this just too risky to consider?