I think we are all familiar with the "straight rollers"who make at most a payment or two and then never pay another cent. There's a perception, likely a reality, that this is often fraud. Borrowers who never intended to pay, taking advantage of the lax collections efforts of LC.
What would restore my confidence?
Greater transparency around what is being done to crack down on this fraud. I'd like to hear that at least sometimes people are prosecuted. I'd like to know that some examples are made.
I get that is unprofitable to go after every fraudster, but it's ALSO unprofitable (for us) to let crooks think they can do it with impunity. There has to be a real chance of consequences.
In general I have doubts that LC collects as aggressively as if it were their own money being stolen. If it were their own money they'd seek that happy balance of writing most cases off but making a real example out of some.
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