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Yah, that's one of the things that concerns me.. they don't protect you in any way from defaults. You can see a credit score and debt/credit ratio before choosing to lend to someone so you aren't going in to it totally blind, but it's definitely still a risky proposition.

It's really kind of interesting in looking at the loans that are currently being funded - the people with a good credit history and manageable debt load are getting rates around 5-6%, while the high risk borrowers are seeing 20-25% and/or not having their loans funded at all. It's interesting to see the market at work like this.
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