It has been exactly four weeks since the big Lending Club news. The marketplace lending world has not fallen apart but we are also in a very different place than we were a month ago. So, with this article I want to give a different perspective on the news now that we have had some time to live with the new reality.
So much has been written in the last month, most of it negative, that the casual observer could easily believe the online lending industry is dying. While I acknowledge these are difficult times I also think the fundamentals of our industry remain strong. The original premise of a better deal for both investors and borrowers is just as true today as it was last year.
To many people, myself included, this industry is more than a job. I am personally very passionate about online lending, I continue to believe in it and I want what is best for the industry. I have met hundreds of people at LendIt and other events over the years who feel exactly the same way.
For those of us who care deeply about our industry we know it has been damaged. The question now is this: what are we going to do about it?