I spend a lot of time thinking about alternatives to #Banking. I'm not really sure how I feel about this story yet. I first heard about it in the last few minutes of the FT #Podcast called #BankingWeekly.
Two thirds of active loans issued by Lendy are now overdue while the peer-to-peer lender has also resorted to asking the Financial Conduct Authority (FCA) for help in a multi-million-pound contract dispute with a borrower.
I can't help but prejudge this by thinking that they took the higher risk type enterprises that banks wouldn't—probably for damn good reasons—and with that higher risk, they didn't secure methods and plans to negotiate fair, reasonable, and equitable repayment of such risky endeavors. I sincerely hope they get their endeavor straightened out because alternatives to centralized banking are important in an egalitarian world.