Pretty sure this platform went to shit when they stopped allowing you to offload notes in initial default. That was the only saving grace keeping my returns over 11% on a small allocation, but enough spread to diversify. I think I have less than $2k in the account now, and there are defaults left and right.
If you simply rely on their robo-advisor to allocate your notes without doing any due diligence on the triggers that indicate some sort of metric (albeit unreliable: own vs rent, defaults, etc...), you are F*cked.
The problem with this is it becomes too labor intensive, even if you have a script/bot do it for you you have to watch it like a hawk, and now you can't sell off notes for a slight loss automatically if they're late 1 day. (which is what I was doing... recoup, reinvest, etc... stupid game in hindsight, should've just focused on generating more income, left the money in savings and let inflation chip away at it, until I had a more meaningful opporunity to hit a home run with it instead)
I think in the very beginning, there are a handful of people that made bank. But times have changed, and I'm surprised people like Mr Money Mustache still recommend Lending Club. (although I can see how it would be hard to turn down $50k/mo, but no one mentions that "frugal" part if you know what I mean. haha)