[YuliyaG]

I don't know too many funders that can be very profitable with a 15% default rate.

A-B paper default rate should be 5 - 8%

C-D paper default rate should be 9 - 13%

From my experience once you go over 13% default rate it is very hard to turn a profit.

Turn length and pricing come into play here. You can make a nice profit on a 20% absolute default rate (where merchant pays back a net of $0) if you're doing 1.48 on 3 month turns for example.