^what John said.

Most deals I fund are 1st position and about 5-10% are 2nds or 3rds. But for those of you pegging the stackers as some sort of criminals, think before you speak. Your holier than thou 1st position at an effective 70-80% APR (plus junk fees and 'origination') isn't exactly a gift.

These merchants are very aware of what they are borrowing and the costs. Some are just poor businesspeople.