Banks have been saying that about online lenders for over decade now…and yet LendingClub, Upstart and SoFi loan books are still fine (and this three companies are taking 1/3 of all personal loan originations in the US)
We haven’t had a real recession in over 10 years, so that makes sense. Unless you count the very brief one back in mid 2020, which was mitigated by a flood of federal and state dollars, mortgage and student loan moratoriums, etc.