"Ultimately, these are unsecured loans," Phillips said. "So maybe some borrowers view it as, `Oh, is this company even legitimate, what happens if I don't pay?'"
Of course, borrowers are still obligated to pay. LendingClub has an agreement with Portfolio Financial Servicing Company to service the loans should the company go bankrupt.
It could still get messy for investors. As the company says on its website, "If LendingClub were to go out of business, investors may not receive the full amount of payments due and to become due on the note, or such payments may be delayed as bankruptcy or other proceedings make their way through the courts."
Read MoreYou can't chase returns like this in the stock market
Peter Renton, founder of industry blog Lend Academy, doesn't see it getting that far. He expects a private equity firm or bank to acquire the company if, for nothing else, its database of more than 1 million borrowers and 100,000 investors.
"That will have a lot of value to many folks," he said. "For that reason, I am not that concerned for retail investors."
A LendingClub spokesperson declined to comment on a potential sale or activity in the secondary market.
The company has to dig itself out of a deepening hole. LendingClub said in a regulatory filing Monday that it received a subpoena from the U.S. Department of Justice and that it was contacted by the Securities and Exchange Commission after the announcement of its mishandled loans.