Quarterly report pursuant to Section 13 or 15(d)

Consumer Receivables (Tables)

v3.22.2.2
Consumer Receivables (Tables)
9 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
Schedule of consumer receivables

Consumer receivables consisted of the following:

 

 

September 30,

 

 

December 31,

 

 

2022

 

 

2021

 

Unsecured personal loan receivables

$

 

 

$

1

 

Secured personal loan receivables

 

69,897

 

 

 

77,491

 

Loan receivables

 

69,897

 

 

 

77,492

 

Instacash receivables

 

67,191

 

 

 

62,783

 

Finance receivables

 

137,088

 

 

 

140,275

 

Fees receivable

 

10,982

 

 

 

8,366

 

Subscription receivables

 

3,086

 

 

 

3,099

 

Deferred loan origination costs

 

577

 

 

 

929

 

Accrued interest receivable

 

985

 

 

 

1,072

 

Consumer receivables, before allowance for credit losses

$

152,718

 

 

$

153,741

 

Schedule of changes in the allowance for losses on consumer receivables

Changes in the allowance for losses on consumer receivables were as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Beginning balance

$

23,124

 

 

$

14,701

 

 

$

22,323

 

 

$

9,127

 

Provision for credit losses on receivables

 

27,428

 

 

 

15,238

 

 

 

77,453

 

 

 

36,644

 

Receivables charged off

 

(38,468

)

 

 

(20,979

)

 

 

(102,011

)

 

 

(51,819

)

Recoveries

 

10,549

 

 

 

7,831

 

 

 

24,868

 

 

 

22,839

 

Ending balance

$

22,633

 

 

$

16,791

 

 

$

22,633

 

 

$

16,791

 

 

Changes in the allowance for losses on finance receivables were as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Beginning balance

$

22,158

 

 

$

14,223

 

 

$

21,625

 

 

$

9,127

 

Provision for credit losses on receivables

 

23,619

 

 

 

12,542

 

 

 

66,677

 

 

 

30,877

 

Finance receivables charged off

 

(33,735

)

 

 

(17,851

)

 

 

(88,854

)

 

 

(44,996

)

Recoveries

 

9,628

 

 

 

7,261

 

 

 

22,222

 

 

 

21,167

 

Ending balance

$

21,670

 

 

$

16,175

 

 

$

21,670

 

 

$

16,175

 

 

Changes in the allowance for losses on fees receivable were as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Beginning balance

$

548

 

 

$

281

 

 

$

420

 

 

$

 

Provision for credit losses on receivables

 

2,553

 

 

 

1,671

 

 

 

6,758

 

 

 

3,563

 

Fees receivable charged off

 

(3,246

)

 

 

(2,039

)

 

 

(8,731

)

 

 

(4,247

)

Recoveries

 

744

 

 

 

433

 

 

 

2,152

 

 

 

1,030

 

Ending balance

$

599

 

 

$

346

 

 

$

599

 

 

$

346

 

 

Changes in the allowance for losses on subscription receivables were as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Beginning balance

$

418

 

 

$

197

 

 

$

278

 

 

$

 

Provision for credit losses on receivables

 

1,256

 

 

 

1,025

 

 

 

4,018

 

 

 

2,204

 

Subscription receivables charged off

 

(1,487

)

 

 

(1,089

)

 

 

(4,426

)

 

 

(2,576

)

Recoveries

 

177

 

 

 

137

 

 

 

494

 

 

 

642

 

Ending balance

$

364

 

 

$

270

 

 

$

364

 

 

$

270

 

Schedule of assessment of the repayment performance of loans

The following is an assessment of the repayment performance of loans as of September 30, 2022 and December 31, 2021 and presents the contractual delinquency of the loans receivable portfolio:

 

 

September 30, 2022

 

 

December 31, 2021

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

Current

$

60,693

 

 

 

86.8

%

 

$

66,514

 

 

 

85.8

%

 

 

 

 

 

 

 

 

 

 

 

 

Delinquency:

 

 

 

 

 

 

 

 

 

 

 

31 to 60 days

 

5,370

 

 

 

7.7

%

 

 

6,577

 

 

 

8.5

%

61 to 90 days

 

3,834

 

 

 

5.5

%

 

 

4,401

 

 

 

5.7

%

Total delinquency

 

9,204

 

 

 

13.2

%

 

 

10,978

 

 

 

14.2

%

Loan receivables before allowance for loan losses

$

69,897

 

 

 

100.0

%

 

$

77,492

 

 

 

100.0

%

 

The following is an assessment of the repayment performance of Instacash receivables as of September 30, 2022 and December 31, 2021 and presents the contractual delinquency of the Instacash receivables portfolio:

 

 

September 30, 2022

 

 

December 31, 2021

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

Current

$

60,241

 

 

 

89.7

%

 

$

55,963

 

 

 

89.1

%

 

 

 

 

 

 

 

 

 

 

 

 

Delinquency:

 

 

 

 

 

 

 

 

 

 

 

31 to 60 days

 

6,950

 

 

 

10.3

%

 

 

6,820

 

 

 

10.9

%

61 to 90 days

 

 

 

 

0.0

%

 

 

 

 

 

0.0

%

Total delinquency

 

6,950

 

 

 

10.3

%

 

 

6,820

 

 

 

10.9

%

Instacash receivables before allowance for loan losses

$

67,191

 

 

 

100.0

%

 

$

62,783

 

 

 

100.0

%

 

The following is an assessment of the repayment performance of fees receivable as of September 30, 2022 and December 31, 2021 and presents the contractual delinquency of the fees receivable portfolio:

 

 

September 30, 2022

 

 

December 31, 2021

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

Current

$

8,096

 

 

 

73.7

%

 

$

6,682

 

 

 

79.9

%

 

 

 

 

 

 

 

 

 

 

 

 

Delinquency:

 

 

 

 

 

 

 

 

 

 

 

31 to 60 days

 

2,886

 

 

 

26.3

%

 

 

1,684

 

 

 

20.1

%

61 to 90 days

 

 

 

 

0.0

%

 

 

 

 

 

0.0

%

Total delinquency

 

2,886

 

 

 

26.3

%

 

 

1,684

 

 

 

20.1

%

Fees receivable before allowance for loan losses

$

10,982

 

 

 

100.0

%

 

$

8,366

 

 

 

100.0

%

 

The following is an assessment of the repayment performance of subscription receivables as of September 30, 2022 and December 31, 2021 and presents the contractual delinquency of the subscription receivables portfolio:

 

 

September 30, 2022

 

 

December 31, 2021

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

Current

$

2,320

 

 

 

75.2

%

 

$

2,227

 

 

 

71.8

%

 

 

 

 

 

 

 

 

 

 

 

 

Delinquency:

 

 

 

 

 

 

 

 

 

 

 

31 to 60 days

 

442

 

 

 

14.3

%

 

 

514

 

 

 

16.6

%

61 to 90 days

 

324

 

 

 

10.5

%

 

 

358

 

 

 

11.6

%

Total delinquency

 

766

 

 

 

24.8

%

 

 

872

 

 

 

28.2

%

Subscription receivables before allowance for loan losses

$

3,086

 

 

 

100.0

%

 

$

3,099

 

 

 

100.0

%