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FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Tables)

9 Months Ended

Dec. 31, 2020

Schedule of Accounts, Notes, Loans and Financing Receivable

The following is a summary of gross loans receivable by Customer Tenure as of:


Customer Tenure	December 31, 2020
0 to 5 months	$	109,146,394
6 to 17 months	140,042,981
18 to 35 months	189,205,533
36 to 59 months	148,244,918
60+ months	677,647,591

Tax advance loans	242,898
Total gross loans	$	1,264,530,315

Assessment of the credit quality

The following tables provide a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at December 31, 2020:


	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,096,454,268	$	53,542,759	$	2,329,906	$	128,216	$	10,211	$	3,063	$	1,152,468,423
30 - 60 days past due	42,220,508		4,099,955		272,431		58,886		8,142		168		46,660,090
61 - 90 days past due	23,939,973		2,640,530		158,794		23,586		1,198		574		26,764,655
91 or more days past due	31,674,388		6,339,220		325,237		46,724		6,639		2,041		38,394,249
Total	$	1,194,289,137	$	66,622,464	$	3,086,368	$	257,412	$	26,190	$	5,846	$	1,264,287,417

	Term Loans By Origination
Tax advance loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	7,920	$	—	$	—	$	—	$	—	$	—	7,920
30 - 60 days past due	9,305		—		—		—		—		—		9,305
61 - 90 days past due	11,647		—		—		—		—		—		11,647
91 or more days past due	211,779		2,247		—		—		—		—		214,026
Total	$	240,651	$	2,247	$	—	$	—	$	—	$	—	$	242,898
Total gross loans													$	1,264,530,315

The following tables provide a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at December 31, 2020:


	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,082,056,393	$	48,598,283	$	1,885,402	$	74,695	$	270	$	831	$	1,132,615,874
30 - 60 days past due	46,120,163		2,687,437		146,140		15,455		—		—		48,969,195
61 - 90 days past due	27,167,688		2,234,188		81,559		945		—		—		29,484,380
91 or more days past due	38,944,893		13,102,556		973,268		166,317		25,919		5,015		53,217,968
Total	$	1,194,289,137	$	66,622,464	$	3,086,369	$	257,412	$	26,189	$	5,846	$	1,264,287,417

	Term Loans By Origination
Tax advance loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	63	$	—	$	—	$	—	$	—	$	—	$	63
30 - 60 days past due	50		—		—		—		—		—		50
61 - 90 days past due	2,744		—		—		—		—		—		2,744
91 or more days past due	237,794		2,247		—		—		—		—		240,041
Total	$	240,651	$	2,247	$	—	$	—	$	—	$	—	$	242,898
Total gross loans													$	1,264,530,315

The following is an assessment of the credit quality of loans for the periods indicated:


	March 31, 2020		December 31, 2019
Credit risk
Consumer loans- non-bankrupt accounts	$	1,203,552,152	$	1,366,079,543
Consumer loans- bankrupt accounts	6,319,214		6,689,037
Total gross loans	$	1,209,871,366	$	1,372,768,580

Consumer credit exposure
Credit risk profile based on payment activity, performing	$	1,104,130,714	$	1,255,471,072
Contractual non-performing, 61 or more days delinquent (1)	105,740,652		117,297,508
Total gross loans	$	1,209,871,366	$	1,372,768,580

Credit risk profile based on customer type
New borrower	$	124,800,193	$	155,284,022
Former borrower	127,108,125		161,575,535
Refinance	935,448,882		1,031,380,059
Delinquent refinance	22,514,166		24,528,964
Total gross loans	$	1,209,871,366	$	1,372,768,580

_______________________________________________________

(1) Loans in non-accrual status.

Summary of changes in the allowance for loan losses

The following table presents a roll forward of the allowance for credit losses on our gross loans receivable for the three and nine months ended December 31, 2020 and 2019.


	Three months ended December 31,				Nine months ended December 31,
	2020		2019		2020		2019
Beginning balance	109,601,359		$	101,469,313	$	96,487,856	$	81,519,624
Impact of ASC 326 adoption	—		—		28,628,368		—
Provision for credit losses	28,857,443		55,219,470		80,608,470		149,478,577
Charge-offs	(29,239,780)		(46,850,430)		(106,865,225)		(128,978,851)
Recoveries	4,248,339		3,231,288		14,607,892		11,050,291
Net charge-offs	(24,991,441)		(43,619,142)		(92,257,333)		(117,928,560)
Ending Balance	$	113,467,361	$	113,069,641	$	113,467,361	$	113,069,641

Summary of the past due receivables

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at December 31, 2020:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due		Total Loans
0 to 5 months	$	91,287,471	$	6,542,056	$	4,492,845	$	6,824,023	$	17,858,924	$	109,146,395
6 to 17 months	118,906,270		7,443,204		5,183,990		8,509,517		21,136,711		140,042,981
18 to 35 months	171,201,659		7,495,044		4,324,184		6,184,645		18,003,873		189,205,532
36 to 59 months	136,570,735		5,156,489		2,804,847		3,712,847		11,674,183		148,244,918
60+ months	634,502,288		20,023,296		9,958,789		13,163,218		43,145,303		677,647,591

Tax advance loans	7,920		9,305		11,647		214,026		$	234,978	242,898
Total gross loans	1,152,476,343		46,669,394		26,776,302		38,608,276		112,053,972		1,264,530,315
Unearned interest, insurance and fees	(305,365,570)		(12,365,743)		(7,094,775)		(10,229,831)		(29,690,349)		(335,055,919)
Total net loans	$	847,110,773	$	34,303,651	$	19,681,527	$	28,378,445	$	82,363,623	$	929,474,396

Percentage of period-end gross loans receivable			3.7%		2.1%		3.1%		8.9%


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due			Total Loans
0 to 5 months	$	90,177,810	$	6,466,041	$	4,502,768	$	7,999,773	$	18,968,582		$	109,146,392
6 to 17 months	116,381,121		7,566,591		5,380,327		10,714,943		23,661,861			140,042,982
18 to 35 months	168,402,428		7,688,576		4,805,036		8,309,493		20,803,105			189,205,533
36 to 59 months	134,268,134		5,473,173		3,130,245		5,373,367		13,976,785			148,244,919
60+ months	623,386,383		21,774,814		11,666,004		20,820,390		54,261,208			677,647,591

Tax advance loans	63		50		2,744		240,041		$	242,835		242,898
Total gross loans	1,132,615,939		48,969,245		29,487,124		53,458,007		131,914,376			1,264,530,315
Unearned interest, insurance and fees	(300,103,263)		(12,975,122)		(7,813,048)		(14,164,486)		(34,952,656)			(335,055,919)
Total net loans	$	832,512,676	$	35,994,123	$	21,674,076	$	39,293,521	$	96,961,720		$	929,474,396

Percentage of period-end gross loans receivable			3.9%		2.3%		4.2%		10.4		%

The following is a summary of the past due receivables as of:


	March 31, 2020			December 31, 2019
Contractual basis:
30-60 days past due	$	49,137,102		$	55,172,208
61-90 days past due	35,020,925			36,531,939
91 days or more past due	70,719,727			80,765,569
Total	$	154,877,754		$	172,469,716

Percentage of period-end gross loans receivable	12.8		%	12.6		%

Recency basis:
30-60 days past due	$	48,206,910		$	54,090,162
61-90 days past due	28,450,942			33,295,364
91 days or more past due	50,669,837			62,565,314
Total	$	127,327,689		$	149,950,840

Percentage of period-end gross loans receivable	10.5		%	10.9		%

Financing Receivable, Nonaccrual

It also shows year-to-date interest income recognized on nonaccrual loans:


	Nonaccrual Financial Assets
Customer Tenure	As of December 31, 2020		As of March 31, 2020		Financial Assets 61 Days or More Past Due, Not on Nonaccrual Status		Nonaccrual Financial Assets With No Allowance as of December 31, 2020		Interest Income Recognized
0 to 5 months	$	12,725,225	$	26,040,593	$	—	$	—	$	1,283,886
6 to 17 months	16,352,270		17,466,450		—		—		1,617,925
18 to 35 months	13,429,551		13,723,295		—		—		1,418,093
36 to 59 months	8,794,918		10,071,288		—		—		1,082,178
60+ months	33,829,640		44,293,545		—		—		4,822,468

Tax advance loans	296,191		41,573		—		—
Unearned interest, insurance and fees	(22,635,352)		(28,510,140)		—		—
Total	$	62,792,443	$	83,126,604	$	—	$	—	$	10,224,550

Summary of loans individually and collectively evaluated for impairment

The following is a summary of loans individually and collectively evaluated for impairment for the periods indicated:


March 31, 2020	Loans individually evaluated for impairment (impaired loans)		Loans collectively evaluated for impairment	Total

Gross loans in bankruptcy, excluding contractually delinquent	$	5,165,752	—	5,165,752
Gross loans contractually delinquent	70,719,727		—	70,719,727
Loans not contractually delinquent and not in bankruptcy	—		1,133,985,887	1,133,985,887
Gross loan balance	75,885,479		1,133,985,887	1,209,871,366
Unearned interest and fees	(16,848,762)		(292,131,962)	(308,980,724)
Net loans	59,036,717		841,853,925	900,890,642
Allowance for credit losses	(54,090,509)		(42,397,347)	(96,487,856)
Loans, net of allowance for credit losses	$	4,946,208	799,456,578	804,402,786


December 31, 2019	Loans individually evaluated for impairment (impaired loans)		Loans collectively evaluated for impairment	Total

Gross loans in bankruptcy, excluding contractually delinquent	$	5,066,019	—	5,066,019
Gross loans contractually delinquent	80,765,569		—	80,765,569
Loans not contractually delinquent and not in bankruptcy	—		1,286,936,992	1,286,936,992
Gross loan balance	85,831,588		1,286,936,992	1,372,768,580
Unearned interest and fees	(19,140,361)		(346,893,706)	(366,034,067)
Net loans	66,691,227		940,043,286	1,006,734,513
Allowance for losses	(61,840,514)		(51,229,127)	(113,069,641)
Loans, net of allowance for losses	$	4,850,713	888,814,159	893,664,872