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Allowance for Credit Losses and Credit Quality Information (Tables)

12 Months Ended

Mar. 31, 2021

The following table sets forth information about our loan products for fiscal 2021:


	Minimum Origination		Maximum Origination		Minimum Term (Months)	Maximum Term (Months)
Small loans	$	250	$	2,450	4	30
Large loans	2,500		21,400		12	48
Tax advance loans	100		5,000		8	8

Gross loans receivable at March 31, 2021 and 2020 consisted of the following:


	2021		2020
Small loans	$	620,959,979	$	761,364,753
Large loans	475,470,271		442,683,915
Tax advance loans	8,316,011		5,822,698
Total gross loans	$	1,104,746,261	$	1,209,871,366

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


Customer Tenure	March 31, 2021
0 to 5 months	$	92,378,097
6 to 17 months	106,742,121
18 to 35 months	169,361,910
36 to 59 months	130,655,627
60+ months	597,292,495

Tax advance loans	8,316,011
Total gross loans	$	1,104,746,261

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 March 31, 2021:


	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	$	970,526,682	$	45,769,052	$	2,102,732	$	154,890	$	14,444	$	831	$	1,018,568,631
30 - 60 days past due	21,862,634		2,011,261		153,417		21,426		3,500		2,069		24,054,307
61 - 90 days past due	18,039,010		1,208,936		88,119		11,800		571		—		19,348,436
91 or more days past due	31,126,328		3,120,210		183,434		14,028		14,708		168		34,458,876
Total	$	1,041,554,654	$	52,109,459	$	2,527,702	$	202,144	$	33,223	$	3,068	$	1,096,430,250

	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
Current	$	7,583,075	$	9,360	$	—	$	—	$	—	$	—	$	7,592,435
30 - 60 days past due	686,667		1,423		—		—		—		—		688,090
61 - 90 days past due	—		—		321		—		—		—		321
91 or more days past due	—		34,509		656		—		—		—		35,165
Total	$	8,269,742	$	45,292	$	977	$	—	$	—	$	—	$	8,316,011
Total gross loans													$	1,104,746,261

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 March 31, 2021:


	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	$	948,353,853	$	39,661,944	$	1,522,148	$	83,073	$	1,790	$	831	$	989,623,639
30 - 60 days past due	29,300,148		1,872,816		72,187		1,322		—		—		31,246,473
61 - 90 days past due	23,075,264		1,363,196		75,343		567		—		—		24,514,370
91 or more days past due	40,825,388		9,211,503		858,024		117,183		31,433		2,237		51,045,768
Total	$	1,041,554,653	$	52,109,459	$	2,527,702	$	202,145	$	33,223	$	3,068	$	1,096,430,250
	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	$	7,583,075	$	—	$	—	$	—	$	—	$	—	$	7,583,075
30 - 60 days past due	686,667		—		—		—		—		—		686,667
61 - 90 days past due	—		—		—		—		—		—		—
91 or more days past due	—		45,292		977		—		—		—		46,269
Total	$	8,269,742	$	45,292	$	977	$	—	$	—	$	—	$	8,316,011
Total gross loans													$	1,104,746,261

The following is an assessment of the credit quality for March 31, 2020:



Credit risk
Consumer loans- non-bankrupt accounts	$	1,203,552,152
Consumer loans- bankrupt accounts	6,319,214
Total gross loans	1,209,871,366

Consumer credit exposure
Credit risk profile based on payment activity, performing	1,104,130,714
Contractual non-performing, 61 days or more delinquent (1)	105,740,652
Total gross loans	1,209,871,366

Credit risk profile based on customer type
New borrower	124,800,193
Former borrower	127,108,125
Refinance	935,448,882
Delinquent refinance	22,514,166
Total gross loans	$	1,209,871,366

_______________________________________________________

(1) Loans in non-accrual status

Summary of changes in the allowance for loan losses

The following is a summary of the changes in the allowance for credit losses for the years ended March 31, 2021, 2020, and 2019:


	2021		2020	2019
Balance at beginning of period	$	96,487,856	81,519,624	66,088,139
Impact of ASC 326 adoption	28,628,368		—	—
Provision for loan losses	86,244,714		181,730,182	148,426,578
Loan losses	(141,270,125)		(183,439,199)	(148,308,199)
Recoveries	21,631,475		16,677,249	15,313,106

Balance at end of period	$	91,722,288	96,487,856	81,519,624

Summary of loans individually and collectively evaluated for impairment


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 loan losses	(54,090,509)		(42,397,347)	(96,487,856)
Loans, net of allowance for loan losses	$	4,946,208	799,456,578	804,402,786

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 March 31, 2021:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due		Total Loans
0 to 5 months	$	72,702,970	$	4,799,102	$	5,680,380	$	9,195,642	$	19,675,124	$	92,378,094
6 to 17 months	94,466,209		3,187,347		2,798,411		6,290,155		12,275,913		106,742,122
18 to 35 months	158,217,605		3,570,696		2,592,402		4,981,208		11,144,306		169,361,911
36 to 59 months	123,542,346		2,432,489		1,753,291		2,927,501		7,113,281		130,655,627
60+ months	569,639,500		10,064,674		6,523,952		11,064,370		27,652,996		597,292,496

Tax advance loans	7,592,435		688,090		321		35,165		723,576		8,316,011
Total gross loans	1,026,161,065		24,742,398		19,348,757		34,494,041		78,585,196		1,104,746,261
Unearned interest, insurance and fees	(259,492,219)		(6,256,776)		(4,892,850)		(8,722,739)		(19,872,365)		(279,364,584)
Total net loans	$	766,668,846	$	18,485,622	$	14,455,907	$	25,771,302	$	58,712,831	$	825,381,677

Percentage of period-end gross loans receivable			2.2%		1.8%		3.1%		7.1%

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 March 31, 2021:


			Days Past Due - Contractual Basis
Loans	Current		30 - 60		61 - 90		Over 90		Total Past Due		Total Loans
0 to 5 months	$	70,532,439	$	5,245,878	$	6,019,264	$	10,580,514	$	21,845,656	$	92,378,095
6 to 17 months	90,679,304		3,936,937		3,267,446		8,858,434		16,062,817		106,742,121
18 to 35 months	153,922,334		4,471,202		3,488,629		7,479,745		15,439,576		169,361,910
36 to 59 months	120,168,698		3,229,253		2,337,625		4,920,052		10,486,930		130,655,628
60+ months	554,320,865		14,363,203		9,401,406		19,207,022		42,971,631		597,292,496

Tax advance loans	7,583,075		686,667		—		46,269		732,936		8,316,011
Total gross loans	$	997,206,715	$	31,933,140	$	24,514,370	$	51,092,036	$	107,539,546	$	1,104,746,261
Unearned interest, insurance and fees	$	(252,170,339)	$	(8,075,147)	$	(6,199,113)	$	(12,919,985)	$	(27,194,245)	$	(279,364,584)
Total net loans	$	745,036,376	$	23,857,993	$	18,315,257	$	38,172,051	$	80,345,301	$	825,381,677

Percentage of period-end gross loans receivable			2.9%		2.2%		4.6%		9.7%

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


	March 31, 2020
Contractual basis:
30-60 days past due	$	49,137,102
61-90 days past due	35,020,925
91 days or more past due	70,719,727
Total	$	154,877,754

Percentage of period-end gross loans receivable	12.8		%

Recency basis:
30-60 days past due	$	48,206,910
61-90 days past due	28,450,942
91 days or more past due	50,669,837
Total	$	127,327,689

Percentage of period-end gross loans receivable	10.5		%

Financing Receivable, Nonaccrual

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


	Nonaccrual Financial Assets
Customer Tenure	As of March 31, 2021		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 March 31, 2021		Interest Income Recognized Fiscal 2021
0 to 5 months	$	17,191,922	$	26,040,593	$	—	$	—	$	1,705,371
6 to 17 months	13,211,641		17,466,450		—		—		2,433,144
18 to 35 months	12,088,377		13,723,295		—		—		2,195,160
36 to 59 months	8,161,951		10,071,288		—		—		1,609,059
60+ months	31,925,232		44,293,545		—		—		6,747,722

Tax advance loans	46,269		41,573		—		—		—
Unearned interest, insurance and fees	(20,894,036)		(28,510,140)
Total	$	61,731,356	$	83,126,604	$	—	$	—	$	14,690,456