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LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Tables)

9 Months Ended

Dec. 31, 2022

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, 2022		March 31, 2022
0 to 5 months	$	110,657,069	$	198,740,475
6 to 17 months	162,246,317		133,665,566
18 to 35 months	155,283,336		204,940,323
36 to 59 months	259,585,830		208,936,027
60+ months	866,191,770		770,683,149

Tax advance loans	20,405		5,823,320
Total gross loans	$	1,553,984,727	$	1,522,788,860

Assessment of the Credit Quality

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at December 31, 2022:



	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	$	1,315,496,157	$	62,868,377	$	2,458,233	$	168,195	$	14,977	$	9,377	$	1,381,015,316
30 - 60 days past due	51,922,222		6,178,714		256,692		56,562		19,357		1,314		58,434,861
61 - 90 days past due	35,259,645		3,682,972		175,892		45,534		1,175		—		39,165,218
91 or more days past due	66,796,641		8,345,331		182,449		17,029		5,211		2,266		75,348,927
Total	$	1,469,474,665	$	81,075,394	$	3,073,266	$	287,320	$	40,720	$	12,957	$	1,553,964,322

	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	$	—	$	—	$	—	$	—	$	—	$	—	$	—
30 - 60 days past due	—		—		—		—		—		—		—
61 - 90 days past due	—		—		—		—		—		—		—
91 or more days past due	20,280		125		—		—		—		—		20,405
Total	$	20,280	$	125	$	—	$	—	$	—	$	—	$	20,405
Total gross loans													$	1,553,984,727

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at March 31, 2022:


	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	$	1,322,332,136	$	34,273,199	$	2,665,078	$	152,105	$	21,539	$	3,972	$	1,359,448,029
30 - 60 days past due	49,517,859		2,114,463		247,291		28,011		2,664		—		51,910,288
61 - 90 days past due	36,707,960		989,136		130,763		13,031		5,594		—		37,846,484
91 or more days past due	64,238,626		3,239,753		248,596		24,377		5,386		4,001		67,760,739
Total	$	1,472,796,581	$	40,616,551	$	3,291,728	$	217,524	$	35,183	$	7,973	$	1,516,965,540

	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	$	4,737,741	$	7,033	$	—	$	—	$	—	$	—	$	4,744,774
30 - 60 days past due	1,060,811		1,334		—		—		—		—		1,062,145
61 - 90 days past due	—		432		—		—		—		—		432
91 or more days past due	2,922		13,047		—		—		—		—		15,969
Total	$	5,801,474	$	21,846	$	—	$	—	$	—	$	—	$	5,823,320
Total gross loans													$	1,522,788,860

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at December 31, 2022:


	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	$	1,296,198,737	$	55,931,922	$	2,010,305	$	69,180	$	4,343	$	1,511	$	1,354,215,998
30 - 60 days past due	52,162,519		3,578,939		86,368		8,801		—		—		55,836,627
61 - 90 days past due	39,792,091		3,560,584		91,067		3,929		—		—		43,447,671
91 or more days past due	81,321,318		18,003,948		885,526		205,410		36,378		11,446		100,464,026
Total	$	1,469,474,665	$	81,075,393	$	3,073,266	$	287,320	$	40,721	$	12,957	$	1,553,964,322

	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	$	—	$	—	$	—	$	—	$	—	$	—	$	—
30 - 60 days past due	—		—		—		—		—		—		—
61 - 90 days past due	—		—		—		—		—		—		—
91 or more days past due	20,280		125		—		—		—		—		20,405
Total	$	20,280	$	125	$	—	$	—	$	—	$	—	$	20,405
Total gross loans													$	1,553,984,727

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2022:


	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	$	1,290,448,366	$	29,913,995	$	1,994,474	$	68,836	$	9,586	$	699	$	1,322,435,956
30 - 60 days past due	57,225,953		1,508,794		91,118		5,519		—		—		58,831,384
61 - 90 days past due	45,276,797		1,271,187		96,233		986		—		—		46,645,203
91 or more days past due	79,845,465		7,922,574		1,109,903		142,183		25,598		7,274		89,052,997
Total	$	1,472,796,581	$	40,616,550	$	3,291,728	$	217,524	$	35,184	$	7,973	$	1,516,965,540

	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	$	4,737,741	$	—	$	—	$	—	$	—	$	—	$	4,737,741
30 - 60 days past due	1,060,329		—		—		—		—		—		1,060,329
61 - 90 days past due	—		—		—		—		—		—		—
91 or more days past due	3,404		21,846		—		—		—		—		25,250
Total	$	5,801,474	$	21,846	$	—	$	—	$	—	$	—	$	5,823,320
Total gross loans													$	1,522,788,860

Summary of Changes in the Allowance For Loan Losses

The following table presents a roll forward of the allowance for credit losses for the three and nine months ended December 31, 2022 and 2021:


	Three months ended December 31,				Nine months ended December 31,
	2022		2021		2022		2021
Beginning balance	$	155,892,100	$	114,660,240	$	134,242,862	$	91,722,288

Provision for credit losses	59,608,655		56,458,533		214,051,068		128,767,870
Charge-offs	(86,382,882)		(42,359,511)		(228,732,404)		(102,226,061)
Recoveries1	15,421,670		4,521,934		24,978,017		15,017,099
Net charge-offs	(70,961,212)		(37,837,577)		(203,754,387)		(87,208,962)
Ending Balance	$	144,539,543	$	133,281,196	$	144,539,543	$	133,281,196

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, 2022:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due		Total Loans
0 to 5 months	$	82,998,807	$	7,076,046	$	5,952,005	$	14,630,210	$	27,658,261	$	110,657,068
6 to 17 months	134,510,770		8,584,660		6,300,110		12,850,778		27,735,548		162,246,318
18 to 35 months	131,660,006		7,375,720		5,497,643		10,749,967		23,623,330		155,283,336
36 to 59 months	233,507,760		9,554,628		6,062,913		10,460,529		26,078,070		259,585,830
60+ months	798,337,974		25,843,806		15,352,549		26,657,441		67,853,796		866,191,770

Tax advance loans	—		—		—		20,405		20,405		20,405
Total gross loans	1,381,015,317		58,434,860		39,165,220		75,369,330		172,969,410		1,553,984,727
Unearned interest, insurance and fees	(383,291,034)		(16,218,182)		(10,870,030)		(20,918,224)		(48,006,436)		(431,297,470)
Total net loans	$	997,724,283	$	42,216,678	$	28,295,190	$	54,451,106	$	124,962,974	$	1,122,687,257

Percentage of period-end gross loans receivable			3.8%		2.5%		4.9%		11.1%

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2022:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	145,168,588	$	13,450,365		$	14,196,717		$	25,924,805		$	53,571,887		$	198,740,475
6 to 17 months	116,065,794		5,548,699			4,148,743			7,902,330			17,599,772			133,665,566
18 to 35 months	183,697,553		7,220,814			4,903,686			9,118,270			21,242,770			204,940,323
36 to 59 months	193,820,229		5,951,049			3,452,087			5,712,662			15,115,798			208,936,027
60+ months	720,695,865		19,739,361			11,145,251			19,102,672			49,987,284			770,683,149

Tax advance loans	4,744,774		1,062,145			432			15,969			1,078,546			5,823,320
Total gross loans	1,364,192,803		52,972,433			37,846,916			67,776,708			158,596,057			1,522,788,860
Unearned interest, insurance and fees	(361,055,818)		(14,020,016)			(10,016,802)			(17,938,208)			(41,975,027)			(403,030,844)
Total net loans	$	1,003,136,985	$	38,952,417		$	27,830,114		$	49,838,500		$	116,621,030		$	1,119,758,016

Percentage of period-end gross loans receivable			3.5		%	2.5		%	4.5		%	10.4		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at December 31, 2022:


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due			Total Loans
0 to 5 months	$	80,387,487	$	6,499,221	$	6,107,020	$	17,663,341	$	30,269,582		$	110,657,069
6 to 17 months	131,366,771		8,013,659		6,864,901		16,000,987		30,879,547			162,246,318
18 to 35 months	128,007,181		6,759,902		5,969,417		14,546,835		27,276,154			155,283,335
36 to 59 months	229,416,636		9,123,648		6,838,567		14,206,979		30,169,194			259,585,830
60+ months	785,037,923		25,440,198		17,667,766		38,045,883		81,153,847			866,191,770

Tax advance loans	—		—		—		20,405		20,405			20,405
Total gross loans	1,354,215,998		55,836,628		43,447,671		100,484,430		199,768,729			1,553,984,727
Unearned interest, insurance and fees	(375,853,072)		(15,497,061)		(12,058,594)		(27,888,743)		(55,444,398)			(431,297,470)
Total net loans	$	978,362,926	$	40,339,567	$	31,389,077	$	72,595,687	$	144,324,331		$	1,122,687,257

Percentage of period-end gross loans receivable			3.6%		2.8%		6.5%		12.9		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at March 31, 2022:


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	140,570,461	$	14,090,712		$	15,380,836		$	28,698,466		$	58,170,014		$	198,740,475
6 to 17 months	112,465,841		6,032,347			4,922,939			10,244,439			21,199,725			133,665,566
18 to 35 months	177,565,328		8,067,815			6,273,351			13,033,829			27,374,995			204,940,323
36 to 59 months	188,849,569		6,994,891			4,624,136			8,467,431			20,086,458			208,936,027
60+ months	702,984,756		23,645,619			15,443,941			28,608,833			67,698,393			770,683,149

Tax advance loans	4,737,742		1,060,329			—			25,249			1,085,578			5,823,320
Total gross loans	1,327,173,697		59,891,713			46,645,203			89,078,247			195,615,163			1,522,788,860
Unearned interest, insurance and fees	(351,258,109)		(15,851,316)			(12,345,412)			(23,576,007)			(51,772,735)			(403,030,844)
Total net loans	$	975,915,588	$	44,040,397		$	34,299,791		$	65,502,240		$	143,842,428		$	1,119,758,016

Percentage of period-end gross loans receivable			3.9		%	3.1		%	5.8		%	12.8		%

Financing Receivable, Nonaccrual

The following table presents the amortized cost basis of loans on nonaccrual status as of the beginning of the reporting period and the end of the reporting period, as well as year-to-date interest income recognized on nonaccrual loans for the three and nine months ended December 31, 2022 and 2021:


	Nonaccrual Loans Receivable
Customer Tenure	As of December 31, 2022		As of March 31, 2022		Interest Income Recognized for the three months ended December 31, 2022		Interest Income Recognized for the three months ended December 31, 2021		Interest Income Recognized for the nine months ended December 31, 2022		Interest Income Recognized for the nine months ended December 31, 2021
0 to 5 months	$	24,968,705	$	45,227,510	$	480,947	$	293,649	$	1,522,535	$	858,871
6 to 17 months	23,995,420		15,879,250		450,877		325,759		1,216,091		1,151,316
18 to 35 months	21,946,855		20,745,106		544,689		504,974		1,741,780		1,414,201
36 to 59 months	22,662,926		14,232,388		555,085		325,291		1,575,766		978,378
60+ months	60,891,846		47,565,819		1,711,201		1,193,860		5,006,238		3,782,122

Tax advance loans	144,466		25,249		—		—		—		—
Unearned interest, insurance and fees	(42,910,972)		(38,026,011)		—		—		—		—
Total	$	111,699,246	$	105,649,311	$	3,742,799	$	2,643,533	$	11,062,410	$	8,184,888