ALLOWANCE FOR LOAN LOSSES

6 Months Ended

Sep. 30, 2011

ALLOWANCE FOR LOAN LOSSES [Abstract]

ALLOWANCE FOR LOAN LOSSES

NOTE 5 – ALLOWANCE FOR LOAN LOSSES

The following is a summary of the changes in the allowance for loan losses for the periods indicated (unaudited):

	Three months ended						Six months ended
	September 30,						September 30,
	2011			2010			2011			2010
Balance at beginning of period	$	50,419,957			44,105,503			48,354,994			42,896,819
Provision for loan losses		30,057,269			27,275,104			52,896,383			46,973,312
Loan losses		(28,249,131	)		(25,167,988	)		(51,405,944	)		(45,737,290	)
Recoveries		2,398,885			2,061,741			4,748,215			4,211,938
Translation adjustment		(462,507	)		69,061			(429,175	)		(1,358	)
Balance at end of period	$	54,164,473			48,343,421			54,164,473			48,343,421

The Company follows FASB ASC Topic 310, which prohibits carryover or creation of valuation allowances in the initial accounting of all loans acquired in a transfer that are within the scope of this accounting literature.  The Company believes that a loan has shown deterioration if it is over 60 days delinquent.  The Company believes that loans acquired since the adoption of FASB ASC Topic 310 have not shown evidence of  deterioration of  credit  quality  since origination,  and therefore,  are not   within the  scope of FASB ASC Topic 310 because the Company did not pay consideration for, or record, acquired loans over 60 days delinquent.  Loans acquired that are more than 60 days past due are included in the scope of accounting literature and therefore, subsequent refinances or restructures of these loans would not be accounted for as a new loan.

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

	As of September 30,			As of March 31,
	2011			2011
Bankruptcy	$	6,573,737			4,810,026
91 days or more delinquent,excluding bankruptcy		18,366,885			16,393,955
Total loans individually evaluated for impairment	$	24,940,622			21,203,981
Allowance for impaired loans		(18,954,411	)		(16,819,674	)
	$	5,986,211			4,384,307
Total loans collectively evaluated for impairment	$	-			-

 The following is an assessment of the credit quality as of the period indicated:

	September 30,		March 31,
	2011		2011
Credit risk profile by creditworthiness category
Consumer loans- non-bankrupt accounts	$	958,381,725		870,235,654
Consumer loans- bankrupt accounts		6,573,737		4,810,026
Total gross loans	$	964,955,462		875,045,680
Consumer credit exposure
Credit risk profile based on payment activity Performing	$	924,036,632		841,856,489
Contractual non-performing, 61 or more days delinquent		40,918,830		33,189,191
Total gross loans	$	964,955,462		875,045,680
Delinquent renewals	$	24,797,502		19,330,235
Credit risk profile based on customer type
New borrower	$	104,467,816		101,948,334
Former borrower		85,763,898		68,628,863
Refinance		749,926,246		685,138,248
Delinquent refinance		24,797,502		19,330,235
Total gross loans	$	964,955,462		875,045,680

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

	September 30,			March 31,			September 30,
	2011			2011			2010
Recency basis:
30-60 days past due	$	31,696,312			21,533,219			29,131,159
61-90 days past due		18,683,495			12,894,240			16,731,697
91 days or more past due		10,257,771			8,297,319			8,598,900
Total	$	60,637,578			42,724,778			54,461,756
Percentage of period-end gross loans receivable		6.3	%		4.9	%		6.3	%
Contractual basis:
30-60 days past due	$	35,664,457			23,705,287			32,077,482
61-90 days past due		22,243,803			16,564,121			19,777,796
91 days or more past due		18,675,027			16,625,070			16,412,781
Total	$	76,583,287			56,894,478			68,268,059
Percentage of period-end gross loans receivable		7.9	%		6.5	%		7.9	%