ALLOWANCE FOR LOAN LOSSES

9 Months Ended

Dec. 31, 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						Nine months ended
	December 31,						December 31,
	2011			2010			2011			2010
Balance at beginning of period	$	54,164,473			48,343,421			48,354,994			42,896,819
Provision for loan losses		36,109,128			31,961,952			89,005,511			78,935,264
Loan losses		(31,538,663	)		(29,203,952	)		(82,944,607	)		(74,941,242	)
Recoveries		2,462,103			2,137,152			7,210,318			6,349,090
Translation adjustment		(78,178	)		17,284			(507,353	)		15,926
Balance at end of period	$	61,118,863			53,255,857			61,118,863			53,255,857

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 the 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 December 31,			As of March 31,			As of December 31,
	2011			2011			2010
Bankruptcy, gross loans	$	5,850,341			4,810,026			5,424,472
91 days or more delinquent,excluding bankruptcy		22,784,021			16,236,862			17,656,915
Total loans (gross) individually evaluated for impairment	$	28,634,362			21,046,888			23,081,387
Unearned interest and fees		(5,655,260	)		(3,649,341	)		(4,283,090	)
Total loans (net) individually evaluated for impairment	$	22,979,102			17,397,547			18,798,297
Allowance for impaired loans		(22,979,102	)		(16,829,496	)		(18,176,825	)
	$	-			568,051			621,472
Total loans collectively evaluated for impairment	$	-			-			-

The following is an assessment of the credit quality for the period indicated (unaudited):

	December 31,		March 31,		December 31,
	2011		2011		2010
Credit risk profile by creditworthiness category
Consumer loans- non-bankrupt accounts	$	1,060,227,563		870,235,654		960,009,758
Consumer loans- bankrupt accounts		5,850,341		4,810,026		5,424,472
Total gross loans	$	1,066,077,904		875,045,680		965,434,230
Consumer credit exposure
Credit risk profile based on payment activity Performing	$	1,019,834,095		841,856,489		927,047,239
Contractual non-performing, 61 or more days delinquent		46,243,809		33,189,191		38,386,991
Total gross loans	$	1,066,077,904		875,045,680		965,434,230
Delinquent renewals	$	22,354,349		19,330,235		20,743,902
Credit risk profile based on customer type
New borrower	$	145,258,224		101,948,334		138,392,071
Former borrower		91,050,042		68,628,863		78,779,045
Refinance		807,415,289		685,138,248		727,519,212
Delinquent refinance		22,354,349		19,330,235		20,743,902
Total gross loans	$	1,066,077,904		875,045,680		965,434,230

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

	December 31,			March 31,			December 31,
	2011			2011			2010
Recency basis:
30-60 days past due	$	30,909,259			21,533,219			29,278,452
61-90 days past due		19,265,876			12,894,240			17,561,376
91 days or more past due		12,614,281			8,297,319			9,212,946
Total	$	62,789,416			42,724,778			56,052,774
Percentage of period-end gross loans receivable		5.9	%		4.9	%		5.8	%
Contractual basis:
30-60 days past due	$	32,995,879			23,705,287			31,621,398
61-90 days past due		23,108,341			16,564,121			20,440,706
91 days or more past due		23,135,468			16,625,070			17,946,285
Total	$	79,239,688			56,894,478			70,008,389
Percentage of period-end gross loans receivable		7.4	%		6.5	%		7.3	%