Loans Receivable, Net

6 Months Ended

Jun. 30, 2021

5. Loans receivable, net

The Company manages loans receivable as “On-line merchant”, “Consumer”, “In-store merchant” and “Credit Cards”. As of June 30, 2021 and December 31, 2020, Loans receivable, net were as follows:



		June 30,		December 31,
		2021		2020
	(In thousands)
On-line merchant	$	252,410	$	180,063
Consumer		427,061		237,956
In-store merchant		120,711		61,452
Credit Cards		9,594		—
Loans receivable		809,776		479,471
Allowance for uncollectible accounts		(239,324)		(77,816)
Loans receivable, net	$	570,452	$	401,655

The credit quality analysis of loans receivable was as follows:


		June 30,		December 31,
		2021 (1)		2020
	(In thousands)
1-30 days past due	$	47,183	$	34,706
31-60 days past due		27,125		16,977
61 -90 days past due		25,539		13,239
91 -120 days past due		27,905		10,632
121 -150 days past due		31,785		5,315
151 -180 days past due		28,919		3,649
181 -210 days past due		19,938		—
211 -240 days past due		16,908		—
241 -270 days past due		14,032		—
Total past due		239,334		84,518
To become due		570,442		394,953
Total	$	809,776	$	479,471

(1)	As from April 1, 2021, the Company writes off loans when customer balance becomes 360 days past due.

‎

The following table summarizes the allowance for uncollectible accounts activity during the six-month period ended June 30, 2021 and 2020:



	June 30,
		2021		2020
	(In thousands)
Balance at beginning of year	$	77,816	$	20,444
Adoption of ASC 326 (1)		—		4,977
Charged/credited to Net Income		167,025		34,614
Charges/Utilized /Currency translation adjustments/Write-offs (2)		(5,517)		(34,204)
Balance at end of period	$	239,324	$	25,831


(1)	Cumulative pre-tax adjustments recorded to retained earnings as of January 1, 2020.
(2)	As from April 1, 2021, the Company writes off loans when customer balance becomes 360 days past due.