Do you agree that PAYDAY is very short term loan?
Nothing to do with a borrower who borrows once in ten years or once in every month, as long as the loan book is not decreased.
eg 1m people take payday loans (total loans=$80m) & return the loans in one month, then another different 1m people take payday loans (total loans=$80m) & return the loans in one month, then keep going===>total loans is same, $80m, and those borrowers can take only once loan for all life, but the transaction = 1 million*12 =12 million, the brokerage fees charge 12 million times (not 1 million times). The higher frequency the more brokerage fees charged
(Reality, some take 1 week, some take 2 weeks ..... at point time, have 1.1m borrower; at different time have 0.8m borrowers ......)(my above example focused simpler and easier to understand)
What the total loss of FY15?, page-17
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