Transaction processing fees, monthly account fees, setup fees, dishonesty fees, etc. I haven't crunched numbers yet, but they're probably making a mint on the fees charged to the accounts. Replace interest payments with fee payments and you have their business model. The fee payments I'd imagine would have to be a high enough % to cover the finance interest the company pays to the banks.
Anyone know why FXL hasn't been increasing its impairment expenses although they've been writing out more and more loans? Doesn't make sense to me that they can book loan income at a 10% plus growth rate but not book higher impairments as a result - it's distorting the profit picture.
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