Ann: Annual Report to Shareholders, page-39

I need to have another look through the reports to compare (might have time on the weekend) but I don't think your comparison stacks up. How can Z1P and Afterpay be using the same amount of credit facilities.
If Z1Ps and Afterpays receivables turn over 6 months and 1 month respectively then that has an impact on comparability of the two. We also know that Z1Ps default rates have trended up while Afterpays has trended down so again to say that also contradicts the notion of similar performance in bad debt.

Lastly, from someone with experience in quantitative credit risk modelling (me), youd expect the higher valued, long time loans of ZipMoney to have higher credit losses than your vanilla pay-in-4. That's not a misconception, that's facts and pretty obvious when looking at the two different products. If you lose your job are you more likely to default on the $150 left to pay for the Xbox or are you more likely to default on $20k left on your solar panels?

Anyway, I'm not saying you're wrong. I'm actually the one in the wrong for not taking time to do more due diligence in comparing the two. Hopefully I'll get time over the weekend