Very different equation for pay day lenders to buyers of deep discount debt. A pay day lender lends $100 and is owed that plus interest. Only then has to determine impairment allowance, plus they are generally short term lends. On the other hand a PDL buyer buys $100 of debt at (say) $15 and tries to collect the lot plus interest, often collecting over many years. The initial purchase value doesn't start at face. Potential value could range all the way up to full face value if turn into a customer who pays.
Either way, funding such companies does seem to be somewhat out of vogue.
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