Credit checks are not fool proof. I would guess that 30-40% of their portfolio has a default on it.
Credit checks give you good data you feed into your model. It appears the model isnt working as intended.
I would also argue that their default rate at 3.4% is actually really good considering its unsecured debt to a risky portion of the population.
What isnt good is that their margin isnt good enough to make a profit out of that level of default.
There is a reason cash converters etc etc charge what they do. High risk, high rate.
Credit checks are not fool proof. I would guess that 30-40% of...
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Last
$1.80 |
Change
0.195(12.2%) |
Mkt cap ! $2.019B | |||
| Open | High | Low | Value | Volume |
| $1.66 | $1.82 | $1.63 | $53.70M | 31.05M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 25 | 56039 | $1.80 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.81 | 60542 | 25 |
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| Last trade - 14.16pm 18/07/2024 (20 minute delay) ? |
| ZIP (ASX) Chart |