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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$1.44 |
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| No. | Vol. | Price($) |
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| 9 | 36969 | $1.44 |
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| Price($) | Vol. | No. |
|---|---|---|
| $1.44 | 65769 | 10 |
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