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.
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Price($) | Vol. | No. |
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9 | 219580 | 1.420 |
5 | 136199 | 1.415 |
6 | 94157 | 1.410 |
3 | 105967 | 1.405 |
Price($) | Vol. | No. |
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1.440 | 157139 | 12 |
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