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
$1.27 |
Change
-0.030(2.32%) |
Mkt cap ! $1.425B | |||
| Open | High | Low | Value | Volume |
| $1.29 | $1.30 | $1.26 | $9.400M | 7.424M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 30000 | $1.26 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.27 | 60364 | 6 |
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| Last trade - 16.10pm 22/05/2024 (20 minute delay) ? |
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Last
$1.27 |
Change
-0.030 ( 1.88 %) |
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| Open | High | Low | Volume | ||
| $1.28 | $1.29 | $1.26 | 2346797 | ||
| Last updated 15.59pm 22/05/2024 ? | |||||
| ZIP (ASX) Chart |