The biggest issue I see with these types of companies are a)...

The biggest issue I see with these types of companies are a) capital intensive, b) regulation headwinds, c) sitting in the gap between banks (high volume low return per head with low costs) and payday lenders (medium volume but high returns but medium losses but overall fast returns and high frequency and already has regulation permission, so somewhat in no man's land, they get the mid client that cant fit a bank but understands the cost of a payday loan or already has 2-3 of them,  SO IMO Z1P and the like will always be a very capital intensive business for mid returns, mid clients and mid to high risk.

Also where payday beats Z1P is that its a transactional business on short term loans ie: 15 days, so only reliant on volume of transactions, whereas Zip is reliant on book growth. 

Bank low returns, low risk, good clients (clean credit) ie: 6- 9% returns
Z1P low to mid returns, mid to high risk, low to mid clients (bad credit and ok credit) 11-15% returns
payday high returns, high risk, very low clients (bad credit) 16-24% returns

Its just a matter of where one wishes to sit at the table I guess.