okaylet me put this in another wayrecessions and credit lenders...

okay

let me put this in another way

recessions and credit lenders don't mix all that well

particularly difficult for start up credit lenders because

a) there's much more focus placed on their credit credentials than compared to traditional, established credit lenders

b) their portfolio is 'newer' (average customer on book is lower compared established lenders)

c) credit policies are less developed, proven compared to established lenders

d) as night follows day, recessions (particularly deep and protracted) lead to higher losses

so zip has to be careful here....macro headwinds require more focus on credit quality.

simply saying 'loss rates are within our risk appetite' is a very very bad play....

hope they recognise

I hope for a better net loss rate performance for q1

my confidence has been dented..need to see improved credit performance before I can take on more