comparing fxl to tsm

I was reading the post from jbl1971 mentioning competition to FXL in the rental market and was surprised that TSM was described as an ok business but a distant number 2. Just a few points to note about TSM that I think are critical in comparing both companies:

1. TSM does not lend its own funds to consumers but acts as an intermediary between the banks and retailers, effectively this gives TSM access to a much larger pool of finance for its customers than FXL as it has agreements with multiple banks in many different countries. Scaling up the business is much easier than it would be with FXL, they always have to find more finance, if there is another GFC where would that leave FXL?
2. TSM has no net debt!
3. TSM is increasing their partnerships with new retail stores which dramatically increases their exposure to new customers. They are about to commence a partnership with a new retailer in the UK which will add another 500 stores! I don't know if you are going to get that sort of increase competing just in Australia. There are also expansion opportunities in Italy, France and Spain.

Don't get me wrong, I like FXL too and am a shareholder in both companies but to me TSM is a better investment in the long-term than FXL in terms of growth opportunities, ability to scale up the business and overall risk. Yes, TSM is not as cheap as FXL but given its now fallen to 65cents its not expensive either for what it offers. No doubt people will disagree, very interested to hear other people's views.