Effect of interest rate and cost-of-living increases

On the basis of the Q3 Cash Flow Report, I estimated the financing cost to be about 4.9% p.a for B4P - which I am sure is wrong because I assumed the whole $87M in pay advances was borrowed for the full quarter. Real financing cost must be at least 10% p.a., or (more likely) much higher.

As interest rates rise, and the cost-of-living increases, what are the effects that B4P will see?

1. User numbers rise faster than expected because more people start to feel the pinch?
2. Cost of financing increases, chewing further into margins and cash reserves because B4P charges a "flat fee"?
3. Transaction losses increase because people are more likely to pay rent / mortgage than pay back B4P?

Others?

I think the environment may be a positive for user acquisition but is probably bad for business metrics such as net transaction margin, transaction losses and cash flow.