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Payday (short-term) loan data:
- Short-term interest rates: A payday loan has had an APR of 319 percent and 328 percent, respectively, during 2013 and 2014.
- Average loan size is about $410 and the average fee is $51.
Medium-Term loan data:
- More loans and for more dollars: The company had more than 58,000 medium-term loans outstanding at the end of March 31st. One year ago, that number was only 22,000! The average medium-term loan size increased 66 percent.
- Average interest rate on an annualized basis: 294 and 245 percent, respectively, during the first three months of each of the last two years.
- They set aside $10 million to provide for losses expected on their $48.5 million medium-term loan portfolio. Takeaway: if the future of consumer finance is more medium-term lending, then loss rates are going to be much higher. Ability-to-repay?
- Thirteen percent increase in volume of secured loans.
- Average loan size grew by eleven percent to $1,182.
- Average interest rate was 145 percent.
- They are spending approximately one million dollars per quarter to collect on outstanding debts.
- Average fee to cash a check is sixteen dollars.