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Line of Credit
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Line of Credit Line of Credit
We fund our consumer receivables through the use of a secured line of credit. We had an outstanding principal balance on our line of credit totaling $72,000,000 and $95,000,000 as of March 31, 2024 and December 31, 2023, respectively. Our revolving credit facilities are secured by a pool of pledged, eligible notes receivable. As of March 31, 2024 and December 31, 2023, we had pledged $101,304,077 and $131,379,797 of eligible gross notes receivable, respectively. We had an unused borrowing capacity of $3,564,695 and $3,534,848 as of March 31, 2024 and December 31, 2023, respectively.

Expenses related to our line of credit for the three months ended March 31, 2024 and 2023 were as follows:

For the three months ended March 31,
20242023
Interest expense on utilization$3,501,270 $2,760,080 
Interest expense on unused daily amounts23,958 39,805 
Amortization of debt issuance costs195,617 173,453 

For the three months ended March 31, 2024 and 2023, our line of credit carried an effective annual interest rate of 16.77% and 17.69%, respectively.