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ALLOWANCE FOR LOAN LOSSES | 9 Months Ended
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Dec. 31, 2018
Receivables [Abstract] |
ALLOWANCE FOR LOAN LOSSES | ALLOWANCE FOR LOAN LOSSES The following is a summary of gross loans receivable as of:
| December 31, 2018 |  | March 31, 2018 |  | December 31, 2017
Small loans | $ | 857,945,959 |  |  | $ | 670,189,211 |  |  | $ | 774,416,024 |
Large loans | 400,961,429 |  |  | 334,041,731 |  |  | 352,999,300 |
Sales finance loans(1) | 517 |  |  | 2,217 |  |  | 4,057 |
Total gross loans | $ | 1,258,907,905 |  |  | $ | 1,004,233,159 |  |  | $ | 1,127,419,381 |
(1) | The Company decided to wind down the World Class Buying Club program during the third quarter of fiscal 2015. As of March 31, 2015, the Company is no longer financing the purchase of products through the program; however, the Company will continue to service the outstanding retail installment sales contracts.
The following is a summary of the changes in the allowance for loan losses for the periods indicated:
| Three months ended December 31, |  | Nine months ended December 31,
| 2018 |  | 2017 |  | 2018 |  | 2017
Balance at beginning of period | $ | 79,310,375 |  |  | 71,172,677 |  |  | $ | 66,088,139 |  |  | $ | 60,644,365 |
Provision for loan losses | 48,943,886 |  |  | 40,455,513 |  |  | 119,893,201 |  |  | 100,989,538 |
Loan losses | (40,001,055 | ) |  | (33,550,642 | ) |  | (105,014,401 | ) |  | (91,047,277 | )
Recoveries | 3,052,628 |  |  | 3,242,943 |  |  | 10,338,895 |  |  | 10,733,865 |
Balance at end of period | $ | 91,305,834 |  |  | $ | 81,320,491 |  |  | $ | 91,305,834 |  |  | $ | 81,320,491 |
The following is a summary of loans individually and collectively evaluated for impairment for the period indicated:
December 31, 2018 | Loans individually evaluated for impairment (impaired loans) |  | Loans collectively evaluated for impairment |  | Total
Gross loans in bankruptcy, excluding contractually delinquent | $ | 4,714,475 |  |  | — |  |  | 4,714,475 |
Gross loans contractually delinquent | 62,834,979 |  |  | — |  |  | 62,834,979 |
Loans not contractually delinquent and not in bankruptcy | — |  |  | 1,191,358,451 |  |  | 1,191,358,451 |
Gross loan balance | 67,549,454 |  |  | 1,191,358,451 |  |  | 1,258,907,905 |
Unearned interest and fees | (14,930,704 | ) |  | (323,201,775 | ) |  | (338,132,479 | )
Net loans | 52,618,750 |  |  | 868,156,676 |  |  | 920,775,426 |
Allowance for loan losses | (48,104,640 | ) |  | (43,201,194 | ) |  | (91,305,834 | )
Loans, net of allowance for loan losses | $ | 4,514,110 |  |  | 824,955,482 |  |  | 829,469,592 |
March 31, 2018 | Loans individually evaluated for impairment (impaired loans) |  | Loans collectively evaluated for impairment |  | Total
Gross loans in bankruptcy, excluding contractually delinquent | $ | 4,627,599 |  |  | — |  |  | 4,627,599 |
Gross loans contractually delinquent | 50,019,567 |  |  | — |  |  | 50,019,567 |
Loans not contractually delinquent and not in bankruptcy | — |  |  | 949,585,993 |  |  | 949,585,993 |
Gross loan balance | 54,647,166 |  |  | 949,585,993 |  |  | 1,004,233,159 |
Unearned interest and fees | (11,433,666 | ) |  | (247,557,826 | ) |  | (258,991,492 | )
Net loans | 43,213,500 |  |  | 702,028,167 |  |  | 745,241,667 |
Allowance for loan losses | (38,782,574 | ) |  | (27,305,565 | ) |  | (66,088,139 | )
Loans, net of allowance for loan losses | $ | 4,430,926 |  |  | 674,722,602 |  |  | 679,153,528 |
December 31, 2017 | Loans individually evaluated for impairment (impaired loans) |  | Loans collectively evaluated for impairment |  | Total
Gross loans in bankruptcy, excluding contractually delinquent | $ | 4,507,307 |  |  | — |  |  | 4,507,307 |
Gross loans contractually delinquent | 57,019,347 |  |  | — |  |  | 57,019,347 |
Loans not contractually delinquent and not in bankruptcy | — |  |  | 1,065,892,727 |  |  | 1,065,892,727 |
Gross loan balance | 61,526,654 |  |  | 1,065,892,727 |  |  | 1,127,419,381 |
Unearned interest and fees | (13,118,190 | ) |  | (287,078,221 | ) |  | (300,196,411 | )
Net loans | 48,408,464 |  |  | 778,814,506 |  |  | 827,222,970 |
Allowance for loan losses | (44,092,718 | ) |  | (37,227,773 | ) |  | (81,320,491 | )
Loans, net of allowance for loan losses | $ | 4,315,746 |  |  | 741,586,733 |  |  | 745,902,479 |
The average net balance of impaired loans was $46.3 million and $42.1 million, respectively, for the nine month periods ended December 31, 2018, and 2017. It is not practical to compute the amount of interest earned on impaired loans. The following is an assessment of the credit quality for the period indicated:
| December 31, 2018 |  | March 31, 2018 |  | December 31, 2017
Credit risk |  |  |  |  |
Consumer loans- non-bankrupt accounts | $ | 1,252,645,902 |  |  | $ | 998,299,051 |  |  | $ | 1,121,591,353 |
Consumer loans- bankrupt accounts | 6,262,003 |  |  | 5,934,108 |  |  | 5,828,028 |
Total gross loans | $ | 1,258,907,905 |  |  | $ | 1,004,233,159 |  |  | $ | 1,127,419,381 |
Consumer credit exposure |  |  |  |  |  |  |
Credit risk profile based on payment activity, performing | $ | 1,164,459,600 |  |  | $ | 929,400,862 |  |  | 1,044,690,133 |
Contractual non-performing, 61 or more days delinquent (1) | 94,448,305 |  |  | 74,832,297 |  |  | 82,729,248 |
Total gross loans | $ | 1,258,907,905 |  |  | $ | 1,004,233,159 |  |  | $ | 1,127,419,381 |
Credit risk profile based on customer type |  |  |  |  |  |  |
New borrower | $ | 175,727,060 |  |  | $ | 104,762,628 |  |  | $ | 126,446,949 |
Former borrower | 144,840,392 |  |  | 104,281,551 |  |  | 131,195,579 |
Refinance | 917,868,854 |  |  | 778,115,097 |  |  | 850,626,372 |
Delinquent refinance | 20,471,599 |  |  | 17,073,883 |  |  | 19,150,481 |
Total gross loans | $ | 1,258,907,905 |  |  | $ | 1,004,233,159 |  |  | $ | 1,127,419,381 |
(1) | Loans in non-accrual status.
The following is a summary of the past due receivables as of:
| December 31, 2018 |  | March 31, 2018 |  | December 31, 2017
Contractual basis: |  |  |  |  |  |  |  |
30-60 days past due | $ | 49,655,289 |  |  | 32,959,151 |  |  | 39,955,532 |
61-90 days past due | 31,613,326 |  |  | 24,812,730 |  |  | 25,709,901 |
91 days or more past due | 62,834,979 |  |  | 50,019,567 |  |  | 57,019,347 |
Total | $ | 144,103,594 |  |  | 107,791,448 |  |  | 122,684,780 |
Percentage of period-end gross loans receivable | 11.4 | % |  | 10.7 | % |  | 10.9 | %

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5074-111524 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(5)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5162-111524 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5066-111524 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(7)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(6)) -URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e603758-122996 + Details
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