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FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended
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Dec. 31, 2020
Receivables [Abstract] |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following is a summary of gross loans receivable by Customer Tenure as of:
Customer Tenure | December 31, 2020 |  |  |  |
0 to 5 months | $ | 109,146,394 |  |  |  |  |
6 to 17 months | 140,042,981 |  |  |  |  |
18 to 35 months | 189,205,533 |  |  |  |  |
36 to 59 months | 148,244,918 |  |  |  |  |
60+ months | 677,647,591 |  |  |  |  |
Tax advance loans | 242,898 |  |  |  |  |
Total gross loans | $ | 1,264,530,315 |  |  |  |  |
Assessment of the credit quality | The following tables provide a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at December 31, 2020:
|  | Term Loans By Origination |  |  |
Loans |  | Up to 1 Year Ago | Between 1 and 2 Years Ago | Between 2 and 3 Years Ago | Between 3 and 4 Years Ago | Between 4 and 5 Years Ago | More than 5 Years Ago |  | Total |  |
Current |  | $ | 1,096,454,268 |  | $ | 53,542,759 |  | $ | 2,329,906 |  | $ | 128,216 |  | $ | 10,211 |  | $ | 3,063 |  |  | $ | 1,152,468,423 |  |  |
30 - 60 days past due |  | 42,220,508 |  | 4,099,955 |  | 272,431 |  | 58,886 |  | 8,142 |  | 168 |  |  | 46,660,090 |  |  |
61 - 90 days past due |  | 23,939,973 |  | 2,640,530 |  | 158,794 |  | 23,586 |  | 1,198 |  | 574 |  |  | 26,764,655 |  |  |
91 or more days past due |  | 31,674,388 |  | 6,339,220 |  | 325,237 |  | 46,724 |  | 6,639 |  | 2,041 |  |  | 38,394,249 |  |  |
Total |  | $ | 1,194,289,137 |  | $ | 66,622,464 |  | $ | 3,086,368 |  | $ | 257,412 |  | $ | 26,190 |  | $ | 5,846 |  |  | $ | 1,264,287,417 |  |  |
|  | Term Loans By Origination |  |  |
Tax advance loans |  | Up to 1 Year Ago | Between 1 and 2 Years Ago | Between 2 and 3 Years Ago | Between 3 and 4 Years Ago | Between 4 and 5 Years Ago | More than 5 Years Ago |  | Total |  |
Current |  | $ | 7,920 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |  | 7,920 |  |  |
30 - 60 days past due |  | 9,305 |  | — |  | — |  | — |  | — |  | — |  |  | 9,305 |  |  |
61 - 90 days past due |  | 11,647 |  | — |  | — |  | — |  | — |  | — |  |  | 11,647 |  |  |
91 or more days past due |  | 211,779 |  | 2,247 |  | — |  | — |  | — |  | — |  |  | 214,026 |  |  |
Total |  | $ | 240,651 |  | $ | 2,247 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |  | $ | 242,898 |  |  |
Total gross loans |  |  |  |  |  |  |  |  | $ | 1,264,530,315 |  |  |
The following tables provide a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at December 31, 2020:
|  | Term Loans By Origination |  |  |
Loans |  | Up to 1 Year Ago | Between 1 and 2 Years Ago | Between 2 and 3 Years Ago | Between 3 and 4 Years Ago | Between 4 and 5 Years Ago | More than 5 Years Ago |  | Total |  |
Current |  | $ | 1,082,056,393 |  | $ | 48,598,283 |  | $ | 1,885,402 |  | $ | 74,695 |  | $ | 270 |  | $ | 831 |  |  | $ | 1,132,615,874 |  |  |
30 - 60 days past due |  | 46,120,163 |  | 2,687,437 |  | 146,140 |  | 15,455 |  | — |  | — |  |  | 48,969,195 |  |  |
61 - 90 days past due |  | 27,167,688 |  | 2,234,188 |  | 81,559 |  | 945 |  | — |  | — |  |  | 29,484,380 |  |  |
91 or more days past due |  | 38,944,893 |  | 13,102,556 |  | 973,268 |  | 166,317 |  | 25,919 |  | 5,015 |  |  | 53,217,968 |  |  |
Total |  | $ | 1,194,289,137 |  | $ | 66,622,464 |  | $ | 3,086,369 |  | $ | 257,412 |  | $ | 26,189 |  | $ | 5,846 |  |  | $ | 1,264,287,417 |  |  |
|  | Term Loans By Origination |  |  |
Tax advance loans |  | Up to 1 Year Ago | Between 1 and 2 Years Ago | Between 2 and 3 Years Ago | Between 3 and 4 Years Ago | Between 4 and 5 Years Ago | More than 5 Years Ago |  | Total |  |
Current |  | $ | 63 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |  | $ | 63 |  |  |
30 - 60 days past due |  | 50 |  | — |  | — |  | — |  | — |  | — |  |  | 50 |  |  |
61 - 90 days past due |  | 2,744 |  | — |  | — |  | — |  | — |  | — |  |  | 2,744 |  |  |
91 or more days past due |  | 237,794 |  | 2,247 |  | — |  | — |  | — |  | — |  |  | 240,041 |  |  |
Total |  | $ | 240,651 |  | $ | 2,247 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |  | $ | 242,898 |  |  |
Total gross loans |  |  |  |  |  |  |  |  | $ | 1,264,530,315 |  |  |
The following is an assessment of the credit quality of loans for the periods indicated:
|  |  | March 31, 2020 |  | December 31, 2019
Credit risk |  |  |  |  |
Consumer loans- non-bankrupt accounts |  |  | $ | 1,203,552,152 |  |  | $ | 1,366,079,543 |
Consumer loans- bankrupt accounts |  |  | 6,319,214 |  |  | 6,689,037 |
Total gross loans |  |  | $ | 1,209,871,366 |  |  | $ | 1,372,768,580 |
Consumer credit exposure |  |  |  |  |
Credit risk profile based on payment activity, performing |  |  | $ | 1,104,130,714 |  |  | $ | 1,255,471,072 |
Contractual non-performing, 61 or more days delinquent (1) |  |  | 105,740,652 |  |  | 117,297,508 |
Total gross loans |  |  | $ | 1,209,871,366 |  |  | $ | 1,372,768,580 |
Credit risk profile based on customer type |  |  |  |  |
New borrower |  |  | $ | 124,800,193 |  |  | $ | 155,284,022 |
Former borrower |  |  | 127,108,125 |  |  | 161,575,535 |
Refinance |  |  | 935,448,882 |  |  | 1,031,380,059 |
Delinquent refinance |  |  | 22,514,166 |  |  | 24,528,964 |
Total gross loans |  |  | $ | 1,209,871,366 |  |  | $ | 1,372,768,580 |
_______________________________________________________ (1) Loans in non-accrual status.
Summary of changes in the allowance for loan losses | The following table presents a roll forward of the allowance for credit losses on our gross loans receivable for the three and nine months ended December 31, 2020 and 2019.
| Three months ended December 31, |  | Nine months ended December 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
Beginning balance | 109,601,359 |  |  | $ | 101,469,313 |  |  | $ | 96,487,856 |  |  | $ | 81,519,624 |
Impact of ASC 326 adoption | — |  |  | — |  |  | 28,628,368 |  |  | — |
Provision for credit losses | 28,857,443 |  |  | 55,219,470 |  |  | 80,608,470 |  |  | 149,478,577 |
Charge-offs | (29,239,780) |  |  | (46,850,430) |  |  | (106,865,225) |  |  | (128,978,851) |
Recoveries | 4,248,339 |  |  | 3,231,288 |  |  | 14,607,892 |  |  | 11,050,291 |
Net charge-offs | (24,991,441) |  |  | (43,619,142) |  |  | (92,257,333) |  |  | (117,928,560) |
Ending Balance | $ | 113,467,361 |  |  | $ | 113,069,641 |  |  | $ | 113,467,361 |  |  | $ | 113,069,641 |
Summary of the past due receivables | The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at December 31, 2020:
|  |  | Days Past Due - Recency Basis |  |  |
Customer Tenure |  | Current | 30 - 60 | 61 - 90 | Over 90 | Total Past Due | Total Loans |
0 to 5 months |  | $ | 91,287,471 |  | $ | 6,542,056 |  | $ | 4,492,845 |  | $ | 6,824,023 |  | $ | 17,858,924 |  | $ | 109,146,395 |  |
6 to 17 months |  | 118,906,270 |  | 7,443,204 |  | 5,183,990 |  | 8,509,517 |  | 21,136,711 |  | 140,042,981 |  |
18 to 35 months |  | 171,201,659 |  | 7,495,044 |  | 4,324,184 |  | 6,184,645 |  | 18,003,873 |  | 189,205,532 |  |
36 to 59 months |  | 136,570,735 |  | 5,156,489 |  | 2,804,847 |  | 3,712,847 |  | 11,674,183 |  | 148,244,918 |  |
60+ months |  | 634,502,288 |  | 20,023,296 |  | 9,958,789 |  | 13,163,218 |  | 43,145,303 |  | 677,647,591 |  |
Tax advance loans |  | 7,920 |  | 9,305 |  | 11,647 |  | 214,026 |  | $ | 234,978 |  | 242,898 |  |
Total gross loans |  | 1,152,476,343 |  | 46,669,394 |  | 26,776,302 |  | 38,608,276 |  | 112,053,972 |  | 1,264,530,315 |  |
Unearned interest, insurance and fees |  | (305,365,570) |  | (12,365,743) |  | (7,094,775) |  | (10,229,831) |  | (29,690,349) |  | (335,055,919) |  |
Total net loans |  | $ | 847,110,773 |  | $ | 34,303,651 |  | $ | 19,681,527 |  | $ | 28,378,445 |  | $ | 82,363,623 |  | $ | 929,474,396 |  |
Percentage of period-end gross loans receivable |  |  | 3.7% | 2.1% | 3.1% | 8.9% |  |
|  |  | Days Past Due - Contractual Basis |  |  |
Customer Tenure |  | Current | 30 - 60 | 61 - 90 | Over 90 | Total Past Due | Total Loans |
0 to 5 months |  | $ | 90,177,810 |  | $ | 6,466,041 |  | $ | 4,502,768 |  | $ | 7,999,773 |  | $ | 18,968,582 |  | $ | 109,146,392 |  |
6 to 17 months |  | 116,381,121 |  | 7,566,591 |  | 5,380,327 |  | 10,714,943 |  | 23,661,861 |  | 140,042,982 |  |
18 to 35 months |  | 168,402,428 |  | 7,688,576 |  | 4,805,036 |  | 8,309,493 |  | 20,803,105 |  | 189,205,533 |  |
36 to 59 months |  | 134,268,134 |  | 5,473,173 |  | 3,130,245 |  | 5,373,367 |  | 13,976,785 |  | 148,244,919 |  |
60+ months |  | 623,386,383 |  | 21,774,814 |  | 11,666,004 |  | 20,820,390 |  | 54,261,208 |  | 677,647,591 |  |
Tax advance loans |  | 63 |  | 50 |  | 2,744 |  | 240,041 |  | $ | 242,835 |  | 242,898 |  |
Total gross loans |  | 1,132,615,939 |  | 48,969,245 |  | 29,487,124 |  | 53,458,007 |  | 131,914,376 |  | 1,264,530,315 |  |
Unearned interest, insurance and fees |  | (300,103,263) |  | (12,975,122) |  | (7,813,048) |  | (14,164,486) |  | (34,952,656) |  | (335,055,919) |  |
Total net loans |  | $ | 832,512,676 |  | $ | 35,994,123 |  | $ | 21,674,076 |  | $ | 39,293,521 |  | $ | 96,961,720 |  | $ | 929,474,396 |  |
Percentage of period-end gross loans receivable |  |  | 3.9% | 2.3% | 4.2% | 10.4 | % |  |
The following is a summary of the past due receivables as of:
|  |  | March 31, 2020 |  | December 31, 2019
Contractual basis: |  |  |  |  |
30-60 days past due |  |  | $ | 49,137,102 |  |  | $ | 55,172,208 |
61-90 days past due |  |  | 35,020,925 |  |  | 36,531,939 |
91 days or more past due |  |  | 70,719,727 |  |  | 80,765,569 |
Total |  |  | $ | 154,877,754 |  |  | $ | 172,469,716 |
Percentage of period-end gross loans receivable |  |  | 12.8 | % |  | 12.6 | %
Recency basis: |  |  |  |  |
30-60 days past due |  |  | $ | 48,206,910 |  |  | $ | 54,090,162 |
61-90 days past due |  |  | 28,450,942 |  |  | 33,295,364 |
91 days or more past due |  |  | 50,669,837 |  |  | 62,565,314 |
Total |  |  | $ | 127,327,689 |  |  | $ | 149,950,840 |
Percentage of period-end gross loans receivable |  |  | 10.5 | % |  | 10.9 | %
Financing Receivable, Nonaccrual | It also shows year-to-date interest income recognized on nonaccrual loans:
|  | Nonaccrual Financial Assets
Customer Tenure |  | As of December 31, 2020 | As of March 31, 2020 | Financial Assets 61 Days or More Past Due, Not on Nonaccrual Status | Nonaccrual Financial Assets With No Allowance as of December 31, 2020 | Interest Income Recognized
0 to 5 months |  | $ | 12,725,225 |  | $ | 26,040,593 |  | $ | — |  | $ | — |  | $ | 1,283,886 |
6 to 17 months |  | 16,352,270 |  | 17,466,450 |  | — |  | — |  | 1,617,925 |
18 to 35 months |  | 13,429,551 |  | 13,723,295 |  | — |  | — |  | 1,418,093 |
36 to 59 months |  | 8,794,918 |  | 10,071,288 |  | — |  | — |  | 1,082,178 |
60+ months |  | 33,829,640 |  | 44,293,545 |  | — |  | — |  | 4,822,468 |
Tax advance loans |  | 296,191 |  | 41,573 |  | — |  | — |  |
Unearned interest, insurance and fees |  | (22,635,352) |  | (28,510,140) |  | — |  | — |  |
Total |  | $ | 62,792,443 |  | $ | 83,126,604 |  | $ | — |  | $ | — |  | $ | 10,224,550 |
Summary of loans individually and collectively evaluated for impairment | The following is a summary of loans individually and collectively evaluated for impairment for the periods indicated:
March 31, 2020 | Loans individually evaluated for impairment (impaired loans) |  | Loans collectively evaluated for impairment |  | Total
Gross loans in bankruptcy, excluding contractually delinquent | $ | 5,165,752 |  |  | — |  |  | 5,165,752 |
Gross loans contractually delinquent | 70,719,727 |  |  | — |  |  | 70,719,727 |
Loans not contractually delinquent and not in bankruptcy | — |  |  | 1,133,985,887 |  |  | 1,133,985,887 |
Gross loan balance | 75,885,479 |  |  | 1,133,985,887 |  |  | 1,209,871,366 |
Unearned interest and fees | (16,848,762) |  |  | (292,131,962) |  |  | (308,980,724) |
Net loans | 59,036,717 |  |  | 841,853,925 |  |  | 900,890,642 |
Allowance for credit losses | (54,090,509) |  |  | (42,397,347) |  |  | (96,487,856) |
Loans, net of allowance for credit losses | $ | 4,946,208 |  |  | 799,456,578 |  |  | 804,402,786 |
December 31, 2019 | Loans individually evaluated for impairment (impaired loans) |  | Loans collectively evaluated for impairment |  | Total
Gross loans in bankruptcy, excluding contractually delinquent | $ | 5,066,019 |  |  | — |  |  | 5,066,019 |
Gross loans contractually delinquent | 80,765,569 |  |  | — |  |  | 80,765,569 |
Loans not contractually delinquent and not in bankruptcy | — |  |  | 1,286,936,992 |  |  | 1,286,936,992 |
Gross loan balance | 85,831,588 |  |  | 1,286,936,992 |  |  | 1,372,768,580 |
Unearned interest and fees | (19,140,361) |  |  | (346,893,706) |  |  | (366,034,067) |
Net loans | 66,691,227 |  |  | 940,043,286 |  |  | 1,006,734,513 |
Allowance for losses | (61,840,514) |  |  | (51,229,127) |  |  | (113,069,641) |
Loans, net of allowance for losses | $ | 4,850,713 |  |  | 888,814,159 |  |  | 893,664,872 |

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=121611835&loc=SL6953659-111524 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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