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LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES
 6 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES
The following is a summary of gross loans receivable by Customer Tenure as of:

Customer TenureSeptember 30, 2025March 31, 2025
0 to 5 months$113,638,876 $101,878,703 
6 to 17 months100,497,569 75,379,597 
18 to 35 months95,929,589 99,857,401 
36 to 59 months147,844,982 130,228,889 
60+ months856,224,829 813,921,811 
TALs1,355,373 4,369,517 
Total gross loans$1,315,491,218 $1,225,635,918 

Current payment performance is used to assess the capability of the borrower to repay contractual obligations of the loan agreements as scheduled, which is monitored by management on a daily basis. The Company’s payment performance buckets are as follows: current, 30-60 days past due, 61-90 days past due, 91 days or more past due.

All loans, except for TALs, that are greater than 90 days past due on a recency basis and not written off as of the reporting date are reserved for at 100% of the outstanding balance, net of a calculated Rehab Rate. The weighted average Rehab Rate at September 30, 2025 and March 31, 2025 was 5.2% and 4.5%, respectively. A loan is charged off within the allowance for credit losses in the month following when an account reaches 120 days past due on a recency basis, subject to certain exceptions. Specifically, the Company’s customer accounts in a confirmed bankruptcy are generally charged off in the month after they reach 60 days past due on a recency basis. The accounts of deceased or incarcerated customers are also generally charged off in the month after they reach 60 days past due on a recency basis, with the exception of deceased customers with credit life insurance. Subsequent recoveries of amounts charged off, if any, are credited to the allowance for credit losses.

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at September 30, 2025:
Term Loans By Origination
LoansUp 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$1,139,961,629 $48,872,647 $4,006,453 $306,521 $6,960 $4,690 $1,193,158,900 
30 - 60 days past due41,640,687 3,803,085 590,396 75,105 10,839 1,335 46,121,447 
61 - 90 days past due26,659,228 2,544,847 277,202 52,956 995 — 29,535,228 
91 or more days past due39,419,016 5,434,192 384,488 74,350 2,654 5,570 45,320,270 
Total$1,247,680,560 $60,654,771 $5,258,539 $508,932 $21,448 $11,595 $1,314,135,845 
Term Loans By Origination
TALsUp 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$151,714 $19,991 $— $— $— $— $171,705 
30 - 60 days past due67,733 12,812 — — — — 80,545 
61 - 90 days past due54,159 19,703 — — — — 73,862 
91 or more days past due975,309 53,952 — — — — 1,029,261 
Total$1,248,915 $106,458 $— $— $— $— $1,355,373 
Total gross loans$1,315,491,218 

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at March 31, 2025:
Term Loans By Origination
LoansUp 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$1,053,793,007 $50,053,899 $4,842,323 $251,689 $9,764 $3,256 $1,108,953,938 
30 - 60 days past due34,713,638 3,762,456 510,626 70,739 3,765 6,865 39,068,089 
61 - 90 days past due25,209,122 2,176,520 202,706 43,404 1,606 — 27,633,358 
91 or more days past due40,846,872 4,315,756 359,135 80,844 2,352 6,057 45,611,016 
Total$1,154,562,639 $60,308,631 $5,914,790 $446,676 $17,487 $16,178 $1,221,266,401 
Term Loans By Origination
TALsUp 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$2,634,949 $137,685 $— $— $— $— $2,772,634 
30 - 60 days past due1,477,466 26,980 — — — — 1,504,446 
61 - 90 days past due— 22,376 — — — — 22,376 
91 or more days past due— 70,061 — — — — 70,061 
Total$4,112,415 $257,102 $— $— $— $— $4,369,517 
Total gross loans$1,225,635,918 

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at September 30, 2025:
Term Loans By Origination
LoansUp 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$1,128,111,194 $43,576,325 $2,994,782 $169,241 $1,117 $— $1,174,852,659 
30 - 60 days past due43,734,902 3,023,751 213,105 14,175 — — 46,985,933 
61 - 90 days past due29,422,132 2,758,077 281,176 18,537 2,499 — 32,482,421 
91 or more days past due46,412,332 11,296,618 1,769,475 306,980 17,832 11,595 59,814,832 
Total$1,247,680,560 $60,654,771 $5,258,538 $508,933 $21,448 $11,595 $1,314,135,845 
Term Loans By Origination
TALsUp 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$93,144 $12,623 $— $— $— $— $105,767 
30 - 60 days past due35,998 6,404 — — — — 42,402 
61 - 90 days past due45,487 19,077 — — — — 64,564 
91 or more days past due1,074,286 68,354 — — — — 1,142,640 
Total$1,248,915 $106,458 $— $— $— $— $1,355,373 
Total gross loans$1,315,491,218 

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2025:
Term Loans By Origination
LoansUp 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$1,036,242,539 $43,391,314 $3,580,872 $112,427 $1,559 $— $1,083,328,711 
30 - 60 days past due38,559,638 3,062,579 231,471 20,496 — — 41,874,184 
61 - 90 days past due30,254,181 2,750,211 235,759 11,600 — — 33,251,751 
91 or more days past due49,506,281 11,104,527 1,866,688 302,153 15,928 16,178 62,811,755 
Total$1,154,562,639 $60,308,631 $5,914,790 $446,676 $17,487 $16,178 $1,221,266,401 
Term Loans By Origination
TALsUp 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$2,634,950 $111,585 $— $— $— $— $2,746,535 
30 - 60 days past due1,477,465 15,502 — — — — 1,492,967 
61 - 90 days past due— 19,812 — — — — 19,812 
91 or more days past due— 110,203 — — — — 110,203 
Total$4,112,415 $257,102 $— $— $— $— $4,369,517 
Total gross loans$1,225,635,918 

The following table provides a breakdown of the Company’s gross charge-offs by fiscal year of origination for the three and six months ended September 30, 2025:

Three months ended September 30,Six months ended September 30,
Gross Charge-offs by OriginationGross Charge-offs by Origination
Origination YearLoansTALsTotalLoansTALsTotal
2021 and prior$677 $— $677 $6,722 $— $6,722 
202236,946 — 36,946 122,812 — 122,812 
2023248,380 — 248,380 579,501 — 579,501 
20242,181,320 25,775 2,207,095 6,108,844 105,766 6,214,610 
202540,755,049 1,209,038 41,964,087 85,812,545 1,213,038 87,025,583 
2026837,779 — 837,779 843,085 — 843,085 
Total$44,060,151 $1,234,813 $45,294,964 $93,473,509 $1,318,804 $94,792,313 
The following table provides a breakdown of the Company’s gross charge-offs by fiscal year of origination for the three and six months ended September 30, 2024:
Three months ended September 30,Six months ended September 30,
Gross Charge-offs by OriginationGross Charge-offs by Origination
Origination YearLoansTALsTotalLoansTALsTotal
2020 and prior$4,638 $— $4,638 $24,919 $— $24,919 
202112,218 — 12,218 23,486 — 23,486 
2022236,627 — 236,627 559,571 — 559,571 
20232,832,087 175 2,832,262 7,107,787 175 7,107,962 
202440,845,825 2,109,768 42,955,593 80,051,961 2,162,893 82,214,854 
2025636,715 — 636,715 636,715 — 636,715 
Total$44,568,110 $2,109,943 $46,678,053 $88,404,439 $2,163,068 $90,567,507 
Credit risk is inherent in the business of extending loans to borrowers and is continuously monitored by management and reflected within the allowance for credit losses for loans. The allowance for credit losses is an estimate of expected losses inherent within the Company’s gross loans receivable portfolio. In estimating the allowance for credit losses, loans with similar risk characteristics are aggregated into pools and collectively assessed. The Company’s loan products have generally the same terms therefore the Company looks to borrower characteristics as a way to disaggregate loans into pools sharing similar risks.

In determining the allowance for credit losses, the Company examined four borrower risk metrics as noted below.

1.Borrower type
2.Active months
3.Prior loan performance
4.Customer Tenure

To determine how well each metric predicts default risk the Company used loss rate data over an observation period of twelve months at the loan level.

The information value was then calculated for each metric. From this analysis management determined the metric that had the strongest predictor of default risk was Customer Tenure. The Customer Tenure buckets used in the allowance for credit loss calculation are:

1.0 to 5 months
2.6 to 17 months
3.18 to 35     months
4.36 to 59 months
5.60+ months

Management will continue to monitor this credit metric on a quarterly basis.

Management estimates an allowance for each Customer Tenure bucket by performing a historical migration analysis of loans in that bucket for the twelve most recent historical twelve-month migration periods. Management considers whether current credit conditions might suggest a change is needed to the allowance for credit losses by monitoring trends in first pay success for new borrowers, 60-89 day delinquencies on a recency basis, percent of loan balances that are paying and percentage of gross loans that are acquired loans. If management determines that historical migration rates should be adjusted to reflect expected credit losses, a qualitative adjustment is made to reflect management's judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, or other significant events or conditions that affect the current estimate. The increase in the allowance for credit losses from March 31, 2025 to September 30, 2025 was primarily due to a seasonally driven increase in expected loss rates during the period.

Due to the short term nature of the loan portfolio, forecasted changes in macroeconomic variables such as unemployment levels, general inflation and commodity prices, typically do not have a significant impact on loans outstanding at the end of a particular reporting period, unless those changes are particularly severe and sudden in nature. Therefore, management develops a reasonable and supportable forecast of losses by comparing the most recent six-month loss curves as compared to historical loss curves to see if there are significant changes in borrower behavior that may indicate the historical migration rates should be adjusted. If a change is determined necessary, then the Company has elected to immediately revert back to historical experience past the forecast period. As of September 30, 2025 and March 31, 2025, there were no conditions or other factors considered significant enough to warrant a forecast adjustment.
The following table presents a roll forward of the allowance for credit losses for the three and six months ended September 30, 2025 and 2024:
Three months ended September 30,Six months ended September 30,
2025202420252024
Beginning balance$109,027,028 $109,643,363 $103,347,129 $102,962,811 
Provision for credit losses49,840,902 46,668,521 100,356,871 92,087,528 
Charge-offs(45,294,964)(46,678,053)(94,792,313)(90,567,507)
Recoveries14,223,617 4,821,664 8,884,896 9,972,663 
Net charge-offs(41,071,347)(41,856,389)(85,907,417)(80,594,844)
Ending Balance$117,796,583 $114,455,495 $117,796,583 $114,455,495 

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at September 30, 2025:
Days Past Due - Recency Basis
Customer TenureCurrent30 - 6061 - 90Over 90Total Past DueTotal Loans
0 to 5 months$91,275,962 $7,400,801 $5,777,385 $9,184,728 $22,362,914 $113,638,876 
6 to 17 months85,663,456 5,058,802 3,749,179 6,026,132 14,834,113 100,497,569 
18 to 35 months85,179,570 4,055,842 2,769,876 3,924,301 10,750,019 95,929,589 
36 to 59 months134,384,827 5,449,786 3,219,300 4,791,069 13,460,155 147,844,982 
60+ months796,655,085 24,156,216 14,019,488 21,394,040 59,569,744 856,224,829 
TALs171,705 80,545 73,862 1,029,261 1,183,668 1,355,373 
Total gross loans1,193,330,605 46,201,992 29,609,090 46,349,531 122,160,613 1,315,491,218 
Unearned interest, insurance and fees310,313,891 8,572,156 7,994,386 12,238,224 28,804,766 339,118,657 
Total net loans$1,503,644,496 $54,774,148 $37,603,476 $58,587,755 $150,965,379 $1,654,609,875 
Percentage of period-end gross loans receivable3.5%2.3%3.5%9.3%

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2025:
Days Past Due - Recency Basis
Customer TenureCurrent30 - 6061 - 90Over 90Total Past DueTotal Loans
0 to 5 months$77,087,815 $6,036,410 $6,587,901 $12,166,577 $24,790,888 $101,878,703 
6 to 17 months65,677,583 3,126,374 2,398,424 4,177,216 9,702,014 75,379,597 
18 to 35 months89,776,541 3,700,216 2,394,549 3,986,095 10,080,860 99,857,401 
36 to 59 months117,976,116 4,641,585 2,917,862 4,693,326 12,252,773 130,228,889 
60+ months758,435,883 21,563,504 13,334,622 20,587,802 55,485,928 813,921,811 
TALs2,772,634 1,504,446 22,376 70,061 1,596,883 4,369,517 
Total gross loans1,111,726,572 40,572,535 27,655,734 45,681,077 113,909,346 1,225,635,918 
Unearned interest, insurance and fees(282,034,628)(7,588,025)(7,590,060)(12,107,391)(27,285,476)(309,320,104)
Total net loans$829,691,944 $32,984,510 $20,065,674 $33,573,686 $86,623,870 $916,315,814 
Percentage of period-end gross loans receivable3.3 %2.3 %3.7 %9.3 %

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at September 30, 2025:
Days Past Due - Contractual Basis
Customer TenureCurrent30 - 6061 - 90Over 90Total Past DueTotal Loans
0 to 5 months$90,199,573 $7,297,950 $5,860,242 $10,281,111 $23,439,303 $113,638,876 
6 to 17 months84,544,906 5,031,832 3,918,022 7,002,809 15,952,663 100,497,569 
18 to 35 months83,480,257 4,081,807 2,930,965 5,436,560 12,449,332 95,929,589 
36 to 59 months132,137,229 5,379,862 3,606,197 6,721,694 15,707,753 147,844,982 
60+ months784,490,694 25,194,482 16,166,995 30,372,658 71,734,135 856,224,829 
TALs105,767 42,402 64,564 1,142,640 1,249,606 1,355,373 
Total gross loans1,174,958,426 47,028,335 32,546,985 60,957,472 140,532,792 1,315,491,218 
Unearned interest, insurance and fees306,507,912 8,256,744 8,745,013 15,608,988 32,610,745 339,118,657 
Total net loans$1,481,466,338 $55,285,079 $41,291,998 $76,566,460 $173,143,537 $1,654,609,875 
Percentage of period-end gross loans receivable3.6%2.5%4.6%10.7 %

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at March 31, 2025:
Days Past Due - Contractual Basis
Customer TenureCurrent30 - 6061 - 90Over 90Total Past DueTotal Loans
0 to 5 months$75,594,279 $6,149,270 $6,896,035 $13,239,119 $26,284,424 $101,878,703 
6 to 17 months64,188,458 3,112,624 2,739,963 5,338,552 11,191,139 75,379,597 
18 to 35 months87,012,982 3,864,242 2,986,200 5,993,977 12,844,419 99,857,401 
36 to 59 months114,388,973 4,869,065 3,611,704 7,359,147 15,839,916 130,228,889 
60+ months742,144,019 23,878,983 17,017,849 30,880,960 71,777,792 813,921,811 
TALs2,746,535 1,492,967 19,812 110,203 1,622,982 4,369,517 
Total gross loans1,086,075,246 43,367,151 33,271,563 62,921,958 139,560,672 1,225,635,918 
Unearned interest, insurance and fees(276,573,216)(7,561,258)(9,034,007)(16,151,623)(32,746,888)(309,320,104)
Total net loans$809,502,030 $35,805,893 $24,237,556 $46,770,335 $106,813,784 $916,315,814 
Percentage of period-end gross loans receivable3.5 %2.7 %5.1 %11.4 %

The Company elected not to record an allowance for credit losses for accrued interest as outlined in ASC 326-20-30-5A. Loans are placed on nonaccrual status when management determines that the full payment of principal and collection of interest according to contractual terms is no longer likely. The accrual of interest is discontinued when a loan is 61 days or more past the contractual due date. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. While a loan is on nonaccrual status, interest income is recognized only when a payment is received. Once a loan moves to nonaccrual status, it remains in nonaccrual status until it is paid out, charged off or refinanced.

The following table presents unpaid accrued interest reversed against interest income by Customer Tenure for the three and six months ended September 30, 2025 and 2024:

Three months ended September 30,Six months ended September 30,
2025202420252024
Customer Tenure
0 to 5 months$(1,622,815)$(1,282,527)$(3,047,296)$(2,429,587)
6 to 17 months(1,037,816)(807,263)(1,688,160)(1,398,521)
18 to 35 months(647,152)(820,520)(1,163,010)(1,588,289)
36 to 59 months(704,057)(853,109)(1,287,819)(1,723,641)
60+ months(3,294,499)(2,954,446)(6,053,306)(5,642,215)
Total$(7,306,339)$(6,717,865)$(13,239,591)$(12,782,253)

The following table presents the amortized cost basis of loans on nonaccrual status as of the beginning of the reporting period and the end of the reporting period, as well as interest income recognized on nonaccrual loans for the three and six months ended September 30, 2025 and 2024:
Nonaccrual Loans Receivable
Customer TenureAs of September 30, 2025As of March 31, 2025
Interest Income
Recognized for the three months ended September 30, 2025
Interest Income
Recognized for the three months ended September 30, 2024
Interest Income
Recognized for the six months ended September 30, 2025
Interest Income
Recognized for the six months ended September 30, 2024
0 to 5 months$16,024,225 $19,169,040 $216,319 $170,453 $467,918 $369,255 
6 to 17 months11,154,899 8,510,132 213,554 208,284 459,779 443,748 
18 to 35 months8,868,563 10,024,500 293,338 349,824 641,038 711,108 
36 to 59 months11,007,452 12,151,649 355,944 441,629 788,005 913,294 
60+ months49,710,180 52,154,586 1,720,409 1,493,432 3,576,924 2,956,357 
Unearned interest, insurance and fees(22,561,989)(23,775,911)— — — — 
Total$74,203,330 $78,233,996 $2,799,564 $2,663,622 $5,933,664 $5,393,762 

As of September 30, 2025 and March 31, 2025, there were no loans receivable 61 days or more past due, not on nonaccrual status, and no loans receivable on nonaccrual status with no related allowance for credit losses.