Member Cash Advances, Net

9 Months Ended

Sep. 30, 2023

Note 5 Member Cash Advances, Net

Below is a detail of Member cash advances, net as of September 30, 2023 (in thousands):


Days From Origination	Gross Member Advances		Allowance for Credit Losses			Member Advances, Net
1-10	$	86,578	$	(2,578	)	$	84,000
11-30		10,842		(2,650	)		8,192
31-60		7,159		(4,612	)		2,547
61-90		5,829		(4,507	)		1,322
91-120		6,474		(5,411	)		1,063
Total	$	116,882	$	(19,758	)	$	97,124

Below is a detail of Member cash advances, net as of December 31, 2022 (in thousands):


Days From Origination	Gross Member Advances		Allowance for Credit Losses			Member Advances, Net
1-10	$	91,121	$	(2,224	)	$	88,897
11-30		10,683		(2,582	)		8,101
31-60		9,022		(5,529	)		3,493
61-90		8,865		(6,702	)		2,163
91-120		8,993		(7,464	)		1,529
Total	$	128,684	$	(24,501	)	$	104,183

Member advances, net, represent outstanding advances, tips, and processing fees, net of direct origination costs, less an allowance for credit losses.

The roll-forward of the allowance for credit losses is as follows (in thousands):


Opening allowance balance at January 1, 2023	$	24,501
Plus: provision for credit losses		43,861
Plus: amounts recovered		9,422
Less: amounts written-off		(58,026	)
Ending allowance balance at September 30, 2023	$	19,758

Opening allowance balance at January 1, 2022	$	11,995
Plus: provision for credit losses		45,995
Plus: amounts recovered		6,662
Less: amounts written-off		(42,536	)
Ending allowance balance at September 30, 2022	$	22,116