California business – Orland CA http://orland-ca.com/ Sun, 27 Mar 2022 01:21:24 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://orland-ca.com/wp-content/uploads/2021/10/icon-120x120.jpg California business – Orland CA http://orland-ca.com/ 32 32 Installment loans: a quick and secure way to access cash https://orland-ca.com/installment-loans-a-quick-and-secure-way-to-access-cash/ Wed, 09 Feb 2022 09:45:26 +0000 https://orland-ca.com/?p=1518 There may come a point that you require extra cash and requesting installment loans is one of the ways to accomplish this. Unexpected expenses and emergencies are the main reasons why people turn to Payday Champion – tribal loans. We’ve written this article to inform you of the information and facts you need to be aware of […]]]>

There may come a point that you require extra cash and requesting installment loans is one of the ways to accomplish this. Unexpected expenses and emergencies are the main reasons why people turn to Payday Champion – tribal loans. We’ve written this article to inform you of the information and facts you need to be aware of about loans.

What are online installment loans?

There’s a misconception about payday loans in cash, installment loans, credit cards, payday loans or credit. They are thought to be similar. However, they are distinct from one another.

An installment loan occurs when you take out a loan with the terms and conditions that the lending firm and debtor have agreed on. The cash you borrowed, which includes charges for interest and other charges for a specific period of time.

How to get an installment loan

Before applying to get an installment loan one must first identify the various types of internet installment loans:

Step 1: Decide Which Type Of Installment Loan Online You’ll Need

The first step is to determine the type of loan you’re eligible for. It will determine the amount of money and how long the loan will last and the amount of rate of interest. The loans are either standard or substandard.

Standard loans are the most sought-after consumer loans that consumers can apply to:

  • Auto loans
  • Home equity loans
  • Mortgage loans
  • Personal credit
  • Small business loans
  • Student loans

Substandard loans

  • Home improvement loans
  • The loan can be used to purchase an animal or collectibles worth the price
  • Vacation loans
  • Wedding loans

Step 2: Understand Your Credit Score

Your credit score is an important factor in the approval or rejection for installment loans. Being able to demonstrate a high credit standing is a better chance of being accepted. Don’t feel depressed even if the credit report is not as amazing as others, as there are loans that are specifically designed for people with weak credit ratings.

You may request a copy you credit report. Be sure to check it thoroughly. In the event of any errors you may request the removal of those errors. If you’re not sure then you may seek assistance from an professional.

Step 3: Find The Most Suitable Lender

There are a lot of lending companies. Prior to the advent of banks, they were the only ones which allowed borrowing money. Nowadays, you can take advantage of loans by applying at electronic lending establishments, online loan institutions or credit unions. Look for lenders using terms installment loans near me.

Compare and contrast what lending firms offer, including interest rates as well as the minimum and maximum amount you can obtain in a loan, how long the repayment process takes and so on. After you have identified the right lender, create the documents you require.

Step 4: Prepare Your Loan Application

Once you’ve decided on the most suitable lending firm Next step would be to complete the online application. Upload the required documents and fill out your application.

5. Wait To Hear Approval Or Rejection Of Your Loan

Once you have been approved, go through the contract attentively and read the contract’s terms. Examine the rates of interest and late payment charges, and the fees for the process of repaying. However, if the loan is denied You can inquire about the reason behind the rejection.

Payday installment loans vs. payday loans

The payday installment loans provide structured payments with a split amount over a specified time. They are also known as tiny installment loans. The typical payment time is three to 24 months. The loan amount is typically $200-$5000.

A high interest rate is possible in the event of poor or no credit. When you apply for the payday installment loans, the lender will examine the applicant’s current credit and debt to determine the amount as well as the interest that will be charged.

Payday loans however are a fixed-term loan that is for a small amount, typically smaller than $500. It is repaid in full by the next payday, which is usually two weeks or a month. Some lenders will ask the borrower to write postdated checks. If the amount in the bank account is not sufficient, on the payment date, fees are included in the the loan is made.

What are the advantages of installment loans online? Without a credit check benefit you?

If you’re facing an emergency financial situation and you have no other choice but to get loans, you should look at installment loans no credit check. The loan can be processed on the internet, and receive an approval within a short time. Loan companies provide emergency loans with no credit check. It’s like traditional payday and auto loans, however with increased interest rates and charges.

Installment loans online with no credit checks are a short-term cash loan, or small installment loans applied, this won’t affect your credit, but it has longer terms and secured payment options. Like the other installment loans, it comes with cons and pros.

With this type of credit, you are able to take out more loans. Be aware that certain states have strict rules regarding the amount you is able to lend. However, you must prepare yourself for an increased interest rate.

Poor credit installment loans: What do you need to be educated about?

This is another kind of installment loan you can count on during those instances when your financial situation isn’t the best. Poor credit installment loans are funds that you can borrow even if you have poor credit. If you go to Google to find installment loans near me, the search engine will present you with a huge selection of lending firms that provide different kinds of loans.

If you are considering these alternatives, it is important to be aware of what to be looking for when searching to get installment loans for bad credit and what you should avoid to ensure that scammers do not take advantage of you. In the lending sector, fraudsters are commonplace. If you’re thinking of seeking a loan, but have a poor credit score, low credit installment loans will be your saving grace.

The first step is to be aware of how your credit score is fair, and then determine whether it’s enough to be able to obtain a loan , or how low it is. This is the basis to determine the most suitable lending firms. Credit scores are composed of three digitsthat vary from 350 to 800. It’s crucial when applying for loans, however even if you’re not able to score high credit, don’t become discouraged as you are able to apply and be accepted for an loan.

The disadvantage of having bad credit is that getting one isn’t as simple when compared to those who have good credit. Additionally, the interest rate is more expensive. One thing could be done in order to improve your credit standing is by making sure that you pay your loans on time.

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CURO Group Holdings Corp. Announces Fourth Quarter and Full Year 2021 Financial Results https://orland-ca.com/curo-group-holdings-corp-announces-fourth-quarter-and-full-year-2021-financial-results/ Wed, 09 Feb 2022 09:16:47 +0000 https://orland-ca.com/?p=1432 WICHITA, Kan.–(BUSINESS WIRE)–CURO Group Holdings Corp. (NYSE: CURO) (“CURO” or the “Company”), a tech-enabled, omni-channel consumer finance company serving a full spectrum of non-prime and prime consumers in the U.S. and Canada, today announced financial results for its fourth quarter ended December 31, 2021. “For CURO, 2021 was a remarkable year on many different levels,” […]]]>

WICHITA, Kan.–(BUSINESS WIRE)–CURO Group Holdings Corp. (NYSE: CURO) (“CURO” or the “Company”), a tech-enabled, omni-channel consumer finance company serving a full spectrum of non-prime and prime consumers in the U.S. and Canada, today announced financial results for its fourth quarter ended December 31, 2021.

“For CURO, 2021 was a remarkable year on many different levels,” said Don Gayhardt, CURO’s Chief Executive Officer. “Though COVID-19 responses and variants continued to create periods of uncertainty in its second year, we maintained our momentum of loan and earnings growth with solid credit performance. However, I’m most proud of our execution on multiple large-scale acquisition and financing initiatives that continued to transform CURO to a full spectrum lender with a meaningfully lower cost of debt capital in 2021 by nearly 175 bps.”

“The year began and ended with transformational acquisitions. The acquisition of Flexiti in March 2021 diversified our channel, loan and revenue mix by adding established POS financing capabilities and private label credit cards to our Direct Lending capabilities in Canada. We capped 2021 off with the acquisition of Heights Finance, which primarily serves near- and non-prime customers in 11 southern and mid-western states through 390 branches. The Heights acquisition is expected to accelerate our transition into longer-term, higher-balance and lower-rate credit products. Both the Heights and Flexiti acquisitions will solidify our position as a full spectrum non-prime and prime consumer lender in the U.S. and Canada and accelerate our long-term revenue and earnings growth prospects.”

“We also executed on key financing initiatives that made these acquisitions possible. We refinanced our senior secured notes in July 2021, reducing the interest rate by 75bps, increasing capacity, and extending the maturity date to 2028. We added $250 million to the senior secured notes in the fourth quarter to finance, in part, the Heights acquisition. At Flexiti, we increased the capacity of our existing warehouse facility and added securitization capacity, bringing total funding capacity for Flexiti to over C$1 billion.”

“We also monetized a portion of our investment in Katapult. When Katapult became public in June 2021, we received cash of $146.9 million and we now retain 25.2% fully diluted ownership in Katapult (NASDAQ: KPLT).”

“Despite the above transactions, we did not take our eye off the ball at our core businesses. Organic growth in our legacy gross loans receivable at U.S. and Canada Direct Lending during the year combined with growth at Canada POS Lending since the date of its acquisition was 41.4%. Our net-charge offs stabilized as growth continued in all segments, while delinquencies remained at historically low levels, in large part due to excellent credit quality at Flexiti. In late December 2021, we launched First Phase, our new credit card program, which we’ll begin rolling out across the U.S. in 2022. It will provide our non-prime customers with a Visa-branded credit card and a number of technology-enabled tools.”

“We added significantly to CURO’s transformation profile in 2021 but major acquisitions take a lot of work to achieve their long-term potential. I’ll close by saying that we will be intensely focused in 2022 on executing and realizing the value creation these opportunities represent.”

1 Prior to the application of fair value adjustments for purchase accounting, acquired loans were $485 million.

Consolidated Summary Results – Unaudited

Three Months Ended December 31,

Year Ended December 31,

(in thousands, except per share data)

2021

2020

Variance

2021

2020

Variance

Revenue

$ 224,319

$ 202,078

11.0 %

$ 817,843

$ 847,396

(3.5) %

Net revenue

130,679

132,246

(1.2) %

572,175

558,585

2.4 %

Company Owned gross loans receivable

1,548,318

553,722

179.6 %

1,548,318

553,722

179.6 %

Unrestricted cash

63,179

213,343

(70.4) %

63,179

213,343

(70.4) %

Net (loss) income

(28,879)

4,474

#

59,334

75,733

(21.7) %

Adjusted Net (Loss) Income (1)

(12,288)

8,556

#

41,679

74,328

(43.9) %

Diluted (Loss) Earnings per Share from continuing operations

($ 0.72)

$ 0.11

#

$ 1.38

$ 1.77

(22.0) %

Adjusted Diluted (Loss) Earnings per Share from continuing operations (1)(2)

($ 0.29)

$ 0.20

#

$ 0.97

$ 1.77

(45.2) %

EBITDA (1)

(1,077)

31,063

#

204,846

170,550

20.1 %

Adjusted EBITDA (1)

16,545

34,332

(51.8) %

168,245

187,363

(10.2) %

Weighted Average Shares — diluted

40,254

42,579

43,143

42,091

Adjusted Weighted Average Shares — diluted (1)(2)

42,389

42,579

43,143

42,091

# – Variance greater than 100% or not meaningful

(1) These are non-GAAP metrics. For a reconciliation of each non-GAAP metric to the nearest GAAP metric, see the applicable reconciliations contained under “Results of Operations.” For a description of each non-GAAP metric, see “Non-GAAP Financial Measures.”

(2) We calculate Adjusted Diluted Earnings per Share utilizing diluted shares outstanding as of December 31, 2021. If we record a loss from continuing operations under U.S. GAAP, shares outstanding utilized to calculate Diluted Earnings per Share from continuing operations are equivalent to basic shares outstanding. Shares outstanding utilized to calculate Adjusted Earnings per Share from continuing operations reflect the number of diluted shares we would have reported if reporting Net income from continuing operations under U.S. GAAP.

On December 27, 2021, we completed the previously announced acquisition of SouthernCo, Inc., a Delaware corporation d/b/a Heights Finance (“Heights”), which resulted in the addition of loans receivable of approximately $472 million in our U.S. segment, after the application of preliminary fair value purchase accounting adjustments, which created a discount on the acquired portfolio. Given the timing of the acquisition, the impact on the Consolidated Statement of Operations for the fourth quarter of 2021 was immaterial. The acquired balance sheet has been included, after the preliminary estimated effect of purchase accounting adjustments, in the Consolidated Balance Sheet as of December 31, 2021.

We reported Net loss of $28.9 million ($0.72 loss per share) for the three months ended December 31, 2021, primarily due to (i) upfront provisioning for loan losses on rapid customer growth late in the quarter in Canada POS Lending, sequential loan growth across our other lines of business, and new customer, channel mix and seasonality which affected NCO rates, (ii) an increase in operating expenses primarily for investments in the continued growth of Canada POS Lending, and (iii) costs associated with the acquisition of Heights. We reported Adjusted Net Loss of $12.3 million ($0.29 adjusted diluted loss per share) on revenue of $224.3 million for the three months ended December 31, 2021. For the year ended December 31, 2021, we reported Net income of $59.3 million ($1.38 diluted earnings per share) and Adjusted Net Income of $41.7 million ($0.97 adjusted diluted earnings per share) on revenue of $817.8 million.

Below are additional highlights of our performance during the three months and year ended December 31, 2021:

  • Loans Receivable

    • Year-over-year growth in Company Owned gross loans receivable and combined gross loans receivable of $994.6 million, or 179.6%, and $996.8 million, or 166.7%, respectively, including Flexiti and Heights. Excluding loans acquired on March 10, 2021 and December 27, 2021, gross combined loans receivables increased $329.0 million, or 41.4%.
    • Canada Direct Lending gross loans receivable grew $96.9 million, or 29.3%, year over year and $36.4 million, or 9.3%, sequentially (described within this release as the change from the third quarter to the fourth quarter).
    • Canada POS Lending gross loans receivable were $459.2 million as of December 31, 2021. Sequentially, Canada POS Lending gross loans receivable grew $156.8 million, or 51.9%, primarily driven by the onboarding of Leon’s Furniture Limited (“LFL”), Canada’s largest home furnishings retailer, and holiday seasonal demand.
    • U.S. Company Owned gross loans receivable, excluding Heights, declined $33.1 million, or 14.8%, year over year. The decline was due to (i) regulatory changes impacting certain loan products in California effective January 1, 2020; in Virginia effective January 1, 2021; and in Illinois effective March 23, 2021, and (ii) the discontinuation of Verge Credit in April 2021. These impacted loans are collectively referred to as “Runoff Portfolios” throughout the remainder of this release. Excluding Runoff Portfolios, U.S. Company Owned gross loans receivable grew $22.1 million, or 14.9%, compared to the prior year, and $11.6 million, or 7.3%, sequentially.
  • Revenue and Net Revenue

    • For the three months ended December 31, 2021, revenue increased $22.2 million, or 11.0%, year over year. Sequentially, revenue increased $15.0 million, or 7.2%, primarily driven by growth of $7.3 million, or 5.6% in the U.S., $3.4 million, or 29.5%, in Canada POS Lending and $4.3 million, or 6.6%, in Canada Direct Lending.
    • For the three months ended December 31, 2021, net revenue decreased $1.6 million, or 1.2%, year over year and decreased $7.9 million, or 5.7%, sequentially. The sequential decline in net revenue was due to upfront loan loss provisioning on accelerated sequential loan growth and higher NCO rate trends from new customer mix in originations, seasonality and channel origination mix shifts. Consolidated lending provision for loan losses, excluding Heights, exceeded NCOs by $14.9 million compared to both $6.8 million in the third quarter of 2021 and $4.8 million in the fourth quarter of 2020.
  • NCOs and Delinquency Metrics

    • Consolidated quarterly NCO rates, excluding Heights, improved year over year by 220 bps, primarily from the relative growth of Canada POS Lending, which shifts portfolio mix to lower loss-rate products. Sequentially, consolidated quarterly NCO rates increased 100 bps due to relative loan growth, new customer mix in originations, seasonality and channel origination mix shifts.
    • Quarterly NCO rates for U.S., excluding Heights, increased 340 bps year over year and 275 bps sequentially, primarily driven by the aforementioned customer and origination channel mix shifts and diminishing COVID-19 Impacts, as defined later in this release. U.S. NCO rates remained 80 bps below the fourth quarter of 2019.
    • Quarterly NCO rates for Canada Direct Lending increased 85 bps year over year and 110 bps sequentially as product demand for Revolving LOC continues to hold steady, but remained 240 bps below the fourth quarter of 2019.
    • For the three months ended December 31, 2021, Canada Direct Lending past-due rate increased sequentially 200 bps, or 32.1%, due to growth and seasonality. U.S. past-due rate, including loans Guaranteed by the Company, improved sequentially by 75 bps, or 3.4%.
  • Other Highlights

    • On December 27, 2021, we completed our acquisition of Heights for $360.0 million, consisting of $335.0 million of cash and $25.0 million of common stock. Heights is a consumer finance company with 390 branches across 11 U.S. states that provides secured and unsecured Installment loans to near-prime and non-prime consumers as well as customary opt-in insurance and other financial products. Heights’ secured Installment loan portfolios are secured by both automobiles and, in some instances, non-essential household goods. The gross loans receivable and related revenue are included within the U.S. Installment loan portfolios.
    • Katapult’s merger with FinServ Acquisition Corp. (“FinServ”) closed on June 9, 2021. We received cash of $146.9 million and recorded a one-time gain of $135.4 million. During the fourth quarter of 2021, we acquired an additional 2.6 million shares of common stock of Katapult for an aggregate purchase price of $10.0 million, which increased our fully diluted ownership, including potential earn-out shares, from 19.3% to 25.2% as of December 31, 2021.
    • On December 9, 2021, we announced the closing of a new C$526.5 million asset-backed revolving credit facility (“Non-Recourse Flexiti Securitization Facility”) to provide financing for Canada receivables generated under Canada POS Lending.
    • On November 12, 2021, we increased the capacity of our Non-Recourse Canada SPV Facility from C$175.0 million to C$350.0 million.
    • On July 30, 2021, we closed $750.0 million of 7.50% Senior Secured Notes due 2028. The proceeds were used: (i) to redeem our 8.25% Senior Secured Notes due 2025, (ii) to pay related fees, expenses, premiums and accrued interest and (iii) for general corporate purposes. This refinancing extended maturities and increased our borrowing capacity while maintaining related borrowing costs at levels under the $690.0 million 8.25% Senior Secured Notes. In connection with funding the Heights acquisition, we issued $250.0 million in aggregate principal amount of 7.50% Senior Secured Notes due 2028.
    • We closed and consolidated 49 U.S. stores, representing approximately a quarter of all U.S. stores, during the second and third quarters of 2021 to better align with changing customer trends, preferences for online transactions and certain states’ regulatory considerations. The impacted locations generated 8% of our U.S. store revenue in 2020.
    • Effective July 1, 2021, Flexiti commenced a 10-year agreement to become the exclusive POS financing partner to LFL, which operates over 300 stores in Canada under multiple banners including Leon’s and The Brick.
    • Under the terms of our $50.0 million share repurchase program announced in April 2021, we purchased 3,037,699 shares for $49.9 million through February 7, 2022.
    • We completed our acquisition of Flexiti on March 10, 2021.
    • Declaration of the next quarterly dividend of $0.11 per share, payable on March 1, 2022 to stockholders of record as of February 18, 2022.
    • Authorization by our Board of Directors of a new share repurchase program for the repurchase of up to $25.0 million of CURO common stock. The repurchase will commence at our discretion and continue until completed or terminated. We expect the purchases to be made from time-to-time in the open market and/or in privately-negotiated transactions at our discretion, subject to market conditions and other factors. Any repurchased shares will be available for use in connection with equity plans and for other corporate purposes.

From the second quarter of 2020 through the first half of 2021, we experienced lower customer demand in the U.S. and Canada Direct Lending, good credit performance, increased or accelerated repayments and favorable payment trends as customers were aided by government stimulus programs while periodically enduring pandemic lockdowns (collectively “COVID-19 Impacts”). In the third and fourth quarters of 2021, our markets were less affected by COVID-19 Impacts, resulting in positive growth trends in revenue and receivables.

Consolidated Revenue by Product and Segment

The following table summarizes revenue by product, including revenue we earn from operating as a credit services organization (“CSO”) by charging a customer a fee for arranging an unrelated third party to make a loan to that customer, which we refer to as “CSO fees”, for the period indicated:

Three Months Ended

December 31, 2021

December 31, 2020

(in thousands, unaudited)

U.S.

Canada

Direct

Lending

Canada

POS

Lending

Total

% of Total

U.S.

Canada

Direct

Lending

Canada

POS

Lending

Total

% of Total

Revolving LOC

$ 27,911

$ 43,943

$ 13,704

$ 85,558

38.1 %

$ 31,111

$ 31,962

$ —

$ 63,073

31.2 %

Installment

107,606

11,416

119,022

53.1 %

111,899

11,106

123,005

60.9 %

Ancillary

3,485

15,170

1,084

19,739

8.8 %

3,578

12,422

16,000

7.9 %

Total revenue

$ 139,002

$ 70,529

$ 14,788

$ 224,319

100.0 %

$ 146,588

$ 55,490

$ —

$ 202,078

100.0 %

During the three months ended December 31, 2021, total revenue increased $22.2 million, or 11.0%, to $224.3 million, compared to the prior-year period. The year-over-year increase was primarily due to an increase in Canada Direct Lending revenue of $15.0 million, or 27.1%, and $14.8 million of Canada POS Lending revenue, which was acquired in March 2021. This increase was partially offset by a decrease in U.S. revenue of $7.6 million, or 5.2%, as a result of Runoff Portfolios. Excluding Runoff Portfolios, U.S. revenues increased $10.3 million, or 8.4% for the three months ended December 31, 2021 compared to the three months ended December 31, 2020.

Canada POS Lending revenue includes merchant discount revenue (“MDR”) for Flexiti, which is recognized over the life of the underlying loan term. For the three months ended December 31, 2021, Canada POS Lending results were impacted by acquisition-related adjustments that reduced total revenue by $1.7 million and net revenue by $4.2 million (“acquisition-related adjustments”). The acquisition included a loan portfolio with a fair value of approximately $196.1 million (“Acquired Portfolio”). The fair value discount of $12.5 million was based on estimated future net cash flows and is recognized in net revenue over the expected life of the Acquired Portfolio (approximately 12 months). This amortization resulted in an increase of $2.5 million for both revenue and loan loss provision for the three months ended December 31, 2021. The Acquired Portfolio also included $14.1 million of unearned MDR and annual and administrative fees, which are not amortized to revenue for the Acquired Portfolio because they did not represent future cash flows post acquisition. For the fourth quarter of 2021, Canada POS Lending revenue and net revenue were both lower by $4.2 million compared to what would have been otherwise reported if the unearned MDR and fees had been recognized over the expected life of the Acquired Portfolio. The acquisition-related adjustments related to the unearned MDR, annual and administrative fees will decline each quarter, until becoming fully amortized by the end of the first quarter of 2022.

The table below recaps acquisition-related adjustments to Canada POS Lending’s revenue and net revenue for the periods indicated:

Three Months Ended December 31, 2021

Year Ended December 31,

(in thousands, unaudited)

Canada POS Lending

Acquisition-

related

adjustments

Adjusted

Canada POS

Lending

Canada POS

Lending

Acquisition-

related

adjustments

Adjusted

Canada POS

Lending

Interest income

$ 7,921

$ (2,499)

(1)

$ 5,422

$ 22,335

$ (6,614)

(1)

$ 15,721

Other revenue

6,867

4,151

(2)

11,018

12,506

14,074

(2)

26,580

Total revenue

$ 14,788

$ 1,652

$ 16,440

$ 34,841

$ 7,460

$ 42,301

Provision for losses

12,511

(2,499)

(1)

10,012

24,638

(6,444)

(1)

18,194

Net revenue

$ 2,277

$ 4,151

$ 6,428

$ 10,203

$ 13,904

$ 24,107

(1) Acquisition-related adjustments for interest income and provision for losses relate to the amortization of the fair value discount of the Acquired Portfolio.

(2) Acquisition-related adjustments for other revenue represents the unearned MDR and annual and administrative fees, which were not included in the opening balance sheet as they did not represent future cash flows as of March 10, 2021, and thus, are not amortized to revenue for the Acquired Portfolio. The acquisition-related adjustments related to the unearned MDR and annual and administrative fees will decline each quarter with the Acquired Portfolio and will be fully amortized by the end of the first quarter of 2022.

From a product perspective, Revolving LOC revenue for the three months ended December 31, 2021 increased $22.5 million, or 35.6%, year over year, primarily driven by growth in Canada Direct Lending revenue of $12.0 million, or 37.5%, and Canada POS lending of $13.7 million, partially offset by a decline in U.S. revenue of $3.2 million, or 10.3%. Excluding the effects of the Runoff Portfolios, U.S. Revolving LOC revenue increased $2.0 million, or 8.1%, for the three months ended December 31, 2021 compared to the prior-year period.

For the three months ended December 31, 2021, Installment revenue decreased $4.0 million, or 3.2%, compared to the prior-year period. Excluding the Runoff Portfolios, Installment revenue increased $8.7 million, or 8.3%, for the three months ended December 31, 2021 compared to the prior-year period.

Ancillary revenue increased $3.7 million, or 23.4%, versus the prior-year period, primarily due to the sale of insurance products to Revolving LOC and Installment loan customers in Canada.

The following table summarizes revenue by product, including CSO fees, for the period indicated:

For the Year Ended

December 31, 2021

December 31, 2020

(in thousands, unaudited)

U.S.

Canada

Direct

Lending

Canada

POS

Lending

Total

% of Total

U.S.

Canada

Direct

Lending

Canada

POS

Lending

Total

% of Total

Revolving LOC

$ 106,302

$ 156,000

$ 32,289

$ 294,591

36.0 %

$ 134,449

$ 115,053

$ —

$ 249,502

29.4 %

Installment

405,409

43,735

449,144

54.9 %

489,057

49,628

538,685

63.6 %

Ancillary

14,251

57,304

2,553

74,108

9.1 %

15,018

44,191

59,209

7.0 %

Total revenue

$ 525,962

$ 257,039

$ 34,842

$ 817,843

100.0 %

$ 638,524

$ 208,872

$ —

$ 847,396

100.0 %

For the year ended December 31, 2021, total revenue declined $29.6 million, or 3.5%, to $817.8 million, compared to the prior year. Excluding Runoff Portfolios, total revenue for the year ended December 31, 2021 increased $33.7 million, or 4.6%, compared to the prior year. Geographically, U.S. revenues declined 17.6% year over year (9.5% excluding Runoff Portfolios) largely due to COVID-19 Impacts, while Canada Direct Lending revenues increased 23.1% due to the continued popularity and growth of Revolving LOC loans. For the year ended December 31, 2021, Canada POS Lending revenue was $34.8 million, inclusive of acquisition-related adjustments which reduced total revenue by $7.5 million.

As described above, certain acquisition-related adjustments related to the amortization of the fair value discount on acquired loans receivable increased Canada POS Lending revenue and net revenue for the year ended December 31, 2021 by $6.6 million and $0.2 million, respectively. For the year ended December 31, 2021, Canada POS Lending revenue and net revenue were both lower by $14.1 million compared to what would have been reported if the unearned MDR and fees had been recognized over the expected life of the Acquired Portfolio.

From a product perspective, Revolving LOC revenues increased $45.1 million, or 18.1%, compared to the prior year, primarily due to growth in Canada Direct Lending revenue of $40.9 million, or 35.6%, and Canada POS Lending of $32.3 million, partially offset by declines in U.S. revenue of $28.1 million, or 20.9%. Excluding Runoff Portfolios, U.S. Revolving LOC revenue decreased $1.6 million, or 1.6%, for the year ended December 31, 2021 compared to the prior year.

For the year ended December 31, 2021, Installment revenues decreased $89.5 million, or 16.6%, compared to the prior year. Excluding Runoff Portfolios, Installment revenue decreased $52.9 million, or 11.6%, primarily as a result of COVID-19 related constraints on demand and the continued shift to Revolving LOC loans.

Ancillary revenues increased $14.9 million, or 25.2%, versus the prior year from the sale of insurance products to Revolving LOC and Installment loan customers in Canada.

The following table presents online revenue and online transaction compositions, including CSO fees, of the products and services that we currently offer within the U.S., excluding Heights, and Canada Direct Lending segments:

Three Months Ended December 31,

Year Ended December 31,

2021

2020

2021

2020

Online revenue as a percentage of consolidated revenue

50.5 %

50.9 %

50.5 %

48.5 %

Online transactions as a percentage of consolidated transactions

61.5 %

58.5 %

60.8 %

54.7 %

Online revenue as a percentage of consolidated revenue was stable for the three months ended December 31, 2021 compared to the prior-year period. For the year ended December 31, 2021, online revenue as a percentage of consolidated revenue increased as a result of our store closures during the second and third quarters of 2021, as well as the continued transition of customers to our online channel.

Consolidated Loans Receivable

The following table reconciles Company Owned gross loans receivable, a GAAP-basis balance sheet measure, to Gross combined loans receivable, a non-GAAP measure(1). Gross combined loans receivable includes loans originated by third-party lenders through CSO programs, which are not included in the Consolidated Financial Statements but from which we earn revenue by providing a guarantee to the unaffiliated lender.

As of

(in thousands, unaudited)

December 31,

2021

September 30,

2021

June 30,

2021

March 31,

2021

December 31,

2020

U.S.

Revolving LOC

$ 52,532

$ 51,196

$ 47,277

$ 43,387

$ 55,561

Installment – Company Owned

609,413

137,987

139,234

142,396

167,890

Canada Direct Lending

Revolving LOC

402,405

366,509

337,700

319,307

303,323

Installment

24,792

24,315

23,564

24,385

26,948

Canada POS Lending

Revolving LOC

459,176

302,349

221,453

201,539

Company Owned gross loans receivable

$ 1,548,318

$ 882,356

$ 769,228

$ 731,014

$ 553,722

Gross loans receivable Guaranteed by the Company

46,317

43,422

37,093

32,439

44,105

Gross combined loans receivable (1)

$ 1,594,635

$ 925,778

$ 806,321

$ 763,453

$ 597,827

(1) See “Non-GAAP Financial Measures” at the end of this release for definition and more information.

Gross combined loans receivable increased $996.8 million, or 166.7%, to $1,594.6 million as of December 31, 2021, from $597.8 million as of December 31, 2020. Gross combined loans receivables as of December 31, 2021 included $196.1 million and approximately $472 million of receivables acquired on the date of acquisition of Flexiti and Heights, respectively. Canada POS Lending has continued to grow rapidly throughout the year, particularly beginning in July 2021 with Flexiti beginning its exclusive POS financing partnership with LFL Group. In addition, the holiday season drove $114.4 million of Canada POS Lending loan growth in November and December. Excluding loans acquired on March 10, 2021 and December 27, 2021, gross combined loans receivables increased $329.0 million, or 41.4%, primarily driven by Canada Direct Lending growth of $96.9 million, or 29.3%. U.S. gross combined loans receivable, excluding Heights, decreased $30.9 million, or 11.6%, primarily due to (i) COVID-19 Impacts and (ii) the aforementioned Runoff Portfolios. Excluding Runoff Portfolios and gross loans receivables acquired with Heights, U.S. gross combined loans receivable grew $24.3 million, or 12.6%.

Sequentially, gross combined loans receivable increased $668.9 million, or 72.2%. Geographically, U.S. grew sequentially by $475.7 million, or 204.5%, as a result of our acquisition of Heights, which accounted for approximately $472 million of loans receivable as of December 31, 2021. Canada grew sequentially by $193.2 million, or 27.9%, primarily driven by Canada POS Lending growth of $156.8 million, or 51.9%, and Canada Direct Lending Revolving LOC growth of $35.9 million, or 9.8%. Excluding Heights, gross combined loans receivable increased $197.2 million, or 21.3%, sequentially, as consumer demand increased in the fourth quarter. Gross combined loans receivable performance by product and segment is described further in the following sections.

Results of Consolidated Operations

Beginning December 31, 2021, we changed our presentation of operating expenses on our Statements of Operations. The December 31, 2020 presentation has been revised to conform to the current year presentation. Refer to the comparison of “Three Months Ended December 31, 2021 and 2020” below for a description of expenses included within each operating expense line item.

Consolidated Statements of Operations

(in thousands, unaudited)

Three Months Ended December 31,

Year Ended December 31,

2021

2020

Change $

Change %

2021

2020

Change $

Change %

Revenue

$ 224,319

$ 202,078

$ 22,241

11.0 %

$ 817,843

$ 847,396

($ 29,553)

(3.5) %

Provision for losses

93,640

69,832

23,808

34.1 %

245,668

288,811

(43,143)

(14.9) %

Net revenue

130,679

132,246

(1,567)

(1.2) %

572,175

558,585

13,590

2.4 %

Operating Expenses

Salaries and benefits

61,762

52,578

9,184

17.5 %

237,109

196,817

40,292

20.5 %

Occupancy

13,698

14,870

(1,172)

(7.9) %

55,559

57,271

(1,712)

(3.0) %

Advertising

13,938

12,158

1,780

14.6 %

38,762

44,552

(5,790)

(13.0) %

Direct operations

19,504

11,119

8,385

75.4 %

60,056

46,893

13,163

28.1 %

Depreciation and amortization

7,270

4,186

3,084

73.7 %

26,955

17,498

9,457

54.0 %

Other operating expense

25,836

12,351

13,485

109.2 %

74,682

47,048

27,634

58.7 %

Total operating expenses

142,008

107,262

34,746

32.4 %

493,123

410,079

83,044

20.3 %

Other expense (income)

Interest expense

28,550

18,691

9,859

52.7 %

97,334

72,709

24,625

33.9 %

Income from equity method investment

(2,982)

(1,893)

(1,089)

57.5 %

(3,658)

(4,546)

888

(19.5) %

Gain from equity method investment

#

(135,387)

(135,387)

#

Loss on extinguishment of debt

#

40,206

40,206

#

Total other expense (income)

25,568

16,798

8,770

52.2 %

(1,505)

68,163

(69,668)

#

(Loss) income from continuing operations before income taxes

(36,897)

8,186

(45,083)

#

80,557

80,343

214

0.3 %

(Benefit) provision for incomes taxes

(8,018)

3,712

(11,730)

#

21,223

5,895

15,328

#

Net (loss) income from continuing operations

(28,879)

4,474

(33,353)

#

59,334

74,448

(15,114)

(20.3) %

Net income from discontinued operations, net of tax

#

1,285

(1,285)

#

Net (loss) income

($ 28,879)

$ 4,474

($ 33,353)

#

$ 59,334

$ 75,733

($ 16,399)

(21.7) %

# – Variance greater than 100% or not meaningful

Reconciliation of Net (Loss) Income from Continuing Operations and Diluted (Loss) Earnings per Share to Adjusted Net (Loss) Income and Adjusted Diluted (Loss) Earnings per Share, non-GAAP measures

(in thousands, except per share data, unaudited)

Three Months Ended

December 31,

For the Year Ended

December 31,

2021

2020

Change $

Change %

2021

2020

Change $

Change %

Net (loss) income from continuing operations

($ 28,879)

$ 4,474

($ 33,353)

#

$ 59,334

$ 74,448

($ 15,114)

(20.3) %

Adjustments:

Restructuring costs (1)

1,303

12,717

Legal and other costs (2)

1,764

146

2,134

2,925

Income from equity method investment (3)

(2,982)

(1,893)

(3,658)

(4,546)

Gain from equity method investment (4)

(135,387)

Transaction costs (5)

8,924

2,014

15,406

2,737

Acquisition-related adjustments (6)

4,162

13,949

Change in fair value of contingent consideration (7)

2,384

6,209

Loss on extinguishment of debt (8)

42,262

Share-based compensation (9)

3,828

3,014

13,976

12,910

Intangible asset amortization (10)

1,811

705

6,282

2,951

Canada GST adjustment (11)

2,160

Income tax valuations (12)

(3,472)

Impact of tax law changes (13)

(11,251)

Cumulative tax effect of adjustments (14)

(4,603)

96

8,455

(4,534)

Adjusted Net (Loss) Income

($ 12,288)

$ 8,556

($ 20,844)

#

$ 41,679

$ 74,328

($ 32,649)

(43.9) %

Net (loss) income from continuing operations

($ 28,879)

$ 4,474

$ 59,334

$ 74,448

Diluted Weighted Average Shares Outstanding

40,254

42,579

43,143

42,091

Adjusted Diluted Average Shares Outstanding

42,389

42,579

43,143

42,091

Diluted (Loss) Earnings per Share from continuing operations

($ 0.72)

$ 0.11

($ 0.83)

#

$ 1.38

$ 1.77

($ 0.39)

(22.0) %

Per Share impact of adjustments to Net income from continuing operations

0.43

0.09

(0.41)

Adjusted Diluted (Loss) Earnings per Share

($ 0.29)

$ 0.20

($ 0.49)

(245.0) %

$ 0.97

$ 1.77

($ 0.80)

(45.2) %

Note: Footnotes follow Reconciliation of Net (loss) income table on the next page

Reconciliation of Net (Loss) Income from Continuing Operations to EBITDA and Adjusted EBITDA, Non-GAAP Measures

Three Months Ended

December 31,

For the Year Ended

December 31,

(in thousands, unaudited)

2021

2020

Change $

Change %

2021

2020

Change $

Change %

Net (loss) income from continuing operations

($ 28,879)

$ 4,474

($ 33,353)

#

$ 59,334

$ 74,448

($ 15,114)

(20.3) %

(Benefit) provision for income taxes

(8,018)

3,712

(11,730)

#

21,223

5,895

15,328

#

Interest expense

28,550

18,691

9,859

52.7 %

97,334

72,709

24,625

33.9 %

Depreciation and amortization

7,270

4,186

3,084

73.7 %

26,955

17,498

9,457

54.0 %

EBITDA

(1,077)

31,063

(32,140)

#

204,846

170,550

34,296

20.1 %

Restructuring costs (1)

1,303

12,717

Legal and other costs (2)

1,764

146

2,134

2,925

Income from equity method investment (3)

(2,982)

(1,893)

(3,658)

(4,546)

Gain from equity method investment (4)

(135,387)

Transaction costs (5)

7,258

2,014

13,740

2,737

Acquisition-related adjustments (6)

4,162

13,949

Change in fair value of contingent consideration (7)

2,384

6,209

Loss on extinguishment of debt (8)

40,206

Share-based compensation (9)

3,828

3,014

13,976

12,910

Canada GST adjustment (11)

2,160

Other adjustments (15)

(95)

(12)

(487)

627

Adjusted EBITDA

$ 16,545

$ 34,332

($ 17,787)

(51.8) %

$ 168,245

$ 187,363

($ 19,118)

(10.2) %

Adjusted EBITDA Margin

7.4 %

17.0 %

20.6 %

22.1 %

# – Change greater than 100% or not meaningful

(1)

Restructuring costs for the three months and year ended December 31, 2021 resulted from U.S. store closures and consisted of (i) severance costs for store employees, (ii) lease termination costs, and (iii) accelerated depreciation, partially offset by the net write-off of right-of-use (“ROU”) assets and lease liabilities.

(2)

Legal and other costs for the three months and year ended December 31, 2021 primarily related to fees incurred in certain legal matters in which CURO was the plaintiff. No further costs are expected for that case.

Legal and other costs for the three months and year ended December 31, 2020 included (i) settlement costs related to certain legal matters (ii) costs for certain securities litigation and related matters and (iii) severance costs for certain corporate employees separate from restructuring costs.

(3)

The amount reported is our share of Katapult’s U.S. GAAP net income, recognized on a one quarter lag.

(4)

During the year ended December 31, 2021, we recorded a gain on our investment in Katapult of $135.4 million. The gain represents cash we received, net of the basis of our investment in Katapult, upon the completion of the business combination between Katapult and FinServ.

(5)

Transaction costs for the year ended December 31, 2021 in determining AEBITDA and ANI relate to (i) our Heights acquisition in December 2021, (ii) our Flexiti acquisition in March 2021, and (iii) the Katapult and FinServ business combination in June 2021. Transaction costs in determining ANI for the year ended December 31, 2021 also included prepayment fees of $1.7 million for our Non-Recourse Flexiti SPE Facility in connection to the signing of the Non-Recourse Flexiti Securitization Facility in December 2021.

Transaction costs for the year ended December 30, 2020 relate to the acquisition of Ad Astra and legal and advisory costs related to the Flexiti acquisition.

(6)

During the three months and year ended December 31, 2021, $4.2 million and $13.9 million, respectively, of acquisition-related adjustments relate to the acquired Flexiti loan portfolio as of March 10, 2021. Refer to “Consolidated Revenue by Product and Segment” for additional details.

(7)

In connection with our acquisition of Flexiti, we recorded a $2.4 million and $6.2 million adjustment related to the fair value of the contingent consideration for the three months and year ended December 31, 2021, respectively.

(8)

On July 30, 2021, we entered into new 7.50% Senior Secured Notes due 2028, which were used on August 12, 2021 to extinguish the 8.25% Senior Secured Notes due 2025. During the year ended December 31, 2021, $40.2 million from the loss on the extinguishment of debt in determining Adjusted EBITDA was due to the early redemption of the 8.25% Senior Secured Notes due 2025. An additional $2.1 million of interest was incurred for the year ended December 31, 2021 in determining Adjusted Net income, which represents interest on the 8.25% Senior Secured Notes due 2025 for the period between July 30, 2021 and August 12, 2021. This is the period during which the 8.25% Senior Secured Notes and 7.50% Senior Secured Notes were both outstanding.

(9)

The estimated fair value of share-based awards was recognized as non-cash compensation expense on a straight-line basis over the vesting period.

(10)

Intangible asset amortization in the determining ANI for the year ended December 31, 2021 primarily included amortization of identifiable intangible assets established in connection with the acquisition of Flexiti.

(11)

We received a Notice of Adjustment from Canadian tax authority auditors in the second quarter 2020 related to the treatment of certain expenses in prior years for purposes of calculating the Goods and Services Tax (“GST”) due.

(12)

During the year ended December 31, 2020, a Texas court ruling related to the apportionment of income to the state for an unrelated company resulted in a change in estimate regarding the realization of a tax benefit previously taken. Accordingly, we recorded a $1.1 million liability for our estimated exposure related to this position, which was settled in April 2021. Also in the year ended December 31, 2020, we released a $4.6 million valuation allowance related to Net Operating Losses (“NOLs”) for certain entities in Canada.

(13)

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was enacted by the U.S. Federal government in response to the COVID-19 pandemic. The CARES Act, among other things, allows NOLs incurred in 2018, 2019 and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. For the year ended December 31, 2020, we recorded an income tax benefit of $11.3 million related to the carryback of NOL from tax years 2018 and 2019.

(14)

Cumulative tax effect of adjustments included in Reconciliation of Net (loss) income from continuing operations Adjusted Net (Loss) Income table is calculated using the estimated incremental tax rate by country.

(15)

Other adjustments primarily reflect the intercompany foreign-currency exchange impact.

For the Three Months Ended December 31, 2021 and 2020

Revenue and Net Revenue

For a discussion of revenue, see “Consolidated Revenue by Product and Segment” above.

Provision for losses increased by $23.8 million, or 34.1%, for the three months ended December 31, 2021 compared to the prior-year period, primarily driven by upfront provisioning on rapid customer growth late in the quarter in Canada POS Lending and higher past-due rates and NCO rates year over year in Canada Direct Lending. Refer to “Loan Volume and Portfolio Performance Analysis” and “Segment Analysis” sections below for additional details.

Operating Expenses

Salaries and benefits, which consist of salaries and personnel-related costs, including benefits, bonuses and share-based compensation expense, were $61.8 million for the three months ended December 31, 2021, an increase of $9.2 million, or 17.5%, compared to the prior-year period. Excluding costs associated with Canada POS Lending, salaries and benefits increased $3.1 million, or 5.9%, primarily due to timing and level of performance-based variable compensation.

Occupancy costs, which include rent expense on our leased facilities and equipment, utilities, insurance and certain maintenance expenses, were $13.7 million for the three months ended December 31, 2021, a decrease of $1.2 million, or 7.9%, compared to the prior-year period. Excluding costs associated with Canada POS Lending, occupancy costs decreased $1.4 million, or 9.5%, primarily due to store closures in the U.S. during the second and third quarters of 2021.

Advertising costs increased $1.8 million, or 14.6%, year over year in response to product demand changes. Excluding costs associated with Canada POS Lending, advertising costs increased $1.0 million, or 8.1%. The prior year was influenced by COVID-19 Impacts and pandemic-induced lockdowns.

Direct operations, which include all expenses associated with the direct operations and technology infrastructure related to loan underwriting, collections and processing, were $19.5 million for the three months ended December 31, 2021, an increase of $8.4 million, or 75.4%, compared to the prior-year period. Excluding costs associated with Canada POS Lending, direct operations increased $1.6 million, or 14.2%, primarily due to higher consumer demand year over year, resulting in higher collection and processing costs.

Depreciation and amortization expense for the three months ended December 31, 2021 increased $3.1 million, or 73.7%, compared to the prior-year period. Excluding costs associated with Canada POS Lending, depreciation and amortization expense decreased $0.2 million, or 5.4%. primarily due store closures in the U.S. during the second and third quarters of 2021.

Other operating expenses, which include office expenses, legal and professional fees, and certain store closure costs, were $25.8 million for the three months ended December 31, 2021, an increase of $13.5 million, or 109.2%, compared to the prior-year period. Excluding costs associated with Canada POS Lending, other operating expenses increased $9.2 million, or 74.6%, primarily driven by (i) $7.3 million of transaction costs related to our acquisition of Heights in the fourth quarter of 2021 and (ii) $1.0 million of certain store closure costs in the U.S., as further described in “Segment Analysis” below.

Other Expense (Income)

Interest Expense

Interest expense for the three months ended December 31, 2021 increased $9.9 million, or 52.7%, compared to the prior-year period, primarily related to (i) interest on debt acquired with the acquisition of Flexiti, (ii) interest expense associated with our additional $250.0 million issuance of our 7.50% Senior Secured Notes, and (iii) higher year-over-year interest on our Non-Recourse U.S. SPV Facility.

Equity Method Investment

We account for our investment in Katapult using the equity method of accounting. The investment is included in “Investments in Katapult” on the Consolidated Balance Sheet. Our share of Katapult’s earnings was $3.0 million for the three months ended December 31, 2021, which we recognize on a one-quarter lag. Those earnings included a gain from revaluing Katapult’s public and private warrant liability. During the fourth quarter of 2021, we purchased an additional 2.6 million of Katapult’s common stock for $10.0 million, which increased our ownership in Katapult from 19.3% to 25.2% on a fully diluted basis assuming full pay-out of earn-out shares as of December 31, 2021.

Provision for Income Taxes

The effective income tax rate for the three months ended December 31, 2021 was 21.7%. The effective income tax rate was lower than the blended federal and state/provincial statutory rate of approximately 26%, primarily as a result of proportionally more losses in lower-tax rate jurisdictions. In addition, we recorded an income tax benefit for share-based compensation of $0.6 million. These benefits were offset by nondeductible expenses related to the change in fair value of contingent consideration of $0.6 million and nondeductible transaction costs of $0.9 million. The effective income tax rate of adjusted tax expense included in Adjusted Net Loss for the three months ended December 31, 2021, was 21.7%.

For the Year Ended December 31, 2021 and 2020

Revenue and Net Revenue

For a discussion of revenue, see “Consolidated Revenue by Product and Segment” above.

Provision for losses decreased by $43.1 million, or 14.9%, for the year ended December 31, 2021 compared to the prior year. The decrease in provision for losses was primarily a result of lower average loan balances in the U.S. and multiple rounds of U.S. government stimulus associated with COVID-19, partially offset by provisioning on Canada Direct Lending growth and upfront loss provisioning on rapid customer receivables growth late in the quarter in Canada POS Lending. Refer to “Loan Volume and Portfolio Performance Analysis” and “Segment Analysis” sections below for additional details.

Operating Expenses

Salaries and benefits were $237.1 million for the year ended December 31, 2021, an increase of $40.3 million, or 20.5%, compared to the prior year. Excluding costs associated with Canada POS Lending, salaries and benefits increased $25.8 million, or 13.1%, primarily due to timing and level of performance-based variable compensation and personnel investments to support Canada Direct Lending growth.

Occupancy costs were $55.6 million for the year ended December 31, 2021, a decrease of $1.7 million, or 3.0%, compared to the prior year. Excluding costs associated with Canada POS Lending, occupancy costs decreased $2.2 million, or 3.9%, primarily due to store closures in the U.S. during the second and third quarters of 2021.

Advertising costs decreased $5.8 million, or 13.0% year over year, and $7.1 million, or 15.9%, excluding Canada POS Lending. The prior-year period included costs for Verge Installment loans which have since been suspended, as described further in “Segment Analysis” below.

Direct operations were $60.1 million for the year ended December 31, 2021, an increase of $13.2 million, or 28.1%, compared to the prior year. Excluding costs associated with Canada POS Lending, direct operations decreased $1.2 million, or 2.6%, primarily driven by lower collection fees in the U.S. due to lower year over year demand and multiple rounds of significant U.S. government stimulus associated with the COVID-19 pandemic.

Depreciation and amortization expense increased $9.5 million, or 54.0%, year over year. Excluding costs associated with Canada POS Lending, depreciation and amortization expense decreased $1.0 million, or 5.6%, primarily driven by our store closures in the U.S. during the second and third quarters of 2021.

Other operating expenses were $74.7 million for the year ended December 31, 2021, an increase of $27.6 million, or 58.7%, compared to the prior year. Excluding costs associated with Canada POS Lending, other operating expenses increased $17.8 million, or 37.9%, primarily due to (i) $13.7 million of transaction costs related to our acquisition of Flexiti in March 2021, our acquisition of Heights in December 2021, and the Katapult and FinServ merger in June 2021, and (ii) $8.8 million of certain restructuring costs related to our second and third quarter store closures in the U.S..

Other Expense (Income)

Interest Expense

Interest expense for the year ended December 31, 2021 increased $24.6 million, or 33.9%, primarily related to (i) interest on debt acquired as part of the acquisition of Flexiti, (ii) higher year-over-year interest on our Non-Recourse U.S. SPV Facility, and (iii) interest expense associated with the additional issuance of our 7.50% Senior Secured Notes. An additional $2.1 million of interest was incurred for the year ended December 31, 2021, which represents interest on the 8.25% Senior Secured Notes for the period between July 30, 2021 and August 12, 2021. This is the period during which both the 8.25% Senior Secured Notes and 7.50% Senior Secured Notes were outstanding.

Equity Method Investment

We recognize our share of Katapult’s earnings or loss on a one-quarter lag. Our share of Katapult’s earnings was $3.7 million for the year ended December 31, 2021, which included a gain from revaluing Katapult’s public and private warrant liability. During the fourth quarter of 2021, we purchased an additional 2.6 million of Katapult’s common stock for $10.0 million, which increased our ownership in Katapult from 19.3% to 25.2% on a fully diluted basis assuming full pay-out of earn-out shares as of December 31, 2021.

On June 9, 2021, Katapult completed its merger with FinServ. As part of the merger, we received cash consideration of $146.9 million and retained ownership through shares after the merger. As of December 31, 2021, our total cash investment in Katapult is $37.6 million.

Loss on Extinguishment of Debt

Loss on extinguishment of debt for the year ended December 31, 2021 was due to the redemption of the 8.25% Senior Secured Notes.

Provision for Income Taxes

The effective income tax rate for the year ended December 31, 2021 was 26.3%, consistent with the blended federal and state/provincial statutory rate of approximately 26%. The income tax expense includes nondeductible expense items related to the change in fair value of contingent consideration of $1.6 million, and nondeductible transaction costs of $1.2 million, partially offset by proportionally more net income in lower-tax rate jurisdictions, driven by the gain on the Katapult transaction of $146.9 million in the second quarter of 2021 and the loss on extinguishment of debt of $40.2 million in the third quarter of 2021.

Additionally, income tax expense includes the release of a valuation allowance of $0.4 million due to our share of Katapult’s income, tax benefits related to share-based compensation of $0.8 million, $0.2 million tax expense of additional Texas accrual for 2020 due to the settlement of 2013 to 2019 Texas returns, and a tax benefit of $0.9 million for the recognition of research and development tax credit.

The effective income tax rate of adjusted tax expense included in Adjusted Net Income for the year ended December 31, 2021 was 23.5%.

Segment Analysis

The following is a summary of portfolio performance and results of operations for the segment and period indicated (all periods unaudited except for Q4 2020).

U.S. Portfolio Performance

On December 27, 2021, we acquired Heights which accounted for approximately $472 million of U.S. Installment loans as of December 31, 2021. As the period between December 27, 2021 and December 31, 2021 did not result in material loan performance, we have excluded Heights from the table and related analysis below for the fourth quarter of 2021.

(in thousands, except percentages)

Q4 2021

Q3 2021

Q2 2021

Q1 2021

Q4 2020

Gross combined loans receivable (1)

Revolving LOC

$ 52,532

$ 51,196

$ 47,277

$ 43,387

$ 55,561

Installment loans – Company Owned

137,782

137,987

139,234

142,396

167,890

Total U.S. Company Owned gross loans receivable

190,314

189,183

186,511

185,783

223,451

Installment loans – Guaranteed by the Company (2)

46,317

43,422

37,093

32,439

44,105

Total U.S. gross combined loans receivable (1)

$ 236,631

$ 232,605

$ 223,604

$ 218,222

$ 267,556

Lending Revenue:

Revolving LOC

$ 27,911

$ 27,377

$ 24,091

$ 26,923

$ 31,111

Installment loans – Company Owned

56,820

57,659

55,918

64,516

68,927

Installment loans – Guaranteed by the Company (2)

47,348

43,377

34,908

41,425

42,972

Total U.S. lending revenue

$ 132,079

$ 128,413

$ 114,917

$ 132,864

$ 143,010

Lending Provision:

Revolving LOC

$ 11,592

$ 8,140

$ 6,621

$ 5,039

$ 11,583

Installment loans – Company Owned

18,618

16,792

14,048

11,159

24,629

Installment loans – Guaranteed by the Company (2)

25,967

23,146

12,583

9,648

22,621

Total U.S. lending provision

$ 56,177

$ 48,078

$ 33,252

$ 25,846

$ 58,833

Lending Net Revenue

Revolving LOC

$ 16,319

$ 19,237

$ 17,470

$ 21,884

$ 19,528

Installment loans – Company Owned

38,202

40,867

41,870

53,357

44,298

Installment loans – Guaranteed by the Company (2)

21,381

20,231

22,325

31,777

20,351

Total U.S. lending net revenue

$ 75,902

$ 80,335

$ 81,665

$ 107,018

$ 84,177

NCOs

Revolving LOC

$ 11,481

$ 8,329

$ 7,271

$ 9,904

$ 12,500

Installment loans – Company Owned

19,664

19,548

18,617

17,313

19,620

Installment loans – Guaranteed by the Company (2)

26,065

21,404

12,044

12,150

21,590

Total U.S. NCOs

$ 57,210

$ 49,281

$ 37,932

$ 39,367

$ 53,710

NCO rate (3)

Revolving LOC

22.1 %

16.9 %

16.0 %

20.0 %

22.3 %

Installment loans – Company Owned

14.3 %

14.1 %

13.2 %

11.2 %

12.4 %

Total U.S. Company Owned NCO rate

16.4 %

14.8 %

13.9 %

13.3 %

15.0 %

Installment loans – Guaranteed by the Company (2)

58.1 %

53.2 %

34.6 %

31.7 %

51.5 %

Total U.S. NCO rate

24.4 %

21.6 %

17.2 %

16.2 %

21.0 %

Allowance for loan losses (“ALL”) and CSO Liability for Losses (4)

Revolving LOC

$ 13,591

$ 13,480

$ 13,669

$ 14,319

$ 19,185

Installment loans – Company Owned

17,445

18,491

21,246

25,815

31,971

Installment loans – Guaranteed by the Company (2)

6,908

7,007

5,265

4,727

7,228

Total U.S. ALL and CSO Liability for Losses

$ 37,944

$ 38,978

$ 40,180

$ 44,861

$ 58,384

ALL and CSO Liability for Losses rate (5)

Revolving LOC

25.9 %

26.3 %

28.9 %

33.0 %

34.5 %

Installment loans – Company Owned

12.7 %

13.4 %

15.3 %

18.1 %

19.0 %

Total U.S. Company Owned ALL rate

16.3 %

16.9 %

18.7 %

21.6 %

22.9 %

Installment loans – Guaranteed by the Company (2)

14.9 %

16.1 %

14.2 %

14.6 %

16.4 %

Total ALL and CSO Liability for Losses rate

16.0 %

16.8 %

18.0 %

20.6 %

21.8 %

Past-due rate (5)

Revolving LOC

30.5 %

30.5 %

26.6 %

26.3 %

30.7 %

Installment loans – Company Owned

19.4 %

20.1 %

18.7 %

18.0 %

19.0 %

Total U.S. Company Owned past-due rate

22.5 %

22.9 %

20.7 %

19.9 %

21.9 %

Installment loans – Guaranteed by the Company (2)

17.7 %

19.8 %

17.4 %

12.8 %

14.1 %

(1) Non-GAAP measure. For a description of each non-GAAP metric, see “Non-GAAP Financial Measures.”

(2) Includes loans originated by third-party lenders through CSO programs. Installment gross loans receivable Guaranteed by the Company are not included in the Consolidated Financial Statements.

(3) We calculate NCO rate as total NCOs divided by Average gross loans receivables.

(4) We report ALL as a contra-asset reducing gross loans receivable and the CSO Liability for Losses as a liability on the Consolidated Balance Sheets.

(5) We calculate (i) ALL and CSO Liability for losses rate and (ii) past-due rate as the respective totals divided by gross loans receivable at each respective quarter end.

U.S. Net Revenue

U.S. revenues, excluding Heights, decreased by $11.3 million, or 7.7%, to $135.3 million, compared to the prior-year period for the three months ended December 31, 2021, primarily as a result of the COVID-19 Impacts on gross combined loans receivable and Runoff Portfolios due to regulatory changes. See the loan performance discussions below for further details. Excluding Runoff Portfolios, U.S. revenues increased $6.6 million, or 5.4%.

The provision for losses decreased $2.2 million, or 3.8%, year over year, primarily as a result of sustained favorable NCO rates and stable past-due rates since the onset of COVID-19. U.S. past-due rates, including for loans Guaranteed by the Company, increased by 90 bps, or 4.5%, year over year, but improved 75 bps, or 3.4%, sequentially. For the three months ended December 31, 2021, the U.S. NCO rate increased 340 bps, or 16.4%, year over year, and increased 280 bps, or 12.9%, sequentially, primarily due to loan growth, and a mix shift in customer and origination channel.

U.S. Revolving LOC loan performance

U.S. Revolving LOC loan balances as of December 31, 2021 decreased $3.0 million, or 5.5%, compared to the prior year, resulting in a related revenue decrease of $3.2 million, or 10.3%, primarily due to the runoff of Virginia Revolving LOC loans. Excluding the Runoff Portfolios, U.S. Revolving LOC gross loans receivable increased $3.8 million, or 8.2%, year over year, and related revenue increased $2.0 million, or 8.1%. Sequentially, U.S. Revolving LOC loan balances increased $1.3 million, or 2.6%. The Revolving LOC allowance coverage decreased year over year from 34.5% to 25.9% for the three months ended December 31, 2021. The decrease was due to stable past-due rates, a decline in troubled debt restructuring (“TDR”) loans as a percentage of total gross loans receivable and sustained favorable NCO trends during 2021. For the three months ended December 31, 2021, NCO rates improved from 22.3% to 22.1% year over year and past-due rates improved from 30.7% to 30.5%.

U.S. Installment loan performance – Company Owned

U.S. Installment loan balances as of December 31, 2021 decreased $30.1 million, or 17.9%, year over year and revenue decreased $12.1 million, or 17.6%, compared to the prior year, primarily due to COVID-19 Impacts and Runoff Portfolios. Excluding the Runoff Portfolios, U.S. Installment loans increased $18.3 million, or 17.9%, year over year, and related revenue increased $0.5 million, or 1.1%. The Installment loans allowance coverage decreased from 19.0% in the prior year to 12.7% as of December 31, 2021, largely due to the aforementioned Runoff Portfolios, stable past-due rates and sustained favorable NCO rates. Sequentially, allowance coverage decreased from 13.4% to 12.7% as a result of lower past-due loans and stable NCOs.

We launched Verge Installment loans originated by Stride Bank in the fourth quarter of 2019 and executed pilot programs in several states. After testing various offers, rates, terms and approval criteria, Stride informed us in the first quarter of 2021 that it planned to focus on near-prime loans as they represented a larger addressable market and offered greater opportunity to scale. As a result, Stride discontinued new Verge Credit loans in April 2021. Verge loan balances totaled $6.2 million as of December 31, 2021. We expect to continue to see an orderly runoff of these balances over approximately the next 15 months.

U.S. Installment loan performance – Guaranteed by the Company

U.S. Installment loans Guaranteed by the Company increased $2.2 million, or 5.0%, year over year and increased $2.9 million, or 6.7%, sequentially. The CSO liability for losses rate decreased from 16.4% to 14.9% year over year due to sustained favorable NCO rates since the onset of COVID-19. Sequentially, the CSO liability for losses coverage decreased from 16.1% to 14.9% for the three months ended December 31, 2021 as a result of lower past-due rates. For the three months ended December 31, 2021, the past-due rate improved sequentially from 19.8% to 17.7%. The NCO rate for U.S. Installment loans Guaranteed by the Company increased 660 bps, or 12.8%, year over year, and increased 490 bps, or 9.3%, sequentially, primarily due to loan growth, and new customer, channel mix and seasonality.

Following is a summary of results of operations for the U.S. segment for the periods indicated.

U.S. Results of Operations

Three Months Ended December 31,

For the Year Ended December 31,

(dollars in thousands, unaudited)

2021

2020 (1)

Change $

Change %

2021

2020 (1)

Change $

Change %

Revenue

$ 139,002

$ 146,588

($ 7,586)

(5.2) %

$ 525,962

$ 638,524

($ 112,562)

(17.6) %

Provision for losses

57,925

59,108

(1,183)

(2.0) %

166,033

230,164

(64,131)

(27.9) %

Net revenue

81,077

87,480

(6,403)

(7.3) %

359,929

408,360

(48,431)

(11.9) %

Operating expenses

Salaries and benefits

42,641

40,656

1,985

4.9 %

170,508

151,344

19,164

12.7 %

Occupancy

7,732

9,292

(1,560)

(16.8) %

32,565

35,814

(3,249)

(9.1) %

Advertising

11,696

11,083

613

5.5 %

33,223

40,702

(7,479)

(18.4) %

Direct operations

9,785

9,087

698

7.7 %

35,899

39,112

(3,213)

(8.2) %

Depreciation and amortization

2,851

3,078

(227)

(7.4) %

12,005

12,992

(987)

(7.6) %

Other operating expense

18,380

10,245

8,135

79.4 %

54,508

35,357

19,151

54.2 %

Total operating expenses

93,085

83,441

9,644

11.6 %

338,708

315,321

23,387

7.4 %

Other expense (income)

Interest expense

19,366

16,347

3,019

18.5 %

72,543

63,413

9,130

14.4 %

Income from equity method investment

(2,982)

(1,893)

(1,089)

57.5

(3,658)

(4,546)

888

(19.5) %

Gain from equity method investment

#

(135,387)

(135,387)

#

Loss on extinguishment of debt

#

40,206

40,206

#

Total other expense (income)

16,384

14,454

1,930

13.4 %

(26,296)

58,867

(85,163)

#

Segment operating (loss) income

(28,392)

(10,415)

(17,977)

#

47,517

34,172

13,345

39.1 %

Interest expense

19,366

16,347

3,019

18.5 %

72,543

63,413

9,130

14.4 %

Depreciation and amortization

2,851

3,078

(227)

(7.4) %

12,005

12,992

(987)

(7.6) %

EBITDA (2)

(6,175)

9,010

(15,185)

#

132,065

110,577

21,488

19.4 %

Restructuring costs

1,303

1,303

12,717

12,717

Legal and other costs

1,764

146

1,618

2,134

2,925

(791)

Income from equity method investment

(2,982)

(1,893)

(1,089)

(3,658)

(4,546)

888

Gain from equity method investment

(135,387)

(135,387)

Transaction costs

7,258

2,014

5,244

13,740

2,737

11,003

Loss on extinguishment of debt

40,206

40,206

Share-based compensation

3,463

3,014

449

13,611

12,910

701

Other adjustments

(280)

(117)

(163)

(880)

(58)

(822)

Adjusted EBITDA (2)

$ 4,351

$ 12,174

($ 7,823)

(64.3) %

$ 74,548

$ 124,545

($ 49,997)

(40.1) %

# – Variance greater than 100% or not meaningful.

(1) The December 31, 2020 presentation has been revised to conform to the current period presentation.

(2) These are non-GAAP metrics. For a description of each non-GAAP addback, see the applicable reconciliations contained under “Results of Consolidated Operations.” For a description of each non-GAAP metric, see “Non-GAAP Financial Measures.”

U.S. Segment Results – For the Three Months Ended December 31, 2021 and 2020

For a discussion of revenue, provision for losses and related gross combined loans receivables for the three months ended December 31, 2021 and 2020, see “U.S. Portfolio Performance,” above.

Operating expenses for the three months ended December 31, 2021 were $93.1 million, an increase of $9.6 million, or 11.6%, compared to $83.4 million for the three months ended December 31, 2020, primarily driven by (i) $7.3 million of transaction costs related to our acquisition of Heights in the fourth quarter of 2021, (ii) $1.3 million of store closure costs, as further described below, and (iii) $0.4 million of higher share-based compensation expense as a result of our acquisition of Flexiti. Excluding these expenses, comparable operating costs increased $0.5 million, or 0.6%.

As previously announced, we closed 49 U.S. stores during the second and third quarters of 2021 in response to evolving customer channel preferences that were accelerated by the impacts of COVID-19. The store closures represented nearly 25% of our U.S. stores and, other than Illinois, which were closed earlier in the year due to regulatory changes, reflect strategic consolidation of locations in dense local markets. The impacted locations generated 8% of our U.S. store revenue in 2020. As our omni-channel platform allows customers to transition seamlessly online, to an adjacent store or to contact centers, this consolidation reduces annual operating costs by approximately $20 million while maximizing the likelihood of retaining a large percentage of customers that had utilized the impacted stores.

As a result of the store closures, we incurred $1.3 million of closure-related charges during the three months ended December 31, 2021 and $12.7 million during the year ended December 31, 2021. These costs consisted of (i) severance and employee costs, (ii) lease termination costs and (iii) net accelerated depreciation and write-off of ROU assets and liabilities. As of December 31, 2021, we operated 160 stores in the U.S., excluding the stores acquired with the Heights acquisition. Subsequent to the Heights acquisition, we operated in 550 stores in the U.S. as of December 31, 2021.

U.S. interest expense for the three months ended December 31, 2021 increased $3.0 million, or 18.5%, related to our additional 7.50% Senior Secured Notes issued in conjunction with our Heights acquisition and higher interest on our Non-Recourse U.S. SPV Facility.

As previously described, we recognize our share of Katapult’s income or loss on a one-quarter lag. We recorded income of $3.0 million for the three months ended December 31, 2021. During the fourth quarter of 2021, we purchased an additional 2.6 million of Katapult’s common stock for $10.0 million, which increased our ownership in Katapult from 19.3% to 25.2% on a fully diluted basis assuming full pay-out of earn-out shares as of December 31, 2021.

U.S. Segment Results – For the Year Ended December 31, 2021 and 2020

U.S. revenues decreased $112.6 million, or 17.6%, compared to the prior-year period for the year ended December 31, 2021 as a result of decreases in combined gross loans receivable from COVID-19 Impacts and the Runoff Portfolios. Excluding the impact of Runoff Portfolios, U.S. revenues decreased $49.3 million, or 9.5%, as a result of lower consumer demand, driven by COVID-19 Impacts.

The provision for losses decreased $64.1 million, or 27.9%, for the year ended December 31, 2021, compared to the prior-year period, primarily as a result of (i) lower year over year demand, excluding Heights, (ii), sustained favorable lower NCO rates since the onset of COVID-19 and (iii) continued improved credit quality.

Operating expenses were $338.7 million for the year ended December 31, 2021, an increase of $23.4 million, or 7.4%, compared to $315.3 million for the year ended December 31, 2020, primarily driven by (i) $13.7 million of transaction costs related to our acquisition of Flexiti in March 2021, our acquisition of Heights in December 2021, and the Katapult and FinServ merger, (ii) $12.7 million of store closure costs as previously discussed, and (iii) $0.7 million of higher share-based compensation expense compared to the prior year. Excluding these costs, operating expenses for the year ended December 31, 2021 decreased $2.8 million, or 0.9%, compared to the prior year.

U.S. interest expense for the year ended December 31, 2021 increased $9.1 million, or 14.4%, primarily related to interest on the additional 7.50% Senior Secured Notes issued in conjunction with our Heights acquisition and $5.0 million of interest on our Non-Recourse U.S. SPV Facility compared to prior year as the facility was entered into in April 2020. An additional $2.1 million of interest was incurred for the year ended December 31, 2021, which represents interest on the 8.25% Senior Secured Notes for the period between July 30, 2021 and August 12, 2021. This is the period during which both the 8.25% Senior Secured Notes and 7.50% Senior Secured Notes were outstanding.

As previously described, we recognize our share of Katapult’s income or loss on a one-quarter lag and recorded income of $3.7 million for the year ended December 31, 2021. As a result of the merger between Katapult and FinServ, which closed during the second quarter of 2021, we recorded an additional gain of $135.4 million during the year ended December 31, 2021, which represents cash we received, net of the basis of our investment in Katapult. During the fourth quarter of 2021, we purchased an additional 2.6 million of Katapult’s common stock for $10.0 million, which increased our ownership in Katapult from 19.3% to 25.2% on a fully diluted basis assuming full pay-out of earn-out shares as of December 31, 2021.

Loss on extinguishment of debt of $40.2 million for the year ended December 31, 2021 was due to the redemption of the 8.25% Senior Secured Notes due 2025.

Canada Direct Lending and Canada POS Lending Portfolio Performance

(in thousands, except percentages)

Q4 2021

Q3 2021

Q2 2021

Q1 2021

Q4 2020

Gross loans receivable

Canada Direct Lending Revolving LOC

$ 402,405

$ 366,509

$ 337,700

$ 319,307

$ 303,323

Canada Direct Lending Installment loans

24,792

24,315

23,564

24,385

26,948

Total Canada Direct Lending gross loans receivable

$ 427,197

$ 390,824

$ 361,264

$ 343,692

$ 330,271

Total Canada POS Lending gross loans receivable

459,176

302,349

$ 221,453

$ 201,539

$ —

Lending Revenue:

Canada Direct Lending Revolving LOC

$ 43,943

$ 40,239

$ 37,450

$ 34,368

$ 31,962

Canada Direct Lending Installment loans

11,416

11,331

10,541

10,447

11,106

Total Canada Direct Lending – lending revenue

$ 55,359

$ 51,570

$ 47,991

$ 44,815

$ 43,068

Canada POS Lending – lending revenue

$ 13,704

$ 10,646

$ 6,495

$ 1,383

$ —

Lending Provision:

Canada Direct Lending Revolving LOC

$ 20,080

$ 11,375

$ 7,066

$ 7,909

$ 8,679

Canada Direct Lending Installment loans

2,945

2,512

1,438

1,234

1,972

Total Canada Direct Lending – lending provision

$ 23,025

$ 13,887

$ 8,504

$ 9,143

$ 10,651

Canada POS Lending – lending provision

$ 12,511

$ 8,285

$ 2,986

$ 855

$ —

Lending Net Revenue

Canada Direct Lending Revolving LOC

$ 23,863

$ 28,864

$ 30,384

$ 26,459

$ 23,283

Canada Direct Lending Installment loans

8,471

8,819

9,103

9,213

9,134

Total Canada Direct Lending – lending net revenue

$ 32,334

$ 37,683

$ 39,487

$ 35,672

$ 32,417

Canada POS Lending – lending net revenue

$ 1,193

$ 2,361

$ 3,509

$ 528

$ —

NCOs

Canada Direct Lending Revolving LOC

$ 15,112

$ 9,887

$ 10,838

$ 11,097

$ 8,907

Canada Direct Lending Installment loans

2,758

2,444

1,513

1,669

2,060

Total Canada Direct Lending NCOs

$ 17,870

$ 12,331

$ 12,351

$ 12,766

$ 10,967

Canada POS Lending NCOs (1)

$ 1,731

$ 1,827

$ 1,509

$ 213

$ —

NCO rate (2)

Canada Direct Lending Revolving LOC

3.9 %

2.8 %

3.3 %

3.6 %

3.1 %

Canada Direct Lending Installment loans

11.2 %

10.2 %

6.3 %

6.5 %

7.7 %

Total Canada Direct Lending NCO rate

4.4 %

3.3 %

3.5 %

3.8 %

3.5 %

Canada POS Lending NCO rate

0.5 %

0.7 %

0.7 %

NM (3)

— %

ALL (4)

Canada Direct Lending Revolving LOC

$ 32,360

$ 27,429

$ 26,602

$ 29,916

$ 32,773

Canada Direct Lending Installment loans

1,975

1,790

1,767

1,819

2,233

Total Canada Direct Lending ALL

$ 34,335

$ 29,219

$ 28,369

$ 31,735

$ 35,006

Canada POS Lending ALL (5)

$ 22,189

$ 11,353

$ 4,577

$ 519

$ —

ALL rate (6)

Canada Direct Lending Revolving LOC

8.0 %

7.5 %

7.9 %

9.4 %

10.8 %

Canada Direct Lending Installment loans

8.0 %

7.4 %

7.5 %

7.5 %

8.3 %

Total Canada Direct Lending ALL rate

8.0 %

7.5 %

7.9 %

9.2 %

10.6 %

Canada POS Lending ALL rate

4.8 %

3.8 %

2.1 %

0.3 %

— %

Past-due rate (6)

Canada Direct Lending Revolving LOC

8.9 %

6.8 %

5.8 %

6.4 %

6.8 %

Canada Direct Lending Installment loans

2.2 %

2.0 %

2.3 %

2.1 %

2.1 %

Total Canada Direct Lending past-due rate

8.5 %

6.5 %

5.5 %

6.1 %

6.4 %

Canada POS Lending past-due rate (7)

4.1 %

4.8 %

5.4 %

5.7 %

— %

(1) For the second, third and fourth quarters of 2021, NCOs presented above include $2.4 million, $0.6 million and $0.8 million, respectively, of NCO’s related to the fair value discount, which are excluded from provision.

(2) We calculate NCO rate as total NCOs divided by Average gross loans receivables.

(3) Not material or not meaningful.

(4) We report ALL as a contra-asset reducing gross loans receivable on the Consolidated Balance Sheets.

(5) Loans originated pre-acquisition have been adjusted to fair value at the acquisition date and included estimates of future losses. The ALL represents estimated incurred losses for loans originated after acquisition plus incurred losses for acquired loans in excess of the remaining fair value discount.

(6) We calculate ALL rate and past-due rate as the respective totals divided by gross loans receivable at each respective quarter end.

(7) The past-due rate for Canada POS Lending for loans 30+ days past-due were 1.9%, 2.1%, 2.6% and 3.0% for the three months ended December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.

Canada Direct Lending Net Revenue

Canada Direct Lending revenue increased year over year by $15.0 million, or 27.1%, ($12.7 million, or 23.0%, on a constant currency basis), for the three months ended December 31, 2021, due to the growth of Revolving LOC loans in Canada. Sequentially, Canada Direct Lending revenue increased $4.3 million, or 6.6%.

The provision for losses increased $12.5 million, or 116.4%, ($11.8 million, or 109.7%, on a constant currency basis), to $23.2 million for the three months ended December 31, 2021, compared to $10.7 million in the prior-year period. The increase in provision for losses was primarily due to higher past-due rates, which increased from 6.4% to 8.5% year over year. NCO rates increased from 3.5% to 4.4% year over year and increased from 3.3% to 4.4% sequentially due to new customer, channel mix and seasonality. Although NCOs increased from December 31, 2020 to December 31, 2021, NCO rates have remained stable since the onset of COVID-19, resulting in an allowance coverage decrease year over year of 250 bps, or 24.2%.

Canada Direct Lending Revolving LOC loan performance

Canada Direct Lending Revolving LOC gross loans receivable increased $99.1 million, or 32.7%, ($99.9 million, or 32.9%, on a constant currency basis) year over year and $35.9 million, or 9.8% ($36.1 million, or 9.9%, on a constant currency basis) sequentially. Revolving LOC revenue increased $12.0 million, or 37.5%, year over year and $3.7 million, or 9.2%, sequentially ($10.5 million, or 33.0%, and $3.7 million, or 9.3%, respectively, on a constant currency basis). The quarterly NCO rate increased by 80 bps, or 25.5%, year-over-year and 110 bps, or 40.0%, sequentially due to new customer, channel mix and seasonality. Although NCOs increased from December 31, 2020 to December 31, 2021, NCO rates have remained stable since the onset of COVID-19, resulting in an allowance coverage decrease year over year from 10.8% to 8.0% as of December 31, 2021.

Canada Direct Lending Installment loan performance

Canada Direct Lending Installment revenue increased $0.3 million, or 2.8%, (a decrease of $0.1 million, or 0.6%, on a constant currency basis) year over year. Installment gross loans receivable decreased $2.2 million, or 8.0% ($2.1 million, or 7.8%, on a constant currency basis) year over year. The year-over-year decrease in Installment loans was due to a continued shift to Revolving LOC loans, as well as COVID-19 related constraints on demand, particularly as related to store-originated Installment loans. The Installment allowance coverage decreased year over year from 8.3% to 8.0% primarily as a result of lower sustained NCOs since the onset of COVID-19 and stable past-due rates. The year-over-year past-due rate for Installment loans improved by 15 bps, or 8.1%. Sequentially, Installment gross loans receivable and related revenue remained consistent.

Canada POS Lending Revolving LOC loan performance

Canada POS Lending Revolving LOC gross loans receivable as of December 31, 2021 was $459.2 million, including a discount of $2.3 million related to purchase accounting adjustments ($461.5 million prior to purchase accounting adjustments). For the three months ended December 31, 2021, Canada POS Lending revenue was $14.8 million, net of a $1.7 million reduction from acquisition-related adjustments for the period. For a full discussion of the purchase accounting and acquisition-related adjustments, refer to “Consolidated Revenue by Product and Segment” above.

For the three months ended December 31, 2021, allowance coverage was 4.8%, up sequentially from 3.8%. Excluding acquisition-related adjustments, allowance coverage was 5.3%, down sequentially from 5.5%, primarily due to sustained favorable NCO trends. Revolving LOC gross loans receivable generally charge-off at 180 days past due. NCOs were $1.7 million for the three months ended December 31, 2021. The Canada POS Lending NCO and past-due rates for the quarter were 0.5% and 4.1%, respectively, down sequentially from 0.7% and 4.8%, respectively.

Originations for the three months ended December 31, 2021 were $322.1 million in Canadian dollars (“C$”), an increase of C$200.8 million, or 165.6%, from the prior-year period of C$121.3 million. Sequentially, Canada POS Revolving LOC gross loans receivable increased $156.8 million, or 51.9%.

Canada Direct Lending Results of Operations

Three Months Ended December 31,

For the Year Ended December 31,

(dollars in thousands, unaudited)

2021

2020 (1)

Change $

Change %

2021

2020 (1)

Change $

Change %

Revenue

$ 70,529

$ 55,490

$ 15,039

27.1 %

$ 257,039

$ 208,872

$ 48,167

23.1 %

Provision for losses

23,204

10,724

12,480

116.4 %

54,997

58,647

(3,650)

(6.2) %

Net revenue

47,325

44,766

2,559

5.7 %

202,042

150,225

51,817

34.5 %

Operating expenses

Salaries and benefits

13,036

11,922

1,114

9.3 %

52,118

45,473

6,645

14.6 %

Occupancy

5,732

5,578

154

2.8 %

22,482

21,457

1,025

4.8 %

Advertising

1,446

1,075

371

34.5 %

4,267

3,850

417

10.8 %

Direct operations

2,909

2,032

877

43.2 %

9,777

7,781

1,996

25.7 %

Depreciation and amortization

1,111

1,108

3

0.3 %

4,505

4,506

(1)

— %

Other operating expense

3,189

2,106

1,083

51.4 %

10,364

11,691

(1,327)

(11.4) %

Total operating expenses

27,423

23,821

3,602

15.1 %

103,513

94,758

8,755

9.2 %

Other expense

Interest expense

2,505

2,344

161

6.9 %

9,798

9,296

502

5.4 %

Total other expense

2,505

2,344

161

6.9 %

9,798

9,296

502

5.4 %

Segment operating income

17,397

18,601

(1,204)

(6.5) %

88,731

46,171

42,560

92.2 %

Interest expense

2,505

2,344

161

6.9 %

9,798

9,296

502

5.4 %

Depreciation and amortization

1,111

1,108

3

0.3 %

4,505

4,506

(1)

— %

EBITDA (2)

21,013

22,053

(1,040)

(4.7) %

103,034

59,973

43,061

71.8 %

Share-based compensation

365

365

#

365

365

Canada GST adjustment

2,160

(2,160)

Other adjustments

202

105

97

444

685

(241)

Adjusted EBITDA (2)

$ 21,580

$ 22,158

($ 578)

(2.6) %

$ 103,843

$ 62,818

$ 41,025

65.3 %

# – Variance greater than 100% or not meaningful.

(1) The December 31, 2020 presentation has been revised to conform to the current period presentation.

(2) These are non-GAAP metrics. For a description of each non-GAAP addback, see the applicable reconciliations contained under “Results of Consolidated Operations.” For a description of each non-GAAP metric, see “Non-GAAP Financial Measures.”

Canada Direct Lending Segment Results – For the Three Months Ended December 31, 2021 and 2020

For a discussion of revenue, provision for losses and related gross combined loans receivables for the three months ended December 31, 2021 and 2020, see “Canada Direct Lending and Canada POS Lending Portfolio Performance” above.

Canada Direct Lending operating expenses were $27.4 million for the three months ended December 31, 2021, an increase of $3.6 million, or 15.1%, ($2.7 million, or 11.4%, on a constant currency basis), compared to the prior year, primarily due to (i) the timing and level of performance-based variable compensation, (ii) higher store operating costs as the prior year was impacted by COVID-19 store closures, and (iii) higher variable costs, primarily collection and financial service fees, on higher volume year over year.

Interest expense for the three months ended December 31, 2021 was $2.5 million compared to $2.3 million for the three months ended December 31, 2020. During the fourth quarter of 2021, we increased the capacity of the Non-Recourse Canada SPV Facility from C$175.0 million to C$350.0 million.

Canada Direct Lending Segment Results – For the Year Ended December 31, 2021 and 2020

Canada Direct Lending revenue increased $48.2 million, or 23.1%, ($31.6 million, or 15.1%, on a constant currency basis), to $257.0 million for the year ended December 31, 2021, from $208.9 million in the prior year, primarily due to higher consumer demand as COVID-19 Impacts lessened. Canada Direct Lending Revolving LOC gross loans receivable grew $99.1 million, or 32.7%, year over year, contributing to related revenue growth of $40.9 million, or 35.6%, for the year ended December 31, 2021 compared to the prior year.

The provision for losses decreased $3.7 million, or 6.2%, ($7.0 million, or 12.0% on a constant currency basis), to $55.0 million for the year ended December 31, 2021, compared to $58.6 million in the prior year. The decrease in provision for losses was the result of sustained lower NCOs since the onset of COVID-19 and the related impact of changes in allowance coverage due to an increase in credit quality for Revolving LOC loans. Refer to “Canada Direct Lending and Canada POS Lending Portfolio Performance” above for additional details on quarterly loss and allowance rates.

Canada Direct Lending operating expenses for the year ended December 31, 2021 were $103.5 million, an increase of $8.8 million, or 9.2%, ($2.1 million, or 2.2%, on a constant currency basis), compared to $94.8 million for the year ended December 31, 2020, primarily related to (i) the timing and level of performance-based variable compensation, (ii) higher store operating costs as the prior year was impacted by COVID-19 store closures, and (iii) higher variable costs, primarily collection and financial service fees, on higher volume year over year.

Canada Direct Lending other expense for the year ended December 31, 2021 was $9.8 million, an increase of $0.5 million, or 5.4%, for the year ended December 31, 2020, primarily due to higher borrowings on the Non-Recourse Canada SPV Facility. During the fourth quarter of 2021, we increased the capacity of the Non-Recourse Canada SPV Facility from C$175.0 million to C$350.0 million.

Canada POS Lending Results of Operations

Three Months Ended

December 31,

For the Year

Ended December 31,

(dollars in thousands, unaudited)

2021

2021

Revenue

$ 14,788

$ 34,842

Provision for losses

12,511

24,638

Net revenue

2,277

10,204

Operating expenses

Salaries and benefits

6,085

14,483

Occupancy

234

512

Advertising

796

1,272

Direct operations

6,810

14,380

Depreciation and amortization

3,308

10,445

Other operating expense

4,267

9,810

Total operating expenses

21,500

50,902

Other expense

Interest expense

6,679

14,993

Total other expense

6,679

14,993

Segment operating loss

(25,902)

(55,691)

Interest expense

6,679

14,993

Depreciation and amortization

3,308

10,445

EBITDA (1)

(15,915)

(30,253)

Acquisition-related adjustments

4,162

13,949

Change in fair value of contingent consideration

2,384

6,209

Other adjustments

(17)

(51)

Adjusted EBITDA (1)

($ 9,386)

($ 10,146)

(1) These are non-GAAP metrics. For a description of each non-GAAP addback, see the applicable reconciliations contained under “Results of Consolidated Operations.” For a description of each non-GAAP metric, see “Non-GAAP Financial Measures.”

Canada POS Lending Segment Results – For the Three Months and Year Ended December 31, 2021

Canada POS Lending revenue includes revenue from merchant discounts and ancillary products. MDR represents the discount merchant partners provide to help facilitate customer credit card purchases at merchant locations. The fee is recognized over the estimated average loan term of 12 months. Ancillary revenue includes administrative fees, annual fees, insurance product fees and other fees charged to customers.

For a discussion of revenue, provision for losses and related gross loans receivables, see the “Canada Direct Lending and Canada POS Lending Portfolio Performance,” above for the three months ended December 31, 2021. For the three months ended December 31, 2021, revenue and related gross loans receivable increased $3.4 million, or 29.5%, and $156.8 million, or 51.9%, sequentially primarily due to the continued loan growth since the onboarding of LFL as previously discussed.

For the year ended December 31, 2021, Canada POS Lending revenue was $34.8 million, and included a $7.5 million reduction as a result of acquisition-related adjustments. For a full discussion of acquisition-related adjustments, refer to “Consolidated Revenue by Product and Segment” earlier within this release.

Provision for losses for the year ended December 31, 2021 was $24.6 million, and included a $6.4 million increase as a result of acquisition-related adjustments. Refer to “Canada Direct Lending and Canada POS Lending Portfolio Performance,” above for additional details on quarterly loss and allowance rates.

CURO GROUP HOLDINGS CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands)

December 31,

2021 (1)

(unaudited)

December 31,

2020

ASSETS

Cash and cash equivalents

$ 63,179

$ 213,343

Restricted cash (includes restricted cash of consolidated VIEs of $57,155 and $31,994 as of December 31, 2021 and December 31, 2020, respectively)

98,896

54,765

Gross loans receivable (includes loans of consolidated VIEs of $1,294,706 and $360,431 as of December 31, 2021 and December 31, 2020, respectively)

1,548,318

553,722

Less: Allowance for loan losses (includes allowance for loan losses of consolidated VIEs of $66,618 and $54,129 as of December 31, 2021 and December 31, 2020, respectively)

(87,560)

(86,162)

Loans receivable, net

1,460,758

467,560

Income taxes receivable

31,774

32,062

Prepaid expenses and other (includes prepaid expenses and other of consolidated VIEs of $0 and $388 as of December 31, 2021 and December 31, 2020, respectively)

42,038

27,994

Property and equipment, net

54,635

59,749

Investments in Katapult

27,900

27,370

Right of use asset – operating leases

116,300

115,032

Deferred tax assets

15,639

Goodwill

429,792

136,091

Intangibles, net

109,930

40,425

Other assets

9,755

8,595

Total Assets

$ 2,460,596

$ 1,182,986

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities

Accounts payable and accrued liabilities (includes accounts payable and accrued liabilities of consolidated VIEs of $9,886 and $34,055 as of December 31, 2021 and December 31, 2020, respectively)

$ 121,434

$ 49,624

Deferred revenue

21,649

5,394

Lease liability – operating leases

122,431

122,648

Contingent consideration related to acquisition

26,508

Income taxes payable

680

Accrued interest (includes accrued interest of consolidated VIEs of $3,279 and $1,147 as of December 31, 2021 and December 31, 2020, respectively)

34,974

20,123

Liability for losses on CSO lender-owned consumer loans

6,908

7,228

Debt (includes debt and issuance costs of consolidated VIEs of $979,500 and $14,428 as of December 31, 2021 and $147,427 and $7,766 as of December 31, 2020, respectively)

1,945,793

819,661

Other long-term liabilities

13,845

15,382

Deferred tax liabilities

6,044

11,021

Total Liabilities

$ 2,300,266

$ 1,051,081

Stockholders’ Equity

Total Stockholders’ Equity

$ 160,330

$ 131,905

Total Liabilities and Stockholders’ Equity

$ 2,460,596

$ 1,182,986

(1) The December 31, 2021 Consolidated Balance Sheet includes our acquisition of Heights, prior to the finalization of the initial purchase accounting adjustments, subject to future measurement period adjustments. The values assigned to the assets acquired and liabilities assumed are based on preliminary estimates of fair value available as of the date of this release and may be adjusted during the measurement period of up to 12 months from the date of acquisition as further information becomes available.

Balance Sheet Changes – December 31, 2021 Compared to December 31, 2020

Cash and cash equivalents – Cash and cash equivalents decreased as compared to December 31, 2020 primarily due to our use of cash for (i) the acquisition of Flexiti in the first quarter of 2021, (ii) the acquisition of Heights in the fourth quarter of 2021 and (iii) increased demand for loan products as COVID-19 Impacts lessened throughout 2021. The decrease was partially offset by (i) the issuance of the 7.50% Senior Secured Notes, and (ii) a one-time cash inflow of $146.9 million from the merger of Katapult and FinServ.

Restricted cash – The increase in Restricted cash from December 31, 2020 was primarily due to (i) the Non-Recourse Flexiti SPE Facility, entered into as part of our acquisition of Flexiti in March 2021, (ii) the Non-Recourse Flexiti Securitization Facility, entered into in the fourth quarter of 2021, and (iii) the Non-Recourse Heights SPE Facility, entered into as part of our acquisition of Heights in December 2021.

Gross loans receivable and Allowance for loan losses – The increase in Gross loans receivable from December 31, 2020 was primarily due to (i) the acquisition of Flexiti, which accounted for $459.2 million of gross loans receivable as of December 31, 2021, (ii) the acquisition of Heights, which accounted for approximately $472 million of loans receivable, and (iii) growth in the Canada Direct Lending Revolving LOC loans. The increase was partially offset by a decline in the U.S. Refer to “Consolidated Loans Receivable” and “Portfolio Performance Analysis” above for additional details.

Goodwill and Intangible Assets – The increases in Goodwill and Intangible assets from December 31, 2020 were due to our acquisition of Flexiti on March 10, 2021, which accounted for $39.9 million of goodwill and $51.2 million of net intangible assets as of December 31, 2021, and our acquisition of Heights on December 27, 2021, which accounted for $253.9 million of goodwill and $11.9 million of intangible assets as of December 31, 2021.

Accounts payable and accrued liabilities – The increase in Accounts payable and accrued liabilities from December 31, 2020 is primarily due to the acquisition of Flexiti and Heights during 2021 and an increase in timing and extent of variable compensation, as previously discussed.

Contingent Consideration related to acquisition – The acquisition of Flexiti on March 10, 2021 included an up-front purchase price as well as a cash earn-out of up to approximately $32.8 million. The cash earn-out is recorded at fair value based on discounted expected cash flows and remeasured periodically. The fair value of the contingent consideration increased from $24.1 million as of September 30, 2021 to $26.5 million as of December 31, 2021.

Debt and Accrued interest – The increase in Debt and related Accrued interest from December 31, 2020 is primarily due to (i) our new 7.50% Senior Secured Notes due 2028, which we closed on July 30, 2021 and upsized to $1.0 billion on December 27, 2021, (ii) the Non-Recourse Flexiti SPE Facility entered into as part of our acquisition in March 2021 and Non-Recourse Flexiti Securitization Facility entered into during the fourth quarter of 2021, (iii) an increase in our utilization for our Non-Recourse Canada SPV Facility, and (iv) the Non-Recourse Heights SPE Facility, entered into as part of our acquisition on December 27, 2021. See the “Debt Capitalization Summary” below for additional details.

Debt Capitalization Summary

(in thousands, net of deferred financing costs)

Capacity

Interest Rate

Maturity

Counterparties

Balance as of December 31, 2021 (in USD)

7.50% Senior Secured Notes (due 2028) (2)

$1.0 billion

7.50%

August 1, 2028

$ 980,721

Senior Secured Revolving Credit Facility

$50.0 million

1-Mo LIBOR + 5.00%

June 30, 2022

BayCoast Bank; Stride Bank; Hancock-Whitney Bank; Metropolitan Commercial Bank

Non-Recourse U.S. SPV Facility

$200.0 million

1-Mo LIBOR + 6.25%

April 8, 2024

Atalaya Capital Management, MetaBank

45,392

Non-Recourse Heights SPE Facility

$350.0 million

1-Mo LIBOR + 5.25%

December 31, 2024

Ares Capital

350,000

Non-Recourse Canada SPV Facility (1)

C$350.0 million

3-Mo CDOR + 6.00%

August 2, 2026

Waterfall Asset Management

157,813

Non-Recourse Flexiti SPE Facility (1)

C$500.0 million

3-Mo CDOR + 4.40%

March 10, 2024

Credit Suisse (Class A); SPF (Class B)

172,739

Non-Recourse Flexiti Securitization Facility (1)

C$526.5 million

1-Mo CDOR + 3.59%

December 9, 2025

National Bank of Canada; an affiliate of the Bank of Montreal; and a fund managed by Waterfall Asset Management

239,128

Cash Money Revolving Credit Facility (1)

C$10.0 million

Canada Prime Rate +1.95%

On-demand

Royal Bank of Canada

(1) Capacity amounts are denominated in Canadian dollars, while outstanding balances as of December 31, 2021 are denominated in U.S. dollars.

(2) On July 30, 2021, we closed our $750 million aggregate principal amount of new 7.50% Senior Secured Notes, which was used to redeem our $690.0 million 8.25% Senior Secured Notes due 2025. On December 27, 2021, we issued an additional $250.0 million of our 7.50% Senior Secured Notes for a total capacity of $1.0 billion.

Non-GAAP Financial Measures

In addition to the financial information prepared in conformity with U.S. GAAP, we provide certain “non-GAAP financial measures,” including:

  • Adjusted Net Income and Adjusted Earnings Per Share, or the Adjusted Earnings Measures (net income from continuing operations plus or minus certain legal and other costs, income or loss from equity method investment, goodwill and intangible asset impairments, transaction-related costs, restructuring costs, loss on extinguishment of debt, adjustments related to acquisition accounting, share-based compensation, intangible asset amortization, certain tax adjustments and impacts from tax law changes and cumulative tax effect of applicable adjustments, on a total and per share basis);
  • EBITDA (earnings before interest, income taxes, depreciation and amortization);
  • Adjusted EBITDA (EBITDA plus or minus certain non-cash and other adjusting items);
  • Adjusted effective income tax rate (effective tax rate plus or minus certain non-cash and other adjusting items); and
  • Gross Combined Loans Receivable (includes loans originated by third-party lenders through CSO programs which are not included in the Consolidated Financial Statements).

We believe that presentation of non-GAAP financial information is meaningful and useful in understanding the activities and business metrics of the Company’s operations. We believe that these non-GAAP financial measures reflect an additional way of viewing aspects of the business that, when viewed with the Company’s U.S. GAAP results, provide a more complete understanding of factors and trends affecting the business.

We believe that investors regularly rely on non-GAAP financial measures, such as Adjusted Net Income, Adjusted Earnings per Share, EBITDA and Adjusted EBITDA, to assess operating performance and that such measures may highlight trends in the business that may not otherwise be apparent when relying on financial measures calculated in accordance with U.S. GAAP. In addition, we believe that the adjustments shown above are useful to investors in order to allow them to compare our financial results during the periods shown without the effect of each of these income or expense items. In addition, we believe that Adjusted Net Income, Adjusted Earnings per Share, EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of public companies in our industry, many of which present Adjusted Net Income, Adjusted Earnings per Share, EBITDA and/or Adjusted EBITDA when reporting their results.

In addition to reporting loans receivable information in accordance with U.S. GAAP, we provide Gross Combined Loans Receivable consisting of owned loans receivable plus loans originated by third-party lenders through the CSO programs, which we guarantee but do not include in the Consolidated Financial Statements. Management believes this analysis provides investors with important information needed to evaluate overall lending performance.

We provide non-GAAP financial information for informational purposes and to enhance understanding of the U.S. GAAP Consolidated Financial Statements. Adjusted Net Income, Adjusted Earnings per Share, EBITDA, Adjusted EBITDA and Gross Combined Loans Receivable should not be considered as alternatives to income from continuing operations, segment operating income, or any other performance measure derived in accordance with U.S. GAAP, or as an alternative to cash flows from operating activities or any other liquidity measure derived in accordance with U.S. GAAP. Readers should consider the information in addition to, but not instead of or superior to, the financial statements prepared in accordance with U.S. GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Description and Reconciliations of Non-GAAP Financial Measures

Adjusted Net Income, Adjusted Earnings per Share, EBITDA and Adjusted EBITDA Measures have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analysis of our income or cash flows as reported under U.S. GAAP. Some of these limitations are:

  • they do not include cash expenditures or future requirements for capital expenditures or contractual commitments;
  • they do not include changes in, or cash requirements for, working capital needs;
  • they do not include the interest expense, or the cash requirements necessary to service interest or principal payments on debt;
  • depreciation and amortization are non-cash expense items reported in the statements of cash flows; and
  • other companies in our industry may calculate these measures differently, limiting their usefulness as comparative measures.

We calculate Adjusted Earnings per Share utilizing diluted shares outstanding at year-end. If the Company records a loss from continuing operations under U.S. GAAP, shares outstanding utilized to calculate Diluted Earnings per Share from continuing operations are equivalent to basic shares outstanding. Shares outstanding utilized to calculate Adjusted Earnings per Share from continuing operations reflect the number of diluted shares the Company would have reported if reporting net income from continuing operations under U.S. GAAP.

As noted above, Gross Combined Loans Receivable includes loans originated by third-party lenders through CSO programs which are not included in the consolidated financial statements but from which we earn revenue and for which we provide a guarantee to the lender. Management believes this analysis provides investors with important information needed to evaluate overall lending performance.

We believe Adjusted Net Income, Adjusted Earnings per Share, EBITDA and Adjusted EBITDA are used by investors to analyze operating performance and to evaluate our ability to incur and service debt and the capacity for making capital expenditures. Adjusted EBITDA is also useful to investors to help assess our estimated enterprise value. The computation of Adjusted EBITDA as presented in this release may differ from the computation of similarly titled measures provided by other companies.

Forward-Looking Statements

Both the Heights and Flexiti acquisitions will solidify our position as a full spectrum non-prime and prime consumer lender in the U.S. and Canada and accelerate our long-term revenue and earnings growth prospects.

This press release contains forward-looking statements. These forward-looking statements include projections, estimates and assumptions about revenue and growth trends and our ability to create value; our ability to accelerate our transition into longer-term, higher-balance and lower-rate credit products; our belief that recent acquisitions will solidify our position as a full spectrum non-prime and prime consumer lender in the U.S. and Canada and accelerate our long-term revenue and earnings growth prospects; and our belief in the usefulness of the various non-GAAP financial measures used in this release. In addition, words such as “guidance,” “estimate,” “anticipate,” “believe,” “forecast,” “step,” “plan,” “predict,” “focused,” “project,” “is likely,” “expect,” “intend,” “should,” “will,” “confident,” variations of such words and similar expressions are intended to identify forward-looking statements. Our ability to achieve these forward-looking statements is based on certain assumptions, judgments and other factors, both within and outside of our control, that could cause actual results to differ materially from those in the forward-looking statements, including: errors in our internal forecasts or those of companies in which we invest; the effects of competition on the Company’s business or on those companies in which we invest; our ability to attract and retain customers; market, financial, political and legal conditions; actions of regulators and the negative impact of those actions on our business; the continuing impact of COVID-19 pandemic or any other similar wide-spread event on the Company’s business and the global economy; our dependence on third-party lenders to provide the cash we need to fund our loans and our ability to affordably access third-party financing; our level of indebtedness; our ability to successfully integrate acquired businesses; our ability to protect our proprietary technology and analytics and keep up with that of our competitors; disruption of our information technology systems that adversely affect our business operations; ineffective pricing of the credit risk of our prospective or existing customers; inaccurate information supplied by customers or third parties that could lead to errors in judging customers’ qualifications to receive loans; improper disclosure of customer personal data; failure of third parties who provide products, services or support to us; any failure of third-party lenders upon whom we rely to conduct business in certain states; disruption to our relationships with banks and other third-party electronic payment solutions providers as well as other factors discussed in our filings with the Securities and Exchange Commission. These projections, estimates and assumptions may prove to be inaccurate in the future. These forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. There may be additional risks that CURO presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual future results. We undertake no obligation to update, amend or clarify any forward-looking statement for any reason.

All product names, logos, brands, trademarks and registered trademarks are property of their respective owners.

About CURO

CURO Group Holdings Corp. (NYSE: CURO) is a full-spectrum consumer credit provider across the U.S. and Canada. The Company was founded in 1997 by three childhood friends in Kansas to meet the growing consumer need for short-term loans. Today, CURO operates a robust, omni-channel platform providing comprehensive credit solutions to help customers achieve their financial goals. CURO’s decades of experience with alternative data power the underwriting and scoring engine, mitigating risk across the full spectrum of credit products. CURO operates under a number of brands including Speedy Cash , Rapid Cash , Cash Money , LendDirect , Flexiti , Avío Credit , Opt+ , Revolve Finance , Heights Finance, Southern Finance, Covington Credit, Quick Credit and First Phase. Our diversified product channels allows us to meet the changing needs and preferences of our customers.

Conference Call

CURO will host a conference call to discuss these results at 8:15 a.m. Eastern Time on Wednesday, February 9, 2022. The live webcast of the call can be accessed at the CURO Investor Relations website at http://ir.curo.com/.

You may access the call at 1-833-953-2430 (1-412-317-5759 for international callers). Please ask to join the CURO Group Holdings call. A replay of the conference call will be available until February 16, 2022, at 8:15 a.m. Eastern Time. An archived version of the webcast will be available on the CURO Investors website for 90 days. You may access the conference call replay at 1-877-344-7529 (1-412-317-0088 for international callers). The replay access code is 5345798.

Final Results

The financial results presented and discussed herein are on a preliminary and unaudited basis; final audited data will be included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

(CURO-NWS)

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How to Start an LLC in Washington State https://orland-ca.com/how-to-start-an-llc-in-washington-state/ Wed, 09 Feb 2022 09:16:43 +0000 https://orland-ca.com/?p=1444 Most Americans have a bad credit history. Loans for bad credit are loans made to people with a bad credit history and low income. As the name suggests, loans for bad credit loans do not require good repayment records, employment verification, or collateral. Are you part of the group in the United States that has […]]]>

Most Americans have a bad credit history. Loans for bad credit are loans made to people with a bad credit history and low income. As the name suggests, loans for bad credit loans do not require good repayment records, employment verification, or collateral. Are you part of the group in the United States that has to deal with this? Don’t be concerned; we’re here to help you. Whether you’re looking to take your first bad credit loan or have been doing it for a while, this article will teach you everything about obtaining loans for bad credit . So that you can better control your financial situation.

Foremost, Loans with poor credit are available in a variety of forms and are known by a variety of names, including cash advances, payday loans, emergency loans, and so on. Because these bad credit loans do not require a credit check, they are also referred to as no credit check loans.

An emergency loan refers to a quick receiving of money, usually within 24 hours. People take it to fulfill their emergency requirements or something to cover up for an emergency they suspect in near future. Similar to most of the loans, loans for bad credit are also offered on interest and require some terms and conditions to be fulfilled.

What are loan-lending platforms?

A loan-lending platform is a website where lenders and borrowers interact. These websites, referred to as loan-lenders, are only intermediaries between lenders and borrowers. These websites allow you to negotiate with the lenders and select one that best meets your needs.

FundsJoy: The Best Online Bad Credit Loan Provider

FUNDSJOY is the ideal poor credit loan business for people with bad credit.

FundsJoy is one of the most dependable bad credit loan providers in the United States. It’s a widely held misconception that FundsJoy is a direct Payday lender. It’s simply a platform that connects borrowers to lenders.

Characteristics of FundsJoy

  1. Wide Network of Active Lenders

The net is full of sites that provide loans to individuals who need them. The loan-lending platform serves as a link between borrowers and lenders, therefore the more lenders there are on a website, the easier it will be for you to obtain money whenever you require it. That’s where FundsJoy shines.

FundsJoy offers a wide range of options to choose from when arranging your emergency loan. Over 60 lenders provide various variable term and condition loans, ensuring that your urgent funding needs are met as soon as they arise. FundsJoy has established a list of minimal requirements for prospective customers. You must be at least 18 years old, a US citizen, have an annual income of at least $800 per month, and have a bank checking account. Aside from that, lenders have their own criteria for eligibility that you must meet in order to receive a loan from them.

  1. Simple process

Customers across America adore the simple-to-use FundsJoy platform, which is why it’s the greatest platform for bad credit loans. Their application procedure is straightforward to comprehend and takes 5 to 10 minutes to complete. This is a crucial consideration since most individuals apply for emergency loans when they have little time to spare on lengthy application forms that need significant time and concentration. Finally, applying for a bad credit loan on FundsJoy is as simple as it gets. All you need is an internet connection and your application will be complete in 10 minutes.

  1. Loan Limits

They provide a variety of bad credit financing, starting at $5,000 and going to $35,000 on their website, FundsJoy. They link them with over 60 lenders who can assist you in a variety of ways. Typically, FundsJoy provides small sums ranging from $300 to $500.

Your loan amount rises, which affects the terms and conditions. Because of the expansion in the loan sum, the terms and conditions become more rigid and difficult to fulfill. FundsJoy is not involved. They simply function as a link between you and the lender. As a result, you must discuss these topics with your lender.

  1. Variety of Loans

There are many lending options on FundsJoy. The most popular include payday loans, bad credit loans, and cash advances.

Payday loans are typically the most simple and easiest to get. However, because they have such a high-interest rate, it’s best to avoid them unless absolutely required.

Cash advances are another form of financial aid that allows you to receive cash rather than having your money transferred to your bank account. People who do not have access to their bank account in an emergency frequently take them.

Bad credit loans are the most popular sort of loan taken every year, and they’re frequently taken by individuals in serious financial binds. They have few or no requirements to fulfill, which is why they are so popular.

Why Choose FundsJoy?

With so many alternatives accessible these days, why is FundsJoy the finest of them all? Why is FundsJoy the most reputable loan lender in the market today? What are the policies followed by FundsJoy as a bad credit loan provider? To answer these questions and everything you need to know about, keep reading since we’ve outlined some of the major reasons FundsJoy should be your first choice whenever you need a loan for bad credit.

  1. Trusted Reputation

Consider how often you conduct internet shopping. What’s the first thing you check out when trying a new brand? In most cases, it’s the reviews section. Customer feedback is important for any business to succeed, and FundsJoy isn’t exempt. They give excellent services while prioritizing customer happiness. Customers, in exchange, provide positive reviews that are key.

  1. Flexible terms and conditions

FundsJoy has a minimal set of requirements that allows almost everyone to access financial help. You must also know the lender’s policies and conditions after meeting your criteria. Because FundsJoy features over 60 lenders, it enables you a lot of freedom in selecting one with simple terms and conditions to fulfill.

  1. Quick Funds Transfer

For many loans, such as mortgages and credit cards, FundsJoy guarantees prompt payment transfers, allowing you to receive money as soon as possible. Since emergency loans are required urgently, customers of FundsJoy appreciate the quick approval and transfer procedure.

  1. Transparency

FundsJoy ensures you are aware of all things related to bad credit loan borrowing at all times. They never charge hidden fees and make certain that you receive the most out of your arrangements.

Things to Remember about Emergency Loans

Although online loan lending is considerably more beneficial and simpler than traditional lending, it has certain restrictions. Here are a few things to keep in mind while applying for internet emergency loans:

  1. FundsJoy is not a lender or broker, so it cannot guarantee that you will find a loan. They are not actual lenders or brokers, so if you don’t locate a suitable lender, they can do little about it. As a result, make sure you have a backup plan in mind and keep in mind that you may have to meet your requirements to find a lender.
  2. Secured loans are backed by property and have a lesser APR than unsecured ones. However, if you do not repay the loan on time, you risk losing your belongings.
  3. Not all lenders may operate in your state. As a result, double-check that the lender you’re considering will move funds in your area before deciding.

How to Spot the Best Bad Credit Loan Lender?

You may apply for a loan on FundsJoy by searching for and applying to a variety of lenders in multiple states of the United States. These lenders provide loans with varying terms and conditions. So, which lender should you choose? What are the differences between a genuine and phony lender? Stick around because we’ll be here to assist you in selecting the finest.

  1. Positive Customer Reviews

When you’re looking for a lender, monitor their customer feedback section. You’ll discover the lender’s overall performance, as well as what sorts of loans they provide and how quickly they respond.

  1. Negotiable terms and conditions

Lenders who don’t take your requirements into account are not genuine. They’re more than happy to go over their terms and conditions. In certain cases, they prepare them to change. If a lender is unmindful of these limitations and fees connected with the loan, you will probably encounter problems in the future.

  1. Payment transfer methods and timing

Loans for emergency purposes are needed quickly. Some patients may need to pay their hospital bills, while others may want to stock up on school supplies. As a result, you should always look for a lender that can transfer the money as soon as possible. The payment method they’re using should be convenient for you. You should discuss the timing and the payment method with a lender before finalizing a deal.

  1. Clear and concise about charges

There are many costs involved with a loan, such as interest rate, processing fee, and so on. Always pick a lender that has made these figures obvious and concise. If you’re confused about anything, talk to them ahead of time. If a lender will not explain the overall loan amount in specifics, he or she is more inclined to charge you.

What does a Genuine Lender Ask From the Borrower?

When taking out a standard loan, a lender is primarily concerned about your credit score. They want to know what your credit score is in order to assess your financial stability. However, with a bad credit loan , a lender’s opinion of your credibility is based on the credit score, which isn’t significant because it’s obvious that the credit score isn’t good enough. So, how does a lender assess your trustworthiness? How do they get an estimate of your financial status? And what makes them confident in your loan repayment? By requesting a variety of papers that may help them better understand your financial position. Keep the following documents prepared ahead of time to avoid delays in your loan approval. Continue reading to learn what these papers are and why they’re needed:

  1. Proof of Income

Lenders want to make sure you will repay the loan on time. They may request documentation of your income as a way of making this assurance. Payslips, W-25 forms, 1099s, and tax returns documents are all acceptable. Your lender may want to see your bank statements in order to analyze your spending and monthly budgeting. Keep in mind that lenders are well-versed in this area and can make a lot of judgments based on your bank statement.

Last, in certain cases, your lender may also ask for your employer’s contact information to take feedback on your performance and maybe to confirm your employment there. You can get all these documents from the Human Resource Department of your organization.

  1. Proof of Identity

Lenders want to make sure you are a US citizen with a good credit score. They also need this information to confirm that you don’t have any criminal convictions. A national identity card, passport, or driver’s license can all be used as proof of identification. In some situations, the lender may request utility bills instead of just a bank statement.

  1. Loan purpose

Although this might not be something that everyone likes to do, it is usually a good idea to provide the lender with your reasons for borrowing. It allows the lender to grasp your emergency and develop and offer targeted towards your needs. For example, if you’re taking out a loan to pay your registration fee, you may show them the challan form; however, if you want to pay hospital bills, you can show them those receipts. It’s critical to be honest with the lender about your needs so you can get the greatest possible offer.

Get your documents ready. What to do next?

After you’ve gathered these documents, you’re ready to go, apply for a loan for bad credit right away! To do that, begin looking for a lender. Remember how we advised you to review their feedback and terms and conditions when selecting a lender? After that, a few lenders negotiate the fees and terms with them. Finally, select a lender who is giving you the best offer. When looking for a loan, choose a lender who does not perform harsh credit checks. It will not harm your credit score, so don’t be concerned.

After you submit an application or complete a transaction, they subject your credit to a rigorous check. Keep in mind that hard credit checks have a detrimental effect on your credit score. To prevent wasting time, you should have the mortgage refinancing done only when you are confident that you will deal with that lender. Finally, read the terms and conditions once more before signing a contract to ensure that you will keep your loan payments on time.

  1. What is a bad credit score according to FICO?

According to FICO, a credit score of 600-660 is good enough. However, in order to maintain your credit score fair in the long term, strive for a much higher score than this since even a point below 600 would be considered an extremely poor credit score.

  1. Should you avoid payday loans?

Payday loans are very easy to get and do not require a good credit score.They are available at exorbitant interest rates and the conditions are frequently disadvantageous to you in the long run. The APR ranges from 300% to 400%, and the fees involved with them are equally scandalous. As a result, we recommend you avoid taking a payday loan unless it is absolutely required.

Some lenders try to persuade you into a payday loan without first informing you of the option. They do this in order to take advantage of the high-interest rates. However, based on the following indicators, you should be able to tell whether a payday loan is legitimate:

  1. Loan amount is small
  2. Repayment schedule is short
  3. APR is high

These are the most common indicators of payday lending, and if you notice them, let your lender know you do not want to take out a payday loan.

3. Where to get a bad credit loan in America?

FundsJoy is the greatest site to take a no credit check loan if you’re a US citizen over 18 years old. Their quick customer care and an enormous network of lenders will ensure that your experience with them is pleasant.

  1. What is the Annual Percentage Rate (APR)?

The Annual Percentage Rate (APR) is the interest rate you must pay each year on a loan. It incorporates both the nominal interest rate and any fees relating to the loan. The APR is determined by your loan’s type. Personal loans and installment loans have interest rates that range from 4.99% to 450%. The interest rate on a personal loan can be anything between 4.99 percent and 450%, while an installment loan may have an interest rate of 6.63 percent to 225%.

The APR you must pay is not based on the amount of money you make. It is determined by your lender, and you are completely free to negotiate it with him. It depends on several criteria, including your credit score, monthly income, credit history, and other information supplied by your lender.

Online bad credit loan lending is not rocket science if you know every aspect of it. After reading our comprehensive guide on bad credit loans, we hope you are now well-informed enough to get a loan when you need it and that any concerns caused by these loans may be resolved. Simply keep in mind to select a lender carefully and pay back your loan on time!

=> Visit the FudsJoy.com Official Website Now To Apply For a Loan!

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ORIX : Reports Consolidated Financial Results for Q3 FY2022.3 https://orland-ca.com/orix-reports-consolidated-financial-results-for-q3-fy2022-3/ Wed, 09 Feb 2022 09:16:38 +0000 https://orland-ca.com/?p=1465 Consolidated Financial Results April 1, 2021 – December 31, 2021 February 7, 2022 In preparing its consolidated financial information, ORIX Corporation (the “Company”) and its subsidiaries have complied with generally accepted accounting principles in the United States of America. These documents may contain forward-looking statements about expected future events and financial results that involve risks […]]]>

Consolidated Financial Results

April 1, 2021 – December 31, 2021

February 7, 2022

In preparing its consolidated financial information, ORIX Corporation (the “Company”) and its subsidiaries have complied with generally accepted accounting principles in the United States of America.

These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission.

The Company believes that it may have been a “passive foreign investment company” for U.S. federal income tax purposes in the year to which these consolidated financial results relate by reason of the composition of its assets and the nature of its income. In addition, the Company may be a PFIC for the foreseeable future. Assuming that the Company is a PFIC, a U.S. holder of the shares or ADSs of the Company will be subject to special rules generally intended to eliminate any benefits from the deferral of U.S. federal income tax that a holder could derive from investing in a foreign corporation that does not distribute all of its earnings on a current basis. Investors should consult their tax advisors with respect to such rules, which are summarized in the Company’s annual report.

For further information please contact:

Investor Relations and Sustainability Department ORIX Corporation

World Trade Center Bldg., SOUTH TOWER, 2-4-1Hamamatsu-cho,Minato-Ku, Tokyo, 105-5135

JAPAN

Tel: +81-3-3435-3121 Fax: +81-3-3435-3154

E-mail: orix_corpcomm@orix.jp

Year-on-Year

Change

December 31, 2021175.17174.98

December 31, 2020114.27114.17

*Note 1: Unless otherwise stated, all amounts shown herein are in millions of Japanese yen, except for Per Share and dividend amounts, which are in single yen.

(2) Performance Highlights – Financial Position (Unaudited)

Basic

Earnings Per Share

Diluted

Earnings Per Share

48.8%

(41.9%)

Total

Revenues

Operating

Income

Year-on-Year

Change

Year-on-Year

Change

Year-on-Year

Change

Year-on-Year

Change

Income before Income Taxes

Net Income

Attributable to

ORIX Corporation

Shareholders

December 31, 20211,868,11312.2%282,11945.6%316,68951.1%211,341

December 31, 20201,665,694(3.0%)193,703(18.2%)209,581(40.2%)142,015 “Comprehensive Income Attributable to ORIX Corporation Shareholders” was ¥268,097 million for the nine months ended December 31, 2021 (year-on-yearchange was a 107.0% increase) and ¥129,493 million for the nine months ended December 31, 2020 (year-on-yearchange was a 43.1% decrease).

(millions of yen)*1

1. Performance Highlights as of and for the Nine Months Ended December 31, 2021

(1) Performance Highlights – Operating Results (Unaudited)

Head Office:

ORIX Corporation

Tokyo Stock Exchange (Securities No. 8591) New York Stock Exchange (Trading Symbol: IX) Tokyo JAPAN

Tel: +81-3-3435-3121

Corporate Name: Listed Exchanges:

Consolidated Financial Results from April 1, 2021 to December 31, 2021

(U.S. GAAP Financial Information for ORIX Corporation and its Subsidiaries)

Total

Total

Shareholders’

Shareholders’

Assets

Equity

Equity

Equity Ratio

December 31, 2021

14,091,160

3,244,765

3,147,960

22.3%

March 31, 2021

13,563,082

3,103,144

3,028,456

22.3%

*Note 2: “Shareholders’ Equity” refers to “Total ORIX Corporation Shareholders’ Equity.”

“Shareholders’ Equity Ratio” is the ratio of “Total ORIX Corporation Shareholders’ Equity” to “Total Assets.”

2. Dividends (Unaudited)

First

Second

Third

Year-end

Total

Quarter-end

Quarter-end

Quarter-end

March 31, 2021

35.00

43.00

78.00

March 31, 2022

39.00

March 31, 2022 (Est.)

39.00

78.00

*Note 3: The annual dividend per share is planned to be an amount that a dividend payout ratio is computed at 33%, or the amount of 78 yen, whichever is higher. In the above, the minimum dividend has been stated. For details of dividend forecast for the fiscal year ending March 31, 2022, please refer to “Notice Regarding Revision of Consolidated Earnings Forecast and Dividend Forecast for the Fiscal Year Ending March 31, 2022” announced on December 17, 2021.

3. Forecast for the Year Ending March 31, 2022 (Unaudited)

Net Income

Attributable to

ORIX Corporation Shareholders

March 31, 2022310,00061.1%

*Note 4: Although forward-looking statements in this document are based on information currently available to ORIX Corporation and are based on assumptions deemed reasonable by ORIX Corporation, actual financial results may differ materially due to various factors. Readers are urged not to place undue reliance on such forward-looking statements.

Factors causing a result that differs from forward-looking statements include, but are not limited to, those described under “Risk Factors” in our Form 20-F submitted to the U.S. Securities and Exchange Commission.

4. Other Information

(1)

Changes in Significant Consolidated Subsidiaries

Yes

(

)

No

(

)

Addition – None (

)

Exclusion – None (

)

(2)

Adoption of Simplified Accounting Method

Yes

(

)

No

(

)

(3)

Changes in Accounting Principles, Procedures and Disclosures

1.

Changes due to adoption of new accounting standards

Yes

(

)

No

(

)

2.

Other than those above

Yes

(

)

No

(

)

*Note 5: For details, please refer to “2. Financial Information (6) Changes in Accounting Policies” on page 14.

  1. Number of Issued Shares (Ordinary Shares)
  1. The number of issued shares, including treasury stock, was 1,285,724,480 as of December 31, 2021, and 1,285,724,480 as of March 31, 2021.
  2. The number of treasury stock was 90,361,337 as of December 31, 2021, and 66,231,916 as of March 31, 2021.
  3. The average number of outstanding shares was 1,206,467,458 for the nine months ended December 31, 2021, and 1,242,764,847 for the nine months ended December 31, 2020.
    The Company’s shares held through the Board Incentive Plan Trust (2,142,248 shares as of December 31, 2021 and 2,154,248 shares as of March 31, 2021) are not included in the number of treasury stock as of the end of the periods, but are included in the average number of shares outstanding as treasury stock that are deducted from the basis of the calculation of per share data.

1. Summary of Consolidated Financial Results

  1. Financial Highlights

Financial Results for the Nine Months Ended December 31, 2021

Nine months

Nine months

Change

ended

ended

December 31, 2020

December 31, 2021

Amount

Percent

Total Revenues

(millions of yen)

1,665,694

1,868,113

202,419

12 %

Total Expenses

(millions of yen)

1,471,991

1,585,994

114,003

8 %

Income before Income Taxes

(millions of yen)

209,581

316,689

107,108

51 %

Net Income Attributable to

(millions of yen)

142,015

211,341

69,326

49 %

ORIX Corporation Shareholders

Earnings Per Share (Basic)

(yen)

114.27

175.17

60.90

53 %

(Diluted)

(yen)

114.17

174.98

60.81

53 %

ROE (Annualized) *1

(%)

6.4

9.1

2.7

ROA (Annualized) *2

(%)

1.43

2.04

0.61

*Note 1: ROE is the ratio of Net Income Attributable to ORIX Corporation Shareholders for the period to average ORIX Corporation Shareholders’ Equity.

*Note 2: ROA is calculated based on Net Income Attributable to ORIX Corporation Shareholders.

Overview of Business Performance (April 1, 2021 to December 31, 2021)

Total revenues for the nine months ended December 31, 2021 (hereinafter, “the third consolidated period”) increased 12% to ¥1,868,113 million compared to ¥1,665,694 million during the same period of the previous fiscal year due to increases in services income, operating leases revenues, sales of goods and real estate, and gains on investment securities and dividends.

Total expenses increased 8% to ¥1,585,994 million compared to ¥1,471,991 million during the same period of the previous fiscal year due to increases in services expense, costs of operating leases, costs of goods and real estate sold, and selling, general and administrative expenses.

Equity in net income (loss) of affiliates increased 308% to ¥8,465 million compared to ¥2,077 million and gains on sales of subsidiaries and affiliates and liquidation losses, net increased 177% to ¥26,105 million compared to ¥9,436 million during the same period of the previous fiscal year.

Due to the above results, income before income taxes for the third consolidated period increased 51% to ¥316,689 million compared to ¥209,581 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation shareholders increased 49% to ¥211,341 million compared to ¥142,015 million during the same period of the previous fiscal year.

Segment Information

Total segment profits for the third consolidated period increased 45% to ¥350,781 million compared to the same period of the previous fiscal year.

Since April 1, 2021, a portion of interest expenses, which were initially included in the difference between segment total profits and consolidated amounts, have been charged directly to its respective segments. In addition, a portion of selling, general and administrative expenses, which were initially recorded in each respective segment, have been included in the difference between segment total profits and consolidated amounts. Furthermore, a portion of the leasing business in the Environment and Energy segment was transferred to the Corporate Financial Services and Maintenance Leasing segment. As a result of these changes, segment assets information as of March 31, 2021 and segment profits information for the nine months ended December 31, 2020 have been retrospectively restated.

Segment information for the third consolidated period is as follows:

Corporate Financial Services and Maintenance Leasing: Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and ICT-related equipment; Yayoi

Nine months ended

Nine months ended

Change

December 31, 2020

December 31, 2021

Amount

Percent

(millions of yen)

(millions of yen)

(millions of yen)

(%)

Segment Profits

50,442

71,068

20,626

41

As of March 31, 2021

As of December 31,

Change

(millions of yen)

2021

Amount

Percent

(millions of yen)

(millions of yen)

(%)

Segment Assets

1,676,063

1,637,034

(39,029)

(2)

Segment profits increased 41% to ¥71,068 million compared to the same period of the previous fiscal year. This increase was due to an increase in gains on investment securities and dividends resulting from the IPO of an investee, and an increase in operating leases revenues resulting from an increase in gains on sales of used cars in our automobile-related businesses and an increase in lending of electronic measuring instruments and ICT-related equipment in our rental business.

Segment assets decreased 2% to ¥1,637,034 million compared to the end of the previous fiscal year. This decrease was due to decreases in net investment in leases, installment loans, and investment in operating leases.

Real Estate: Real estate development, rental and management; facility operations; real estate asset management

Nine months ended

Nine months ended

Change

December 31, 2020

December 31, 2021

Amount

Percent

(millions of yen)

(millions of yen)

(millions of yen)

(%)

Segment Profits

16,575

27,861

11,286

68

As of March 31, 2021

As of December 31,

Change

(millions of yen)

2021

Amount

Percent

(millions of yen)

(millions of yen)

(%)

Segment Assets

872,095

888,077

15,982

2

Segment profits increased 68% to ¥27,861 million compared to the same period of the previous fiscal year. This increase was due to an increase in sales of real estate by DAIKYO INCORPORATED and its subsidiaries, and an increase in operating leases revenues resulting from sales of real estate under operating leases.

Segment assets increased 2% to ¥888,077 million compared to the end of the previous fiscal year. This increase was due to an increase in advances for finance lease and operating lease.

PE Investment and Concession: Private equity investment; concession

Nine months ended

Nine months ended

Change

December 31, 2020

December 31, 2021

Amount

Percent

(millions of yen)

(millions of yen)

(millions of yen)

(%)

Segment Profits

4,580

(10,243)

(14,823)

As of March 31, 2021

As of December 31,

Change

(millions of yen)

2021

Amount

Percent

(millions of yen)

(millions of yen)

(%)

Segment Assets

378,698

356,907

(21,791)

(6)

Segment profits decreased by ¥14,823 million to losses of ¥10,243 million compared to the same period of the previous fiscal year. This decrease was due to the write-down of assets to be transferred in connection with the conclusion of asset transfer agreements scheduled to be executed during the three months ending March 31, 2022 at a certain investee, as well as the write-down of inventories at a certain investee. In addition, there was a decrease in equity in net income (loss) of affiliates at our three airports in Kansai in our concession business.

Segment assets decreased 6% to ¥356,907 million compared to the end of the previous fiscal year. This decrease was due to a decrease in inventories and property under facility operations at a certain investee.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

ORIX Corporation published this content on 07 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 February 2022 06:17:03 UTC.

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Analyst Recommendations on ORIX CORPORATION

Sales 2022 2 642 B
22 853 M
22 853 M
Net income 2022 301 B
2 604 M
2 604 M
Net Debt 2022 7 154 B
61 879 M
61 879 M
P/E ratio 2022 9,76x
Yield 2022 3,41%
Capitalization 2 838 B
24 550 M
24 550 M
EV / Sales 2022 3,78x
EV / Sales 2023 3,62x
Nbr of Employees 33 153
Free-Float 92,8%


Duration :


Period :

ORIX Corporation Technical Analysis Chart | MarketScreener

Technical analysis trends ORIX CORPORATION

Short Term Mid-Term Long Term
Trends Neutral Bullish Bullish

Income Statement Evolution

Sell

Buy

Mean consensus BUY
Number of Analysts 13
Last Close Price
2 434,50 JPY
Average target price
2 588,46 JPY
Spread / Average Target 6,32%

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Best Bad Credit Loans: Top American PayDay Loans | BadCreditLoans and CashUSA | Guaranteed Online Approval : Best Emergency Loans and Installment Loans In February 2022 https://orland-ca.com/best-bad-credit-loans-top-american-payday-loans-badcreditloans-and-cashusa-guaranteed-online-approval-best-emergency-loans-and-installment-loans-in-february-2022/ Wed, 09 Feb 2022 09:16:29 +0000 https://orland-ca.com/?p=1478 Are you thinking about getting a bad credit loan ? No one would really wants a bad credit score. In life, sometimes these things have a way of sneaking up on us. There’s a wide range of reasons why someone might have a bad credit rating and this unfortunate circumstance isn’t always something you can […]]]>

Are you thinking about getting a bad credit loan ?

No one would really wants a bad credit score. In life, sometimes these things have a way of sneaking up on us. There’s a wide range of reasons why someone might have a bad credit rating and this unfortunate circumstance isn’t always something you can avoid.

What comfort it is to know that getting an emergency loan is still an option – even with a bad credit score. Being unable to get help when it’s needed can make a bad situation feel even worse. This is why a bad credit loan company with guaranteed approvals is the best option. Selecting the wrong loan company can make the problem even worse in the future.

Here’s our checklist of some of the best bad credit loan companies in America. These companies are at the top of their industry and have many positive customer reviews.

Top 2 Best Bad Credit Loan Companies with Guaranteed Approvals

  1. Bad Credit Loan – Best For Monthly Installment Loans For People with Bad Credit
  2. Cash USA – Guaranteed Instant Cash Loans With No Credit Check Required

Dating back to 1998, BadCreditLoans is one of the most experienced companies when it comes to bad credit loans. The company was started to help those with poor credit ratings get loans when they need one by matching consumers to lenders. Bad Credit Loans is an online marketplace that links borrowers to their probable lenders.

Bad Credit Loans are in connections with countless lenders that can provide guaranteed approval options. Connecting borrowers to lenders, this company can help regardless of the reason for needing the loan and regardless of your credit score.

⇒ Visit the Official Website of Bad Credit Loans

Highlights

Reputation is very important for Bad Credit Loans . They are known within the industry for their trustworthiness. There are many reasons to consider this website and we’ve listed the best features below for you:

  • You Get Up to 60 Months To Repay: Repayment can range from as little as 3 months all the way to 60 months. Some lenders do not permit this but you can choose to repay your loan in 5 years.
  • There Is A Very Fast Approval Process: This has amazed many borrowers so this fact may be amazing for you too. When your loan is approved by a lender, it can be put into your bank account as quickly as the next day! There are some requirements for it to happen this fast however, you need to respond to the loan vendor offer and follow up questions as soon as possible. There are also delays when accepting offers on non-business days such as weekends or holidays.
  • You Can Get a Loan For $10,000: Because of their outstanding online marketplace, Bad Credit Loans can allow borrowers acquire loans for up to $10,000. Not all lenders are willing to offer this much so you may get fewer loan offers due to this.
  • A Privacy Policy Made Easy To Understand: Bad Credit Loans is very open on your shared information. The website has a link on the homepage so you can read what they do with your data in an easy to understand way.

Pros

  • Very fast and easy to apply for any loan
  • Their service comes with zero fees
  • You are under no obligation to accept any of the loans
  • Bad Credit Loans provides full disclosure regarding your private and personal data
  • Industry leading educational resources

Cons

  • Not an ideal rating by The Better Business Bureau
  • If you have extremely poor credit, you may not get a loan above $1000
  • Lenders have been know to call borrowers directly
  • The software does not allow an easy way to compare multiple loan offers
  • Some loans come with high APR rates

CashUSA has earned a reputation of being one of America’s most trusted bad credit loan providers. They were able to achieve this by having an easy approval process with guaranteed approval options. Contrary to other online loan marketplaces, CashUSA also works with smaller third-party lenders, state lenders and tribal lenders.

The application process with CashUSA is generally a bit longer versus other lenders. However, the service is just as fast as the others depending on how quickly you respond to the loan offer and any questions from the lender. It’s a good thing that CashUSA only shares your information to applicable payday lenders so not all lenders have access to your data.

⇒ Visit the Official Website of CashUSA

Highlights

The CashUSA website is rich with resources on bad credit loans and emergency loans. They aim to teach their clients. It is very easy to see why CashUSA has such a good reputation within the industry.

  • There Are No Credit Restrictions: There are no restrictions when it comes to using the CashUSA platform, in that if you have bad credit, you are treated just the same as someone with good credit. You can still access the platform. This means those with bad credit or poor credit ratings won’t be rejected purely because of their credit score. The website uses different requirements instead and you need to meet those to use the website.
  • Absolute & Full Personal Data Disclosure: With CashUSA , this is absolutely FREE. Their website is also open about how they share your personal information with other companies. The company explains how they use and sell your data in an easy to understand way. Unlike many other credit websites, CashUSA is open about how they sell your data and who they sell it to.
  • Industry Leading Educational Center: CashUSA has put together an outstanding blog which consists of instructional materials on bad credit loans and emergency loans. Educational resources on this website provide essential information about a range of topics relating to loans including covering commonly asked questions and common concerns

How We Made This List For Getting Online Loans From Bad Credit Loan Companies

When we first started our research, we decided that we would focus on the bad credit loan companies with the strongest reputations. There are a lot of online loan companies now and selecting the right one is more difficult than ever. Many recent companies are coming out and with the help of SEO, these companies are the lead searches regardless of any reviews or clients.

As we are proceeding with our research, we have deleted those lenders not offering guaranteed approvals. After this, we looked at their services, personal loan options, loan terms and the company themselves. We first removed any companies that didn’t seem legit or particularly trustworthy to make sure the options on our list were good lenders.

After we removed bad credit loan companies that did not offer guaranteed approvals. We then started to remove other bad credit loan lenders with other variables that we did not like. We started taking the company offerings into account, their popularity and customer reviews. There are so many options but we think we have them all!

What Is Our Main Focus With Bad Credit Loan Companies?

We looked at a lot of variables as we were conducting our research. For reasons of transparency, see below the full list of things we have reviewed. Here’s what we looked for in a bad credit loan company with guaranteed approvals:

  • Their rates offered
  • Fees or no fees?
  • Is it an easy approval process?
  • Credit restrictions
  • How and when borrower information is sold
  • How useful the website is to consumers even if they don’t intend to take a loan
  • The brand’s overall reputation
  • Customer reviews – are they positive or negative?

What Borrowers Need To Know About Instant Loans Approval

Emergency loans are becoming easier to get. Loans are now available from a wide range of online businesses that are willing to provide loans to those who need them. Even those with bad credit scores.

When using an online loan marketplace, there’s a lot to consider. They make the loan process smooth and easy rather than applying to individual companies. When looking at each company, you need to fill out multiple forms and wait for them to accept or decline your request. Using online loan marketplaces such as the ones on this list means you only need to fill out one form and wait for a loan vendor to get in touch with you.

Here Are The Things You Need To Know About Getting A Bad Credit Loan

When looking to get a bad credit loan, there are many factors you need to consider. If you have decided to use the online lenders, then it will be beneficial for you because you can easily review their company and their loan options – all through their online platforms. This is especially important when you’re looking to get a bad credit loan .

FICO has minimum credit score requirements. Whenever you get a bad credit loan, your lender may adhere to FICO’s guidelines in some cases. Fair Isaac Corporation (FICO) is a respected analytic company that recommends the minimum credit score criteria to be at least 620.

Checking your credit means reviewing both your credit history and the credit score background. The reason they do this is to see your past history of loans and repayments,

Your debt-to-income ratio is a very important consideration. A lot of lenders are inclined to approve borrowers with stable income rather than those who are self-employed and other workers who don’t meet that criteria. However, having a regular income proves that repayments can be made in a timely and punctual manner which is important to loan vendors.

There may be some lenders that follow strict guidelines in making sure that your ratios are where they need to be. For example, they may set an income limit per annum for the borrower to ensure you can pay back the loan. This is not the case for all lenders but they will absolutely check your monthly income to see whether you have the ability to repay your loan.

Another way for you to still get a loan is by getting a cosigner in case you’re not able to meet other criterias. Having a bad credit loan co-signer means that you can benefit from their credit and income so you can better negotiate with a lender.

Doing this can also provide you with a loan at a lower interest rate and your co-signer is liable to pay on your behalf if you fail to make a repayment. The lender will also review your co-signer’s requirements and check their ability to repay your loan if you’re unable to pay for any reason.

When you are about to get a bad credit loan, it is important to check the interest rate. Getting the best interest rate is your best bet in acquiring a bad credit loan with guaranteed approvals. Comparing the minimum interest rates is a must to find the best one. However, this depends on your credit score.

Terms and Conditions For Bad Credit Loans

You get an offer directly from the lender once they have agreed to provide you with a loan. This loan offer will outline your loan information such us the terms and conditions, loan amount and the APR.

Very important – carefully read the loan conditions before you decide to continue. It would be best to read through it multiple times. This ensures you don’t miss anything that might be important to you later such as any additional fees, cancellation requirements and more.

Other Charges For Bad Credit Loans

Your lender may apply other applicable fees or other additional charges on your loan.

Check out those extra fees that might apply to you at some point:

  • Commencement of the loan
  • If you pay in advance
  • Late Payments
  • Bounced Checks – this is a big one
  • Inadequate Funds – watch out for this
  • Processing Fees

Fees are anywhere from 1% to 6% of the bad credit loan. Some of the lenders offer to adjust any origination fees on the loan. The origination fee can vary according to the lender and the state you live in. Some lenders will give you an additional 10 – 15 days for payments before charging any late fees. Late fees can also vary a lot, most of them will be between $15 – $30 though some lenders might not charge additional late fees too.

Here Is How To Get A Bad Credit Loan with Guaranteed Approval Straight To Your Bank Account

Get this – a loan is still possible even with bad credit scores. There are a few things you can do to improve your chances of getting the best loan possible. With this step by step guide, we intend to help you get the best possible loan offer.

Do this now – request for a copy of your updated credit report. Take a close look at it to spot any points that need to be improved to help boost your credit score. There are things to can do without needing to repay loans to improve your situation. It’s a good idea to get some free Credit Score advice before taking out a bad credit loan to give you the best possible chance.

Upon loan application, your lender will review your credit information and it will reveal to them if you can repay your loan.This isn’t all they’ll look at, however.

In preparation of applying for a loan, make sure to review your credit report 3 months before. It is a good practice because it will allow you time to sort out any disputes that might be on your credit report. Doing this will take at least 30 days so doing this ahead of time is the best thing you can do.

Once you know how big of a loan you need, you can start to make a practical plan to make sure all the repayments are made in time. Doing this early means you can start to make a new budget so you can afford the loan payments in addition to your other essential expenditures. If you think there might be trouble in the future, you may choose to acquire a lower loan amount instead.

A long term loan may mean a higher interest rate. However, it is also true that your payments will be lower, since your loan is amortized over a longer period of time. This would be true in some cases.

You should always be aware of this fact. When you are getting a bad credit loan – make sure you review all information in detail. Those applying for bad credit loans were usually offered bad interest rates so a need to check each offer is a must. When using one of the websites listed above, you will receive various offers and you don’t need to accept any of them if you feel you can get a better one. The lenders who offer pre-approvals can be a good option since they don’t do a detailed credit union investigation before sending you their terms and interest rate.

Look out for different lenders and different offers. Doing this will make it easier for you to find the right loan offer for you and the one that best suits your needs.

When you sign your loan contract, you are promising to make your payments on time. Doing this will prevent any penalties from being applied to you, help you avoid late fees and improve your overall credit score. Not paying your loan will mean accumulated interest rates, higher loan amount to repay plus a sure hit on your credit score.

Make a financial plan on how to repay your loan on time along with the cost of your personal expenses.

When Should You Not Take A Bad Credit Loan?

Choosing to get a bad credit loan for some people may feel it’s their best course of action. When people take out a bad credit loan – they often feel that this is their last resort. It’s possible to be misled by advertising and take out a loan when you don’t need to. If you’re thinking about taking out a loan but it’s not necessary then it’s a bad idea.

See below the cases where acquiring a bad credit loan is not needed:

  • You want to use the loan for non-essentials (ie: vacation, new car, clothes)
  • If you are not sure you can pay it back
  • You want to improve your credit rating
  • You want to pay off a different loan with a new loan

What Are Some Alternatives To Bad Credit Loans?

If you have bad credit, you might be unable to get a loan from conventional, main stream lenders. In this instance, utilizing the online lenders we have listed above may provide you with an opportunity to connect with the lenders who will provide you financial assistance in your time of need.

Check out some other options you can try first depending on your circumstances.

Request from your employer a payment advance. They might also be willing to give you extra hours to help you earn more or might be able to help put you in situations to earn more money at work.

It can be helpful to you if you ask your family or friends for money in a time of need. Draw up a contract including repayment schedule, interest rates and any other loan details. Treat it like a loan from a typical money lending company.

There are cases where your friends and relatives may choose to accept repayment by forms of service instead of cash. For example, painting rooms in their house or giving them some of your homegrown vegetables. Negotiate with them if this is the case to ensure you’ve both got a fair deal out of the arrangement.

Non-repayment may lead to a possible break in your relationship.

This is always an alternative. You can sell some of your belongings in order to get some cash fast.

If you are skilled at something then think about monetising your skills. This could mean offering to do some kind of work for your family, friends and neighbours that you’re good at. If you’re good at sales, offer to help them with a big garage sale for a percentage of the profit. You can suggest repayment by cooking or selling food, assembling desktop computers or give some skill-based classes.

Conclusion: Which Is the Best Bad Credit Loan?

Online money lending platforms are recent and a great boost in the lending industry. Contrary to conventional lenders that require a lot of written applications, in-office or in-person meetings, and endless investigations, these platforms allow you to get funds transferred to your account in a matter of 24 hours without any hassle.

These platforms will absolutely aid in rebuilding your credit by way of sending your timely monthly payment report to credit bureaus.

So based on our review, BadCreditLoans and CashUSA are two of the online leading emergency loan providers because they will aid you in applying for an emergency loan with guaranteed approval.

We appreciate your time checking out to review this article. Please be sure to hit the BadCreditLoans and CashUSA official websites for those emergency loan options. They are fast and professional. Get your emergency loan today!

=> Visit the BadCreditLoans Official Website For More Information

=> Visit the CashUSA Official Website For More Information


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2022’s Best Emergency Loans For Bad Credit: Top 4 Direct Payday Lenders For Bad Credit Loans & Payday Loans With No Credit Check| Get Fast Cash & Quick Approval Installment Loans With Guaranteed Approval https://orland-ca.com/2022s-best-emergency-loans-for-bad-credit-top-4-direct-payday-lenders-for-bad-credit-loans-payday-loans-with-no-credit-check-get-fast-cash-quick-approval-installment-loans-with-guarante/ Wed, 09 Feb 2022 09:16:24 +0000 https://orland-ca.com/?p=1481 A bad credit score can truly put you in the worst financial situation. Once you are in that category, you’re seen as a high-risk individual to lend to. As a consequence, you have a host of issues to contend with; very high-interest rates, security deposits, short repayment terms, and much else is what you can […]]]>


A bad credit score can truly put you in the worst financial situation. Once you are in that category, you’re seen as a high-risk individual to lend to. As a consequence, you have a host of issues to contend with; very high-interest rates, security deposits, short repayment terms, and much else is what you can expect with bad credit.

Naturally, if you’re trying to avail of emergency loans, you must already be in a financial emergency. In such situations, additional stress isn’t what you’re after – but it’s all you seem to be landing yourself in. Lenders are there to help consumers with all credit scores whenever they require rapid cash. Some of the most crucial elements to consider when looking for emergency loan lenders are how much the loan will cost, the conditions you can acquire, and how soon you can apply and get funded.

Luckily, there are solutions for people like you. In this article, we’ve put together a list of the top lenders for emergency loans with bad credit out of the hundreds out there. We’ll tell you why we think they’re the best, what they offer, the pros and cons, and other general information when it comes to getting a loan.

So what are we waiting for? Let’s get to it!

Top 4 Sites For Bad Credit Loans With Guaranteed Approval On The Market:

After analyzing many lenders and their strengths and weaknesses, we’ve come to the companies on this list. If you’re struggling to find a loan with your credit score, these are legitimate lenders that you can go to if you’re struggling.

  1. Money Mutual— Overall Best Online Lender For Bad Credit Loans With Guaranteed Approval, Editor’s Pick
  2. Bad Credit Loans – Best Emergency Loans For Bad Credit Borrowers Online
  3. Cash USA – Popular Same Day Loans With Instant Cash Approval
  4. Personal Loans – Best For Unsecured Personal Loans With No Credit Check

#1. Money Mutual – Overall Best Online Lender For Bad Credit Loans With Guaranteed Approval, Editor’s Pick

Money Mutual is an online marketplace that connects the borrower to the lender. While the website has some basic requirements such as being 18 and having a checking account, its strictest requirement is that it asks borrowers to have 800$ in monthly income. The application process here is significantly simple, with some basic questions that need to be filled.

There’s no cost for Money Mutual’s services, and it doesn’t ask you to do a credit check either. This is a plus point because a hard credit check reflects badly on the borrower’s credit report. Money Mutual has other ways of checking your credit.

These are things like the monthly income requirement, your past payment history, and other details about your financial history to measure how creditworthy you are.

As for where its services are available, you can find Money Mutual in every state except New York and Connecticut.

Money Mutual is quite a legitimate website, with over 3,400,000+ verified reviews on Consumer Affairs.

Money Mutual follows a simple and relatively quick process. Once you fill in the application and provide the relevant details, it connects you to its network of lenders. Money Mutual has over 60+ lenders that work with individuals with bad credit. These lenders will then review your case, and you will be paired with one accordingly. Money Mutual informs the borrowers that the lenders it connects them with may have terms and conditions of their own, and the loan borrowers may receive depending on their independent qualifications.

Money Mutual focuses on short-term loans, so if a payday loan, personal loan, or anything similar to that is what you’re looking for, this is a good website to opt for.

Money Mutual focuses on bad credit loans, so it’ll pair you with lenders that accept poor FICO scores below 600. However, the website isn’t responsible for the interest rates and other details of the loan. These change from lender to lender.

Money Mutual is renowned for its speed. With its extensive network of lenders and the easy online process, borrowers can expect funds in as little as a day. For this reason, it’s at the top of our list for emergency loans with bad credit. In a tight situation, fast funds are what you’re looking for.

Highlights

  • Fast service
  • Specializes in bad credit
  • A very good option for short-term loans, these are easier to process and quicker to fund, which is why Money Mutual usually gets their borrowers the money quickly
  • No costs for their services
  • Many verified reviews

Pros

  • Many kinds of short-term loans are available, such as payday loans, advancements, installment loans, and more
  • Part of the Online Lenders Alliance
  • No credit check
  • Connects you to lenders very fast

Cons

  • High monthly requirement of $800
  • Not available in New York and Connecticut, and only available in the USA

⇒ Visit the Official Website of Money Mutual

#2. Bad Credit Loans – Best Emergency Loans For Bad Credit Borrowers Online

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Established in 1998, making it one of the oldest online marketplaces on this list, Bad Credit Loans is another online platform that connects the individual and the lender. Compared to Money Mutual, the requirements are a lot more relaxed on this platform.

To apply for the services of Bad Credit Loans, you need to be 18, have a bank account, provide your Social Security Number, and your residency as well as proof of citizenship. There’s no monthly income requirement, which makes it a lot more accessible regarding who can apply. Although there is no minimum credit score requirement for this brand, it does charge high rates and origination costs.

The overall process is similar to Money Mutual, and you need to fill out a simple process that takes a few minutes to cover. Once this is down, it’ll immediately run your case against its network of lenders. In a while, you’ll have lenders willing to work with your case based on your credit score.

It’s important to note that Bad Credit Loans are also not responsible for the individual terms of the lenders. These are very situational and are decided by the lender and your credit score.

At Bad Credit Loans, you can expect loans from $500 to $10,000. The services of Bad Credit Loans are completely free of cost.

On top of that, all the loans offered at Bad Credit Loans are unsecured. Unsecured loans mean that you won’t have any collateral if you fail to repay the loan. None of your belongings will be at risk.

There’s a lot of variety in terms of loans, and you can get:

  • Mortgages, which are property-based loans.
  • Business Loans, which are for any business-related endeavor.
  • Auto Loans, specifically for any expenditure related to vehicles.
  • Student Loans, which are for university fees and the like.
  • Personal Loans, which are for any personal purchases.
  • Debt consolidation loans, which fuse multiple loans into one loan with a lower interest rate.
  • As you can see, the variety in terms of loans is high here to cater to any emergency.

As the name implies, this website specializes in bad credit and pairs you with lenders who work with bad credit individuals. If you have a low FICO score rating and need cash urgently, this is a website for you. They offer their services in every state as well.

However, one thing to note is that personal loans usually cap out at $5,000 for people with bad credit.

Highlights

  • An experienced platform. It’s been around for quite a long while
  • Very fast funding speed
  • A diverse selection of loans
  • More relaxed requirements
  • Available in every state
  • Free service

Pros

  • All loans are unsecured
  • One of the few places to offer debt consolidation loans
  • Good reviews on multiple websites
  • Good for short-term loans needed in an emergency
  • Easy and accessible application process

Cons

  • Not accredited by the BBB
  • High APR rates
  • The website can be a bit misleading. It says it offers up to $10,000, but personal loans tend to max out at a much lower amount

⇒ Visit the Official Website of Bad Credit Loans

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Established in 2015 by bringing together various lenders, Cash USA is an online platform specializing in lending to individuals with bad credit.

This website specializes in two things: dealing with bad credit and peer-to-peer borrowing. Peer-to-peer borrowing refers to a process that lets individuals borrow from other people directly. Cash USA deals with all kinds of credit, whether you have no credit, poor credit, or fair credit.

The online process is just as simple and quick here as it is in the previous two, and once your information has been recorded, they will forward it to a list of lenders willing to work with your case and credit score.

Cash USA also will only do a soft credit check of your credit report. This doesn’t negatively impact your credit score and won’t appear on your report.

Cash USA has some requirements that are a bit stricter than the sites mentioned on this website. It requires you to be a US citizen, be 18+, have a checking account and provide your phone number; which all seem like basic requirements, but the strict one is the $1,000 monthly income requirement. But, that is after taxes and can be hard to meet for some borrowers.

The loan terms offered at Cash USA are between 3 to 72 months, but this can vary from lender to lender. The APR is 5.99% to 35.99%.

At Cash USA, you can get debt consolidation loans, mortgages, personal loans, medical loans, and auto loans. With a large selection of loans, and a high limit ranging between $500 to $10,000, and over a million monthly users, Cash USA is a great choice to opt for if you need cash urgently but don’t have the credit to apply elsewhere.

Cash USA works to connect you with lenders who won’t only just work with your credit score but are also relevant to the kind of loan and the amount you need. In turn, it makes it very convenient and efficient. It also helps borrowers save a fair bit of time they’d otherwise spend on sifting through loan offers and websites.

Highlights

  • Variety in loans
  • Everything is online, from applications to payments
  • Very fast at connecting you to a lender due to how the process works. It connects you with relevant lenders
  • Offers medical loans and debt consolidation loans

Pros

  • Loan variety
  • Very simple process
  • B rating from the BBB
  • Offers unsecured loans, so no collateral

Cons

  • High monthly requirement
  • High APR rates, although this is to be expected with bad credit

⇒ Visit the Official Website of CashUSA

#4. Personal Loans – Best For Unsecured Personal Loans With No Credit Check

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PersonalLoans is an online marketplace that excels at large loans due to the high borrowing limit of $1,000 to $35,000. It’s also one of the few online platforms to offer loan terms from 3 months to 72 months. The APR is the industry average of 5.99% to 35.99%. However, as previously said, people with bad credit can expect themselves to find higher APR rates than if they had good credit.

Another benefit of this platform is that, like the rest, they only do soft credit pulls, which allows you to check rates without having your score negatively affected. A secured personal loan is the closest thing to a quick-approved personal loan.

They also have a large network of lenders, and with the easy application process and fast funding speed, you can expect your financial issues to be taken care of pretty quickly. A personal loan is an unsecured loan that you can use for any purpose. However, it lacks loan variety. There are three types of loans available at PersonalLoans:

  • Peer-to-peer; refers to letting individuals borrow directly from each other.
  • Personal installment loans; these are paid off in regular installments, which are agreed upon before the loan is given.
  • Bank personal loans; personal loans can be used for a variety of purposes, depending on the borrower.

Though it lacks loan variety, it excels in offering personal loans, as the name implies.

Besides the soft credit union, personal loans check your creditworthiness through other means, such as your bank statement, your monthly income, and your bank details.

After this information has been processed, it will match you accordingly with a lender when it finds one appropriate to your case and the kind of loan you want. Some personal loan lenders may even deposit the funds into your bank account the same day you’re approved for financing.

There are the usual requirements of being a legal US resident, your Social Security Number, and is 18+. While PersonalLoans does not have an income requirement, it does need you to show your source of income. It can be from a job, or social security benefits, or disability benefits. A checking account will also be necessary.

Highlights

  • Very high loan amount
  • Fast process
  • Specializes in personal loans
  • Relaxed application requirements

Pros

  • Good for small or big loans
  • All loans are unsecured
  • Large network of lenders, so you can find someone favorable to you

Cons

⇒ Visit the Official Website of Personal Loans

How to Choose the Most Suitable Emergency Loan Option And The Best Lending Agency?

When coming up with this list, we prioritized a few areas.

  • Their speed – In an emergency, you need cash, and you need it fast. One of the key factors for this list was how fast the mentioned companies delivered the funds. All four of these companies deliver results in a day at the earliest.
  • Do they check your credit? – Another factor was whether or not the lender would do hard pulls on your credit. Surely, you don’t want anything to affect your credit score further badly, and that’s why we picked companies that either don’t do credit checks or if they do, it’s a soft pull, which doesn’t affect your report.
  • Legitimacy – Getting a loan can mean encountering many predatory lenders. All of the mentioned companies have good reviews on multiple sites and do not directly promise to get you a loan with perfect terms, only to connect you with lenders who are willing to work with you. Installment loans, on the other hand, can be deposited quickly and need monthly payments.
  • How they stack up to other platforms – After analyzing and comparing factors like funding speed, their network of lenders, the types of loans available, the application processes, and more – these websites offer the most accessible and helpful loans compared to other lenders.

Things You Need To Know Before You Apply For a Bad Credit Loan

  1. Inquiries – you don’t need to be cautious of credit pulls or soft credit checks. These don’t show up on your credit report and will not negatively affect your score, and in fact, you should take advantage of this as much as you can. It allows you to window shop by looking at different rates and finding the best deal for you without affecting your credit score.

Only a hard credit pull can negatively affect your credit score, and the marketplaces we’ve gone over so far don’t do hard credit pulls.

  1. Credit repair – You should know that pulling up your credit report is also something you can do by contacting one of the 3 credit bureaus. Credit repair through a credit repair company is usually the best bet, but if you’re financially struggling, putting some effort into repairing your report might be a good idea.

You should check to see if there’s any inaccurate or negative information that shouldn’t be there. If there is, you can dispute the company with the bureau and can get them removed. This will help you improve your score, which will help you find better interest rates and deals.

  1. Secured loans – you want to be wary of these. They’re not necessarily bad, but they come with high risk. A secured loan takes collateral if you’re unable to pay back the loan you owe, whereas an unsecured one doesn’t take any collateral. Unsecured loans come with higher APRs, but nothing you own is at risk, whereas the opposite is true for secured loans.
  2. Applications may not mean approval – just because you applied doesn’t necessarily mean you’ll get a loan. You may even get a match, but the deal may not carry all the way through. Remember, marketplaces only offer to connect you with a lender; the rest is between you and them. As such, they’re not responsible if you fail to get a loan or if the lender rejects your case for any reason.
  3. Documents – Make sure all your documentation is in order. The less time you waste on getting your papers sorted, the faster you’ll be able to apply for a loan and get one.
  4. Your capability – before you apply for any kind of loan, remember to budget the amount you’re borrowing into your monthly/yearly expenses. Is the amount you’re borrowing something you can realistically afford to pay back? If it’s in installments, then that’s all the more reason to budget. You should know how much of your paycheck you can safely spend on paying back a loan.
  5. Terms and conditions – before you sign anything, read all the terms and conditions a few times and make sure you understand everything clearly. A good loan is both favorable to the lender and the borrower. Anything else treads on exploitation.

Therefore, you should know everything about the fine print before signing and moving forward with your loan. Be very wary of lenders that aren’t transparent with you about these terms and conditions, and avoid them if they pressurize you into taking any sort of loan.

FAQs About Emergency Loans With Bad Credit

Here, we’ve compiled some frequently asked questions about lending marketplaces and how the entire process works. Loans are usually taken through a bank, and for first-time users of platforms like these, it can be a little strange and foreign.

Q1. How Do Lending Marketplaces Work?

Online lending platforms like the ones we’ve mentioned function very simply. They became popular due to the 2008 financial crisis. A lot of lenders needed a way to connect with borrowers, so lending platforms came into play.

They act as an online bridge between the borrower and the lender. Once you’ve given them your information, they’ll start connecting you to their list of online lenders that they work with. It’s that simple. However, there are some things you should know about these marketplaces.

They aren’t directly responsible for the lenders. They can only connect you and match you with one. This means that everything after that is between you and the lender. APR, origination fees, interest rates, repayment terms, and whether or not they lend you the money and finalize the deal is all between you and them. Any online marketplace is not responsible for this. Also, the terms and rates you see on an online platform may not be representative of the actual terms and rates you’ll get. This is something that varies from lender to lender.

They also won’t settle any disputes between you and the lender. Don’t expect them to help out with anything more than saving you a lot of hours by finding you a relevant lender.

Q2. Are They Legitimate?

There are many scams out there, but the websites we’ve mentioned so far are legitimate. Before going forward with any marketplace or lender, it’s a very good idea to do a background check yourself. This means going around, gathering reviews, asking people who have used these platforms, and checking for any potential red flags before you proceed. Although a no-credit-check loan is the easiest type of unsecured personal loan to get approved for, it isn’t necessarily the best choice for everyone.

Q3. How Can I Tell If A Platform Or Lender Is A Scam?

There are some signs that, if you know how to pick up on them, will let you know whether a lender or a platform is a scam or not.

  1. Transparency – the platform should be extremely clear and transparent about what it can and cannot do for you. Marketplaces that offer you deals that sound too good to be true or offer you anything else besides connecting you with a good lender are most likely scams and aren’t worth your time or money. Marketplaces that aren’t clear with you about things like loan terms, APR rates, and other important financial details are also ones you should steer clear of. A legitimate lender or platform will always be transparent with you.
  2. Pressurizing – If any lender affiliated with a marketplace or a marketplace itself pressures you or overly persuades you into accepting their loan, that’s a sign to jump ship and run. Any legitimate lender or marketplace will not pressurize you into taking their services and will usually emphasize that you don’t have to sign anything you don’t want to or think you shouldn’t.
  3. They don’t act professional – have you noticed that all the websites we’ve mentioned do some sort of credit check of your financial history? It is a sign that they’re legitimate. Lenders and platforms that don’t do any sort of credit check on you or your financial history are usually looking to do a quick scan and get away with it, and you should be wary of these kinds of loans.
  4. Check reviews – before you go forward with any platform, it’s very important to check the reviews of actual users who have had experiences with them. This can help you see potential scams, as even if you pick up on every sign, some websites are very good at appearing legitimate. The Better Business Bureau is a good place to visit for a plethora of information on multiple lending platforms. Know who you’re dealing with before you sign any sort of deal.
  5. Faking information – if a lender asks you to fake any sort of information, whether your credit history, income, or legal identity, that’s a very surefire way to tell they aren’t legitimate.

Q4. What Should I Do For Better Interest Rates?

You can do a better deal overall or better interest rates to clean up your credit report as much as possible. It can help you be more creditworthy, and it can improve your credit score. Even the slightest improvement to your score is worth it, as it can be the difference between poor or fair credit. This can help you get better interest rates and avoid things like security deposits and other hassles you have to deal with due to bad credit. If you feel like there’s any sort of information on your credit report that’s inaccurate, it’s not a bad idea to go to the bureaus and see what you can do about it. You can also go to a credit counselor to see what you can do about cleaning your credit report if a credit repair company isn’t something you can afford right now.

Q5. What Are My Alternatives?

If you fail to apply for a loan through a lending platform, you can still choose alternatives. Non-profit organizations, credit unions, and family and friends are a good last resort. With places like credit unions, you can get a better deal and lower interest rate than you would elsewhere.

Q6. Will My Information Be Misused?

You may be cautious of handing out precious legal information about yourself to an online platform. You wouldn’t be wrong in being cautious either; there’s a lot of places on the internet that misuse your information. However, with the websites we’ve mentioned, you don’t need to be worried about that.

Your informa,l be protected. Still, be wary of websites that ask for unnecessary details or too much information. They’re most likely a scam.

Conclusion On Loans For Bad Credit

To summarize, online marketplaces are a very viable option to go for if you’re suffering from bad credit. Many issues come with that; you’re not eligible for most loans, the kinds of loans you have access to are very limited, and if you do find one, you have to deal with issues like high-interest rates and additional fees. Your loan agreement will contain specific terms and conditions. After approving a loan application, most emergency lenders deliver loan proceeds to the borrower’s account within a few business days.

On top of that, the entire process takes an incredible amount of time that you may not have to spare. After all, in this day and age, time is money.

That’s why online marketplaces have skyrocketed in popularity. They act as a no-nonsense middle-man between you and the lender. You only need to give the relevant information they ask for. Once that’s done, you need to wait until you’re matched with a lender simply. By trimming down the process, you save a lot of time. Legitimate platforms like the ones we’ve mentioned also work on finding you a good deal, so if you have a bad FICO score and you want a short-term personal loan, they’ll work on finding you a lender that gets you exactly that.

It can be hard to trust an online platform, especially when it comes to lending, which was an industry already plagued with scams even before the advent of online marketplaces. Still, as with any industry, there are proper safe places to go to.

Hopefully, this article has helped you find some places to contact if you need an emergency loan with bad credit and has helped answer some questions you might have about online platforms and how to know which one’s safe and which one isn’t. Finding a loan with bad credit can be tricky, but it doesn’t have to be.

]]>
17 Installment Loans to Consider in February 2022 https://orland-ca.com/17-installment-loans-to-consider-in-february-2022/ Wed, 09 Feb 2022 09:16:18 +0000 https://orland-ca.com/?p=1484 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. 9.95% – 35.99% APR $2,000 […]]]>


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




9.95% – 35.99% APR

$2,000 to $35,000**
550
2, 3, 4, 5*

  • Fixed APR:

    9.95% – 35.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    550
  • Loan amount:
    $2,000 to $35,000**
  • Loan terms (years):
    2, 3, 4, 5*
  • Time to fund:
    As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except CO, IA, HI, VT, NV NY, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Loan servicer:
    Avant
  • Loan Uses:
    Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. Income:
    $1,200 monthly


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




6.79% – 17.99% APR

$10,000 to $50,000
700
3, 4, 5, 6

  • Fixed APR:

    6.79% – 17.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    700
  • Loan amount:
    $10,000 to $50,000
  • Loan terms (years):
    3 to 6
  • Time to fund:
    Next business day
  • Fees:
    No prepayment penalty
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, home improvement, self-employment, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




4.99% – 35.99% APR

$2,000 to $50,000
600
2, 3, 4, 5

  • Fixed APR:

    4.99% – 35.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    600
  • Loan amount:
    $2,000 to $50,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 1 – 3 business days after successful verification
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except DC, IA, VT, and WV
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan servicer:
    Best Egg and Blue Ridge Bank
  • Min. Income:
    None
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




5.99% – 24.99% APR

$2,500 to $35,000
660
3, 4, 5, 6, 7

  • Fixed APR:

    5.99% – 24.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $2,500 to $35,000
  • Loan terms (years):
    3, 4, 5, 6, 7
  • Time to fund:
    As soon as the next business day after acceptance
  • Fees:
    Late fee
  • Discounts:
    None
  • Eligibility:
     Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan Uses:
    Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




7.99% – 29.99% APR

$10,000 to $50,000
Not disclosed by lender
2, 3, 4, 5

  • Fixed APR:

    7.99% – 29.99% APR
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $10,000 to $50,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 2 business days
  • Fees:
    Origination fee
  • Discounts:
    No
  • Eligibility:
    Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WY
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




7.04% – 35.89% APR

$1,000 to $40,000
600
3, 5

  • Fixed APR:

    7.04% – 35.89% APR
  • Min. credit score:
    600
  • Loan amount:
    $1,000 to $40,000
  • Loan terms (years):
    3, 5
  • Time to fund:
    Usually takes about 2 days
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Loan servicer:
    LendingClub Bank
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




9.99% – 35.99% APR

$2,000 to $36,500
580
2, 3, 4

  • Fixed APR:

    9.99% – 35.99% APR
  • Min. credit score:
    580
  • Loan amount:
    $2,000 to $36,500
  • Loan terms (years):
    2, 3, 4
  • Time to fund:
    As soon as the next business day
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except NV and WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    $20,000
  • Loan Uses:
    Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




2.49% – 19.99% APR

$5,000 to $100,000
660
2, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)

  • Fixed APR:

    2.49% – 19.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $5,000 to $100,000
  • Loan terms (years):
    2, 3, 4, 5, 6, 7*
  • Time to fund:
    As soon as the same business day
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except RI and VT
  • Customer service:
    Phone, email
  • Soft credit check:
    No
  • Loan servicer:
    LightStream
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




6.99% – 19.99% APR1

$3,500 to $40,0002
660

(TransUnion FICO®️ Score 9)
3, 4, 5, 6, 7

  • Fixed APR:

    6.99% – 19.99% APR1
  • Min. credit score:
    660

    (TransUnion FICO®️ Score 9)

  • Loan amount:
    $3,500 to $40,0002
  • Loan terms (years):
    3, 4, 5, 6
  • Time to fund:
    Many Marcus customers receive funds in as little as three days
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan servicer:
    Goldman Sachs
  • Min. Income:
    $30,000
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




18.0% – 35.99% APR

$1,500 to $20,000
None
2, 3, 4, 5

  • Fixed APR:

    18.0% – 35.99% APR
  • Min. credit score:
    None
  • Loan amount:
    $1,500 to $20,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as the same day, but usually requires a visit to a branch office
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Must have photo I.D. issued by U.S. federal, state or local government
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




5.99% – 24.99% APR

$5,000 to $40,000
600
2, 3, 4, 5

  • Fixed APR:

    5.99% – 24.99% APR
  • Min. credit score:
    600
  • Loan amount:
    $5,000 to $40,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 2 – 5 business days after verification
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except MA, NV, and OH
  • Customer service:
    Phone, email, chat
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation and credit card consolidation only


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




4.99% – 17.99% APR

$600 to $50,000
(depending on loan term)
660
1, 2, 3, 4, 5

  • Fixed APR:

    4.99% – 17.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $600 to $50,000*
  • Loan terms (years):
    1, 2, 3, 4, 5
  • Time to fund:
    2 to 4 business days after verification
  • Fees:
    None
  • Discounts:
    None
  • Eligibility:
    Does not disclose
  • Customer service:
    Phone, email
  • Soft credit check:
    No
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, home improvement, transportation, medical, dental, life events


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




6.95% – 35.99% APR

$2,000 to $40,000
640
3, 5

  • Fixed APR:

    6.95% – 35.99% APR
  • Min. credit score:
    640
  • Loan amount:
    $2,000 to $40,000
  • Loan terms (years):
    3, 5
  • Time to fund:
    As soon as one business day
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except IA, ND, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




5.74% – 20.28% APR10

$5,000 to $100,000
Does not disclose
2, 3, 4, 5, 6, 7

  • Fixed APR:

    5.74% – 20.28% APR10
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $5,000 to $100,000
  • Loan terms (years):
    2, 3, 4, 5, 6, 7
  • Time to fund:
    3 business days
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except MS
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Solely for personal, family, or household uses


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




8.93% – 35.93% APR7

$1,000 to $50,000
560
3 to 5 years 8

  • Fixed APR:

    8.93% – 35.93% APR7
  • Min. credit score:
    560
  • Loan amount:
    $1,000 to $50,000
  • Loan terms:
    3 to 5 years 8
  • Time to fund:
    Within one day, once approved9
  • Loan types:
    Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    A U.S. citizen or permanent resident; not available in DC, SC, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




5.94% – 35.97% APR

$1,000 to $50,000
560
2, 3, 5, 6

  • Fixed APR:

    5.94% – 35.97% APR
  • Min. credit score:
    560
  • Loan amount:
    $1,000 to $50,000*
  • Loan terms (years):
    2, 3, 5, 6
  • Time to fund:
    Within a day of clearing necessary verifications
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except West Virginia
  • Customer service:
    Email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, credit card refinancing, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.




4.37% – 35.99% APR4

$1,000 to $50,0005
580
3 to 5 years4

  • Fixed APR:

    4.37% – 35.99% APR4
  • Min. credit score:
    580
  • Loan amount:
    $1,000 to $50,0005
  • Loan terms (years):
    3 to 5 years4
  • Time to fund:
    As fast as 1 business day6
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    $12,000
  • Loan Uses:
    Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes

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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms
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New Mexico House finally sees the light on 175% interest rates | Legislature | New Mexico Legislative Session https://orland-ca.com/new-mexico-house-finally-sees-the-light-on-175-interest-rates-legislature-new-mexico-legislative-session/ Wed, 09 Feb 2022 05:00:00 +0000 https://orland-ca.com/new-mexico-house-finally-sees-the-light-on-175-interest-rates-legislature-new-mexico-legislative-session/ Rarely have slick, wealthy lobbyists like Raymond Sanchez received such a terrible beating. For years, Sanchez has turned members of the New Mexico House of Representatives into toads for the storefront loan industry that charges a 175% annual interest rate. Every attempt to lower the rate ended in failure, usually because a mass of House […]]]>

Rarely have slick, wealthy lobbyists like Raymond Sanchez received such a terrible beating.

For years, Sanchez has turned members of the New Mexico House of Representatives into toads for the storefront loan industry that charges a 175% annual interest rate.

Every attempt to lower the rate ended in failure, usually because a mass of House members defended the lenders at the expense of impoverished consumers.

That ugly story dissolved on Monday night when the House voted 51 to 18 for a reform measure that had languished for nearly a decade.

House Bill 132 would reduce the maximum annual interest rate from 175% to 36% on most installment loans. An amendment to the bill allows for a 5% surcharge on loans of $500 or less.

The proposal then goes to the Senate, where a similar bill for a 36% cap passed easily last year, only to be blocked by a group of House members.

Sanchez, himself a former speaker of the state House of Representatives, will continue to try to stop HB 132. But his best chance of defeating the reformers has slipped away.

Sanchez and an army of other lobbyists had always been able to control debate in the House with a hackneyed argument. They claimed that a “low” cap of 36% would prevent companies from giving risky loans to people who needed cash in an emergency.

Rep. Phelps Anderson of Roswell, the only independent in the House, challenged the industry’s claims and then co-sponsored the reform bill.

Anderson, from the family that founded the Atlantic Richfield oil company, knows the corporate world. He said a 36% interest rate was more than enough to make small loans a profitable business.

Republican lawmakers typically had tight ranks helping showcase lenders, arguing that the free market should set lending rates. Their firewall collapsed on Monday.

Eight Republicans voted for the 36% cap. Newly appointed representative Brian Baca of Los Lunas was one of them. Freshman representative Joshua Hernandez of Rio Rancho was another who took a stand for consumers.

Rep. Cathrynn Brown, a Carlsbad lawyer and perhaps the most conservative member of the Legislative Assembly, also voted for the bill. She rarely supports initiatives by Democrats but has made an exception for a bill aimed at hunting down predatory lenders.

They resisted their party leadership. Rep. Rod Montoya, the Republican whip for Farmington, resorted to misrepresentation. Montoya said credit unions can charge 55% interest rates, but storefront lenders must operate at a lower rate.

His statement brought a swift rebuttal from Juan Fernández, president and CEO of the Credit Union Association of New Mexico. Credit unions charge no more than 28% on loans. They are outnumbered 3 to 1 by storefront lenders, but credit unions offer a better deal to consumers.

Forty-two Democrats voted for the reform bill, including Rep. Tara Lujan, D-Santa Fe. The issue was personal for her.

“I took out one of these high-interest loans in my early twenties,” Lujan told me. “I was lucky enough to work full time. I repaid the loan as soon as I could after realizing how much it was costing me.”

Rep. Susan Herrera, D-Embudo, carried the reform measure again this year.

“It really is a financial pandemic,” she said of the triple-digit lending rates.

Herrera made a smart move by mentioning that the 36% rate was endorsed by groups ranging from the Navajo Nation to the New Mexico and Hispano Chambers of Commerce.

Two Democrats still voted against the interest rate cut measure. They were representatives Eliseo Alcon from Milan and Ambrose Castellano from Las Vegas.

Last year, Alcon set the tone for the industry. If there were to be an interest rate cut, he said, it should be 99%.

His rewriting of the bill sparked a clash with the Senate. The confrontation led nowhere, but it kept interest rates in place at 175%.

Other Democrats walked away from supporting a more recent call for a 99% interest rate on loans of $1,100 or less.

Representatives Dayan Hochman-Vigil of Albuquerque, Patty Lundstrom of Gallup and Micaela Cadena of Mesilla introduced a bill asking for rates of 99% on small loans and 36% on larger ones.

They did not try to alter Herrera’s bill by pursuing the higher rate. Instead, Cadena sponsored the Tamer Amendment for a 5% fee on loans of $500 or less.

The most obvious flip-flop of the night came from outgoing rep Daymon Ely, D-Corrales. It was Ely who pushed through a floor amendment last year that would have raised the interest rate to 99%.

Not this time. Ely took his microphone and approved Herrera’s bill for 36%. He called his proposal one of the most important measures he had seen.

It was just as important last year. What has changed is that 2022 is an election year.

A pissed off voter base is fed up with 175% interest rates. All of these voices eventually drowned out Sanchez and the rest of the lobbyists.

Ringside Seat is an opinion column about people, politics and current affairs. Contact Milan Simonich at msimonich@sfnewmexican.com or 505-986-3080.

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Utah Bank’s predatory lending partner to pay $4 million settlement https://orland-ca.com/utah-banks-predatory-lending-partner-to-pay-4-million-settlement/ Tue, 08 Feb 2022 22:32:23 +0000 https://orland-ca.com/utah-banks-predatory-lending-partner-to-pay-4-million-settlement/ PARK CITY, Utah (ABC4) – Gathering a group, just like in the Wild West, is something in Utah that you can still see today. Not too long ago, a sheriff’s sergeant helped bring a group of horses and deputies back to Summit County, who saddle up when duty calls, in this edition of Behind The […]]]>

PARK CITY, Utah (ABC4) – Gathering a group, just like in the Wild West, is something in Utah that you can still see today. Not too long ago, a sheriff’s sergeant helped bring a group of horses and deputies back to Summit County, who saddle up when duty calls, in this edition of Behind The Badge . When you think of the Summit County backcountry, there’s a lot of rugged mountain terrain. This gives Sheriff’s Deputies plenty of ground to cover, and it’s easier to do it on horseback than your two feet. That’s why forming a sheriff’s squad isn’t something you only see in the movies. It’s the real life western for the sheriff of Summit County. Jeremy Forman. He rides for the County Mounted Patrol.

“This is by far the highlight of my career,” said Sgt. Jeremie Forman, Summit Co. Sheriff’s Office. Forman helped form the current group of county sheriffs you see today, trained to handle intense situations, respond to search and rescue, or simply march through a parade.

“For some reason, the horse breaks down the barriers between the police and the public.

They’ll want to interact with the horse they want to visit with the police because we’re on horses, and that’s not something we get when we’re in our patrol cars,” Forman said.

Of course, Forman did other notable things. In 2014, he won the Utah Sheriff’s Association Deputy of the Year for his work with police K9s and now oversees county school resource officers for three school districts. But Forman said he had moments with the band that he says couldn’t have happened otherwise. Last fall, he credits the group with a miracle, searching for a missing hunter they had abandoned in the dark.

“We were driving through the trees, and I looked over and we could see a light. So, we decided we’d better at least go over there and at least check it out. We were screaming for this. guy and soon he was yelling back, and we were a hundred yards away from him.

From then on he answered us until we located him and got him out of there. The light was gone so I don’t know where the light came from or what the light was. But I’m telling you, we drove to the light, and that was where the guy was, and he didn’t have one,” Forman said.

So whether it’s witnessing something he can’t explain or simply seeing people’s special connection to the group, Forman thinks those horses on patrol are just as precious today as in the Wild West.

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America’s largest banks are making major changes to overdrafts that will help consumers https://orland-ca.com/americas-largest-banks-are-making-major-changes-to-overdrafts-that-will-help-consumers/ Tue, 08 Feb 2022 19:42:47 +0000 https://orland-ca.com/americas-largest-banks-are-making-major-changes-to-overdrafts-that-will-help-consumers/ January 2022 has turned into a breakthrough month to strengthen consumer protections in the nation’s banking sector and ensure that more Americans can have access to safe and affordable credit. In just nine days, five of the country’s largest banks…Bank of America, Wells Fargo, American bank, Truistand Bank of Regions– announced that they are eliminating […]]]>

January 2022 has turned into a breakthrough month to strengthen consumer protections in the nation’s banking sector and ensure that more Americans can have access to safe and affordable credit. In just nine days, five of the country’s largest banks…Bank of America, Wells Fargo, American bank, Truistand Bank of Regions– announced that they are eliminating what are known as insufficient funds (NSF) fees and certain overdraft fees while adding certain guarantees to their overdraft programs.

Historically, overdraft programs have been marketed as helping people who live paycheck to paycheck to prevent large transactions from being declined, but this high-cost option does not effectively meet the needs of most consumers. who need time to repay in installments. This is especially true for the millions of people who turn to overdraft to borrow small amounts of money.

Encouragingly, American bank and Bank of America already offer small, affordable loans, and the other three banks have announced plans to launch such programs with limits of $500, $750 or $1,000, depending on the bank. The total savings to consumers from overdraft changes at these five banks alone could exceed $2 billion per year. And borrowers’ annual savings from accessing small, affordable loans — compared to the payday loans and other high-cost loans they often use today — could exceed that amount.

Overdraft reform and new small-payment bank loans and lines of credit were needed. The banks’ actions come after Ally Bank and Capital One eliminated overdraft fees altogether in 2021. Pew’s research detailed the harmful effects of overdraft fees and insufficient funds, which have an outsized impact on black customers and low- and middle-income Hispanics.

According to Pew, a third of overdrafts said they had used the borrowing option, essentially as a high-cost form of credit. Research also shows that a small proportion (18%) of account holders pay the vast majority (91%) of overdraft fees. The double step of eliminating major penalty fees and expanding access to small loans will protect consumers and improve their ability to borrow. Three major banks that had already launched small loan programs in recent years – Huntington Bank, Bank of America and US Bank – all reported success. Each gives customers three months to repay, proving that small bank loans can work for consumers and financial institutions.

The actions taken by these five banks could spur other major banks, community banks and credit unions to review their overdraft policies and reduce or eliminate fees. Other banks should follow the example of these five and Huntington to offer small installment loans or lines of credit to their checking account customers.

In recent months, the Federal Office of the Comptroller of the Currency (OCC), under Acting Comptroller Michael Hsu, and the Consumer Financial Protection Bureau, under Director Rohit Chopra, have each implemented evidence of harmful overdraft practices. Agencies have raised concerns that the fee does not spur competition or financial inclusion and makes it harder for struggling consumers to make ends meet.

Recent actions by banks on overdrafts and small loans better align their interests with the financial needs of their consumers. Still, federal overdraft regulation would be beneficial, particularly because most banks and credit unions have yet to take these steps.

Moving away from overdrafting, especially if it extends to more banks, is likely to have important co-benefits. The Federal Deposit Insurance Corp. (FDIC) found that about half of unbanked households had been banked before; many had left or had their accounts closed due to high or unpredictable fees, such as those for overdrafts.

Eliminating or reducing these fees will likely end up increasing the share of Americans who are banked. And increasing the number of Americans who have access to affordable financial services through banks and credit unions is good for the financial health of customers, their communities, and the banking system.

The OCC oversees the safety and soundness of the banks that the agency oversees. Its review of overdraft programs fits perfectly into its mission. Bringing more Americans into the banking system and keeping them there helps on this front because it increases the large potential customer base. Such improvements also strengthen the reputation of banks and show that they are not looking to take advantage of customer difficulties.

Recent changes also emphasize the benefits of long-term mutual success for banks and their customers, rather than efforts to maximize fee income for each bank’s upcoming quarterly earnings report. At a system-wide level, overdraft fees reduce, rather than increase, the safety and soundness of all banks.

The Federal Reserve Board and the FDIC would do well to follow the lead of the OCC and review the overdraft practices of the banks they supervise. Concerns about providing liquidity to consumers should be met by real small credit, rather than overdraft policies that carry penalties. January’s developments prove that this scenario is becoming an industry standard. This is good news that is likely worth billions of dollars in savings for households living paycheck to paycheck.

Major overdraft policy changes at 5 of the 7 largest US banks

January updates will benefit low- and middle-income households

Bank Overdraft Policy Changes Small loan offer
Bank of America Will eliminate NSF and overdraft transfer fees and ATM overdraft and reduce overdraft fees from $35 to $10. Yes: installment loan up to $500
Regions Eliminate NSF and overdraft fees. Will allow access to direct deposit two days before payday. Will also limit the number of overdraft fees to three per day. Pending: $500 line of credit, details to come
Truist Eliminate NSF and overdraft fees, while adding checking account functionality with a negative $100 balance buffer and no-overdraft checking accounts. Pending: $750 line of credit, details to come
American bank NSF fees eliminated. Waive overdraft fees on negative balances up to $50 and provide a full day grace period for overdraft fees. Yes: installment loan up to $1,000
Wells Fargo Eliminate NSF and overdraft fees, begin a 24-hour grace period for overdraft fees, and allow access to direct deposit two days before payday. Pending: $500 loan, details to come

Source: All details from company announcements.

Alex Horowitz is a Principal Officer and Linlin Liang is a Senior Associate of The Pew Charitable Trusts Consumer Lending Project.

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