4. Member Loans

The outstanding balance of those member loans funded by us and held for investment are as follows:


	June 30, 2011			March 31, 2011
Member loans	$	5,277,737		$	5,746,644
Deferred origination costs/(revenue), net		(194,831	)		(163,481	)

Net loans		5,082,906			5,583,163
Allowance for loan losses		(258,351	)		(329,885	)

Member loans, net	$	4,824,555			5,253,278


Ratio of allowance for loan losses to net loans		5.1	%		5.9	%

An analysis of the allowance for loan losses follows:


	Three Months Ended
	June 30, 2011			June 30, 2010
Balance at beginning of period	$	329,885		$	781,758
Charge offs		(146,438	)		(210,712	)
Provision for loan losses		74,904			182,014

Balance at end of period	$	258,351		$	753,060

We believe that the fair value of our member loans held for investment is equivalent to their carrying value.

As of June 30, 2011, we had identified and fully reserved $15,453 on 11 loans. Our aggregate allowance for loan losses was $258,351 at June 30, 2011, while as of March 31, 2011, we had identified and fully reserved $26,297 on 14 loans, and our aggregate allowance for loan losses was $329,885. For the three months ended June 30, 2011, we charged off a total of 47 loans with an aggregate principal balance of $146,438. For the three months ended June 30, 2010, we charged off a total of 48 loans with an aggregate principal balance of $210,712.

At June 30, 2011, we had 41 Member loans representing $86,226 of outstanding Member loan principal and $46,783 of Member loan fair value which were greater than 90 days delinquent. At March 31, 2011, we had 43 Member loans representing $118,171 of outstanding Member loan principal and $51,486 of Member loan fair value which were greater than 90 days delinquent.

At June 30, 2011, we had 17 Member loans representing $29,685 of outstanding Member loan principal and $4,128 of Member Loan fair value which were on nonaccrual status. At March 31, 2011, we had 16 Member Loans representing $36,615 of outstanding Member Loan principal and $2,513 of Member Loan fair value which were on nonaccrual status.