Variable Interest Entities

3 Months Ended

Mar. 31, 2016

Variable Interest Entities [Abstract]

Variable Interest Entities

12. Variable Interest Entities

As part of the Company’s overall funding strategy and as part of its efforts to support its liquidity from sources other than its traditional capital market sources, the Company has established a securitization program through the 2016-1 Securitization Facility. The Company transferred certain consumer loan receivables to wholly owned, bankruptcy-remote special purpose subsidiaries (VIEs), which issue term notes backed by the underlying consumer loan receivables and are serviced by another wholly owned subsidiary.

The Company is required to evaluate the VIEs for consolidation. The Company has the ability to direct the activities of the VIEs that most significantly impact the economic performance of the entities as the servicer of the securitized loan receivables. Additionally, the Company has the right to receive residual payments, which expose it to potentially significant losses and returns. Accordingly, the Company determined it is the primary beneficiary of the VIEs and is required to consolidate them.

The assets and liabilities related to the VIEs are included in the Company’s consolidated financial statements and are accounted for as secured borrowings.

The Company parenthetically discloses on its consolidated balance sheets the VIE’s assets that can only be used to settle the VIE’s obligations and the VIE liabilities if the VIE’s creditors have no recourse against the Company’s general credit. The carrying amounts of consolidated VIE assets and liabilities associated with the Company’s securitization entities were as follows:

	March 31,				December 31,
	2016		2015		2015
Assets
Loans and finance receivables, net	$	138,255	$	—	$	—
Restricted cash and cash equivalents		13,717		—		—
Total assets	$	151,972	$	—	$	—
Liabilities
Accounts payable and accrued expenses	$	591	$	—	$	—
Long-term debt		110,199		—		—
Total liabilities	$	110,790	$	—	$	—