CREDIT SERVICES ORGANIZATION

3 Months Ended

Mar. 31, 2018

Guarantees [Abstract]

CREDIT SERVICES ORGANIZATION

CREDIT SERVICES ORGANIZATION

The CSO fee receivable amounts under our CSO programs were $9.9 million and $14.5 million at March 31, 2018 and December 31, 2017, respectively. As noted, we bear the risk of loss through our guarantee to purchase any defaulted customer loans from the lenders. The terms of these loans range from three to eighteen months. This guarantee represents an obligation to purchase specific loans that go into default. As of March 31, 2018 and December 31, 2017, the maximum amount payable under all such guarantees was $48.0 million and $65.2 million, respectively. Our guarantee liability was $10.4 million and $17.8 million at March 31, 2018 and December 31, 2017, respectively.

We have placed $13.3 million and $17.9 million in collateral accounts for the lenders at March 31, 2018 and December 31, 2017, respectively, which is reflected in "Prepaid expenses and other" in the Condensed Consolidated Balance Sheets. The balances required to be maintained in these collateral accounts vary based upon lender but are typically based on a percentage of the outstanding loan balances held by the lender. The percentage of outstanding loan balances required for collateral is defined within the terms agreed to between us and each such lender.