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Finance Receivables, Net (Tables)
 3 Months Ended
Mar. 31, 2022
Receivables [Abstract]  
Schedule of Finance Receivables, Net
Finance receivables, net consist of the following (in thousands):

As of March 31,As of
December 31,
202220212021
Finance receivables, gross$191,845 $— $220,329 
Fair value premium on non-PCD finance receivables (1)
22,981 — 40,251 
Non-credit discount on PCD finance receivables (2)
— — (3,521)
Merchant partner discounts and premiums, net(430)— (104)
Unearned origination fees(1,583)— (360)
Finance receivables, amortized cost212,813 — 256,595 
Less allowance for loan losses(72,332)— (75,574)
Finance receivables, net$140,481 $— $181,021 

(1)Represents the difference between the initial fair value and the unpaid principal balance as of the date of the AFF Acquisition, which is recognized through interest income on an effective yield basis over the lives of the related non-purchased credit deteriorated (“PCD”) finance receivables.

(2)Represents the difference between the unpaid principal balance and the amortized cost basis as of the date of the AFF Acquisition, which is recognized through interest income on an effective yield basis over the lives of the related PCD finance receivables.
Schedule of Allowance for Credit Losses
Changes in the allowance for loan losses were as follows (in thousands):

Three Months Ended
March 31,
 20222021
Balance at beginning of period$75,574 $— 
Provision for loan losses24,697 — 
Charge-offs(29,408)— 
Recoveries1,469 — 
Balance at end of period$72,332 $— 
Schedule of Finance Receivables Credit Quality Indicators
The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of March 31, 2022, by origination year:

 202220212020Total
FICO score category (1):
No FICO score identified or obtained$14,928 $35,390 $1,044 $51,362 
599 or less19,589 43,693 5,389 68,671 
Between 600 and 69919,910 36,548 4,958 61,416 
700 or greater3,320 4,382 681 8,383 
Finance receivables before fair value adjustments$57,747 $120,013 $12,072 189,832 
Fair value premium on non-PCD finance receivables22,981 
Finance receivables, amortized cost$212,813 
(1)FICO score as determined at the time of origination
Financing Receivable, Past Due
The following is an aging of the amortized cost of finance receivables as of March 31, 2022, by origination year:

202220212020Total
Delinquency:
1 to 30 days past due$3,083 $11,180 $1,132 $15,395 
31 to 60 days past due1,048 6,917 556 8,521 
61 to 90 days past due (1)
405 8,078 647 9,130 
Total past due finance receivables before fair value adjustments4,536 26,175 2,335 33,046 
Current finance receivables before fair value adjustments53,211 93,838 9,737 156,786 
Finance receivables before fair value adjustments$57,747 $120,013 $12,072 189,832 
Fair value premium on non-PCD finance receivables22,981 
Finance receivables, amortized cost$212,813 
(1)The Company charges off finance receivables when a receivable is 90 days or more contractually past due.