PropelThis company has a tremendous amount of net charge offs as well as serious financial exposure due to their guaranteeing borrower's loans to 3rd party lenders, such as..
The Company, through its MoneyKey brand, is also a state-licensed Credit Access Business (“CAB”) and Credit Services Organization (“CSO”) in the state of Texas. Through its CSO programs, the Company provides services related to unaffiliated third-party lenders’ consumer loan products in accordance with applicable state laws.
These services include arranging loans, assisting in the preparation of loan applications and documents, and providing guarantees of consumer loan payment obligations to the unaffiliated third-party lender in the event that the customer defaults on their loan payments (“CSO Guarantee Liabilities”)