*To develop the risk-return metric, the first step was to estimate APRs and calculate interest income over the first year on books for any given cohort of personal loans. Next, loan balances that were delinquent 60 or more days past due were subtracted from this interest income measure as a conservative estimate of losses. The net difference was then divided by the total original balance of the cohort to arrive at a risk-return measure. For example, a $100M portfolio generating $15M in interest income and having $5M in 60+ DPD balances in the first year would yield a risk-return measure of 10%. This is a coarse measure of risk versus return, in that costs associated with funding, branches, operating expenses, collections, and technology are not accounted for—but it is a good starting point for comparison of performance across lender types.