Thesis
Subprime consumer lenders are classic Peter Lynch stocks because they are considered distasteful, they are small-caps, and they are usually very profitable. The end result are stocks that are often undervalued in the best of times and dirt-cheap in the worst of times like now.
Many people need credit but can't access the best rates because they have lousy credit scores. Payday loans used to be the only real place these borrowers would go if they had a job, and pawnshops if they didn't.
All the major payday lenders moved to longer term installment