Personal lender MoneyMe hit the brakes in the March quarter, cutting loan origination significantly as it sought to rein in credit losses and maintain profitability in the face of uncertainty over funding. Originations of A$98 million during the quarter were down 13 per cent compared with the December quarter and down 71 per cent compared with the March quarter last year. The proportion of secured loans has increased from 30 per cent to 42 per cent over the past 12 months and the average credit score of borrowers has increased steadily. Despite this, MoneyMe is struggling to get credit losses down. The proportion of loans written off (net of recoveries) to average gross customer receivables in the March quarter was 5.9 per cent. That is 10 per cent lower than the credit loss in the December quarter but 72 per cent higher over a year. Receivables of $1.2 billion were down 5 per cent quarter-on-quarter. Revenue fell 5 per cent quarter on quarter to $61 million. The company said it traded profitably throughout the quarter. MoneyMe will hold an extraordinary general meeting on May 17 to seek shareholder approval for a fully underwritten $37 million placement. Capital raising has preoccupied the company for the past few months, which might be another reason originations are down.  In December, it revised its syndicated facility agreement with Pacific Equity Partners, with a commitment to pay down $25 million, plus accrued interest, fees and other amounts, in order to bring the balance of the debt facilities outstanding under the facility agreement to $50 million.  Negotiations to refinance the business dragged on until the end of March. Most of the capital raised in the placement has been earmarked for paying down the corporate debt facility.