That could be true, I don't know honestly.
But then it's an issue of bad fee structures, or rather overestimating defaulter numbers. It's not like the amount of money you make from fees reduces as your interest earnings go up, so - if this is indeed the cause - the only thing I can conclude is that to meet their total projected earnings they assumed people would default en masse. Bad long term business and slim margins if you ask me.
At the same time I have a hard time not drawing a parallel between this and GS Marcus. Apple had nothing to do with the latter and both went under (effectively), with both being forays into regular consumer services for GS.
Then again I'm just an armchair general. What do I know.
My man heard of CJK input methods and thought they were a study guide. Then threw in English and French to confuse the enemy. Props to you dude! That said, you're a walking i18n nightmare.