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Comprehensive settlement reached with Think Finance, Inc. over $133 million loan that is payday asking 448% interest levels
HARRISBURG —Attorney General Josh Shapiro today announced funds with Think Finance, a national online payday loan provider, plus an associated personal equity company for presumably engineering a $133 million unlawful pay day loan scheme that targeted as much as 80,000 Pennsylvania customers. The settlement will void all staying balances in the loans that are illegal. Pennsylvania is amongst the leading creditors that negotiated this comprehensive settlement with Think Finance included in its bankruptcy plan, that is pending approval ahead of the Bankruptcy Court and subsequent approval because of the U.S. Eastern District Court of Pennsylvania.
In belated 2014, the Pennsylvania workplace of Attorney General sued Think Finance, Inc. and Chicago-based equity that is private Victory Park Capital Advisors, LLC, and differing affiliated entities. The suit alleged that between 2011-2014, three internet sites operated by Think Finance—Plain Green Loans, Great Plains Lending and Mobiloans—allowed borrowers to join up for loans and credit lines while recharging effective interest levels up to 448 per cent. Pay day loans, which typically charge rates of interest more than 200 or 300 per cent, are unlawful in Pennsylvania. Read more
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