Comprehensive settlement reached with Think Finance, Inc. over $133 million loan that is payday recharging 448% interest levels
HARRISBURG —Attorney General Josh Shapiro today announced money with Think Finance, a national online payday loan provider, and an aociated personal equity company for presumably engineering a $133 million unlawful pay day loan scheme that targeted up to 80,000 Pennsylvania customers. The settlement will void all remaining balances regarding the loans that are illegal. Pennsylvania is among the leading creditors that negotiated this settlement that is comprehensive Think Finance as an element of its bankruptcy plan, which will be 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, as well as other affiliated entities. The suit alleged that between 2011-2014, three sites operated by Think Finance—Plain Green Loans, Great Plains Lending and Mobiloans—allowed borrowers to register for loans and credit lines while recharging effective interest levels since high as 448 %. Read More