Comprehensive settlement reached with Think Finance, Inc. over $133 million loan that is payday billing 448% interest levels
HARRISBURG вЂ”Attorney General Josh Shapiro today announced funds with Think Finance, a national payday that is online, 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 unlawful loans. Pennsylvania is amongst the leading creditors that negotiated this comprehensive settlement with 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, and different affiliated entities. The suit alleged that between 2011-2014, three sites operated by Think FinanceвЂ”Plain Green Loans, Great Plains Lending and MobiloansвЂ”allowed borrowers to register for loans and credit lines while asking interest that is effective up to 448 %.