Comprehensive settlement reached with Think Finance, Inc. over $133 million pay day loan scheme billing 448% rates of interest
HARRISBURG вЂ”Attorney General Josh Shapiro today announced funds with Think Finance, a national payday that is online, as well as an associated personal equity company for allegedly engineering a $133 million unlawful pay day loan scheme that targeted up to 80,000 Pennsylvania customers. The settlement will void all staying balances regarding 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 late 2014, the Pennsylvania workplace of Attorney General sued Think Finance, Inc. and Chicago-based personal equity company Victory Park Capital Advisors, LLC, and different affiliated entities. The suit alleged that between 2011-2014, three web sites operated by Think FinanceвЂ”Plain Green Loans, Great Plains Lending and MobiloansвЂ”allowed borrowers to register for loans and personal lines of credit while billing interest that is effective up to 448 per cent. Payday advances, which typically charge rates of interest more than 200 or 300 per cent, are unlawful in Pennsylvania.