Settlement over cash advance scheme recharging 448% interest levels to profit Pennsylvanians

CDPauling

  • Facebook
  • Twitter
  • WhatsApp
  • SMS
  • E-mail

Canva stock picture

  • Facebook
  • Twitter
  • WhatsApp
  • SMS
  • E-mail
  • Printing
  • Save

HARRISBURG — Victims of predatory payday loans online could see some relief carrying out a settlement with Think Finance, a national online payday loan provider, and an associated personal equity company. The firms allegedly designed a $133 million unlawful pay day loan scheme that targeted as much as 80,000 Pennsylvania clients.

The settlement will void all remaining balances in the loans that are illegal.

Pennsylvania is one of the leading creditors that negotiated this comprehensive settlement with Think Finance as an element of its bankruptcy plan, that 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 web sites operated by Think Finance—Plain Green Loans, Great Plains Lending and Mobiloans—allowed borrowers to join up for loans and credit lines while billi