Comprehensive settlement reached with Think Finance, Inc. over $133 million pay day loan scheme recharging 448% rates of interest
HARRISBURG —Attorney General Josh Shapiro today announced funds with Think Finance, a national payday that is online, plus an aociated personal equity company for presumably engineering a $133 million unlawful online payday loan scheme that targeted as much as 80,000 Pennsylvania customers. The settlement will void all staying balances in the unlawful loans. Pennsylvania is among the leading creditors that negotiated this comprehensive settlement with Think Finance as an element of its bankruptcy plan, that is pending approval prior to the Bankruptcy Court and subsequent approval by 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 differing affiliated entities. (więcej…)