AG Shapiro Shuts Down Think Finance, Wins Credit Card Debt Relief For PA People

AG Shapiro Shuts Down Think Finance, Wins Credit Card Debt Relief For PA People

HARRISBURG — Attorney General Josh Shapiro today announced that work of Attorney General has already reached split agreements with Kenneth Rees, the previous CEO of Think Finance, plus the financial obligation collector, National Credit Adjusters (“NCA”). The settlements effortlessly end the $133 million presumably unlawful online payday lending scheme that targeted as much as 80,000 Pennsylvania customers.

“Think Finance exploited tens of thousands of Pennsylvanians and utilized their vulnerability to show an income,” said Attorney General Shapiro. “Today’s agreement is yet another action towards making certain anybody active in the Think Finance scheme can’t ever once more benefit from Pennsylvanians through unlawful payday financing.”

All remaining balances on the illegal loans have been voided and, for any borrowers who repaid more than the loan principal and the lawful interest rate of 6 percent, they will share proportionately in a multi-million-dollar fund created by the settlement negotiated in Think Finance’s bankruptcy as a result of prior settlements with Think Finance, Inc. and Chicago-based private equity firm Victory Park Capital Advisors, LLC, and various affiliated entities. Qualified customers have now been getting those checks when you look at the mail.

In late 2014, the Pennsylvania workplace of Attorney General sued Think Finance, Inc., its previous CEO, and NCA amongst others. The suit alleged that between 2011-2014, three sites operated by Think Finance—Plain Green Loans, Great Plains Lending and Mobiloans—signed borrowers up for loans and credit lines while charging you effective interest levels up to 448 %. Continue reading “AG Shapiro Shuts Down Think Finance, Wins Credit Card Debt Relief For PA People”