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State attorney general announces relief for 80,000 Pennsylvanians targeted by pay day loan scheme

HARRISBURG — Attorney General Josh Shapiro today announced funds with Think Finance, a national online payday loan provider, 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 on the illegal loans, Shapiro’s statement said. Pennsylvania is among the leading creditors that negotiated this comprehensive settlement with Think Finance included in its bankruptcy plan, which will be pending approval ahead of the Bankruptcy Court and subsequent approval by the U.S. Eastern District Court of Pennsylvania.

In belated 2014, the Pennsylvania workplace of Attorney General sued Think Finance, Inc. And Chicago-based personal equity company Victory Park Capital Advisors, LLC, as well as other 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 charging you effective rates of interest since high as 448 percent. Continue reading