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AG Shapiro Announces Relief for 80,000 Pennsylvanians Targeted by on line cash advance Scheme

AG Shapiro Announces Relief for 80,000 Pennsylvanians Targeted by on line cash advance Scheme

Comprehensive settlement reached with Think Finance, Inc. over $133 million loan that is payday billing 448% rates of interest

HARRISBURG —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 presumably engineering a $133 million unlawful pay day loan scheme that targeted up to 80,000 Pennsylvania customers. The settlement will void all staying balances in the loans that are illegal. Pennsylvania is amongst the leading creditors that negotiated this settlement that is comprehensive 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 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 differing affiliated entities.

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