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ThinkFinance to pay back $39.7 million on payday loans

Source: Orla McCaffrey, Dallas News

A Fort Worth financial firm will cancel its outstanding loans and pay nearly $40 million to consumers after engaging in an alleged payday lending operation that used Native American tribes as shields from state laws.

Think Finance Inc. serviced loans that charged interest rates over 375% and locked borrowers into plans in which paying off the loan was nearly impossible, according to a 2016 complaint filed in Vermont.  The settlement also requires the cancellation of all outstanding loans serviced by Think Finance.

Read Full Article: ThinkFinance to pay back $39.7 million on payday loans