A $44.53 million settlement has been brought by consumers who took loans at the specified time from Great Plains Lending, Plain Green, or MobiLoans which are owned by Native American Indian tribes. Loans and credit were offered to consumers under different names by Think Finance. However, the company experienced legal troubles from various state authorities and the Consumer Financial Protection Bureau which blamed Think Finance for taking advantage of consumers with unfair lending practices.
The plaintiffs who took action against the company were injured by the unfair lending practices of Think Finance. The borrowers added that they were offered loans at exorbitantly high annual rates of interest which violated various state and federal regulations. The class-action lawsuit also added that the lenders did not have a license to lend when one was required. However, Think Finance added that their loans were per and governed by the tribal laws. Already two settlements have been brought against Think Finance subsidiaries. $57 million was pledged by Think Finance by a 2021 settlement in cash payments and debt cancellation. The Think Finance entities agreed to settle the remaining claims with a $44.53 million third and final settlement. The benefits offered are in addition to the ones received from the previous Sequoia/TCV and Think Finance settlements.
According to the terms of the final settlement, some borrowers are eligible for cash payments. These will be made available to Class members who cashed a cheque from the preceding settlement. Class members who did not cash a previous cheque but are otherwise eligible can request payment by contacting the settlement administrator. The cheque amount will depend on the principal amount paid and/or the interest paid above a Class member’s state’s legal limits and the amount of money available in the settlement fund. Class members will receive a proportionate share of the recovery as the settlement funds are not adequate to reimburse the full loan amount to all the plaintiffs. The Settlement Administrator can be contacted by the Class Members to get an estimate of the amount they are likely to receive on approval of the settlement.
The following class members cannot claim payments:
- Those who did not honor their loans by making payments.
- Residents of New Mexico, New York, North Carolina, Pennsylvania, Ohio, South Dakota, Vermont, Arizona, Arkansas, Colorado, Connecticut, Idaho, Illinois, Indiana, Kansas, Kentucky, Massachusetts, Minnesota, Montana, New Hampshire, New Jersey, Virginia, and Wisconsin who did not make payments above the principal on their loans
- Residents of Louisiana, Maine, Maryland, Michigan, Mississippi, Missouri, Nebraska, North Dakota, Alabama, Alaska, California, Delaware, Florida, Georgia, Hawaii, Iowa, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Washington, West Virginia, Washington D.C., and Wyoming who did not pay interest above the legal limits enforced by their states.
- Residents of Utah or Nevada (which had no interest restrictions)
These Class Members can claim injunctive relief under the terms of the Think Finance class action settlement. Elevate has agreed to stop offering services to Think Finance related companies. The last date for excluding oneself from or objecting to this class action settlement is 24th June 2022. Class members who wish to make a change of address, submit a payment request, or are trying to determine if they are eligible for a cash award can fill out a form on the settlement website. No claim form is required to benefit from this settlement and the benefits will be offered to Class members automatically if they do not opt out and are eligible.
Class Counsel will request the court for an award of attorney’s fees which shall not exceed one-third of the amount paid by the defendants. The distributions to Class Members will be reduced by the amounts awarded by the Court. The Class Counsel will also request the court for approval of a $20000 payment to each of the individual Plaintiffs in the Eastern District of Virginia litigation subject to the settlement terms.
Eligibility for Making Claim: The terms of this settlement benefit individuals who took loans from Great Plains Lending at any time, from Plain Green before 1st June 2016, or cash advances on lines of credit before 6th May 2017 from MobiLoans.
Proof Of Purchase: Not applicable
Potential Claim Amount: Variable
Settlement Website: ThinkFinanceSettlement.com
Claim Form: Settlement Claim Form
Deadline For Submitting Claim: 06/24/2022
Final Hearing Date: 07/28/2022
Settlement Amount: $44.53 million
