{"id":467,"date":"2022-05-11T10:53:53","date_gmt":"2022-05-11T10:53:53","guid":{"rendered":"https:\/\/www.sweepstakesbible.com\/blog\/?p=467"},"modified":"2023-01-09T05:38:01","modified_gmt":"2023-01-09T05:38:01","slug":"think-finance-settlement-thinkfinancesettlement-com","status":"publish","type":"post","link":"https:\/\/www.sweepstakesbible.com\/blog\/settlement\/think-finance-settlement-thinkfinancesettlement-com\/","title":{"rendered":"Think Finance Settlement over for unfair lending practices"},"content":{"rendered":"

A $44.53 million settlement<\/a> 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.<\/p>\n

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<\/a> settlements.<\/p>\n

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\u2019s state\u2019s 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.<\/p>\n

The following class members cannot claim payments:<\/p>\n