HARRISBURG вЂ” Attorney General Josh Shapiro today announced that work of Attorney General has already reached split agreements with Kenneth Rees, the previous CEO of Think Finance, plus the financial obligation collector, National Credit Adjusters (вЂњNCAвЂќ). The settlements effortlessly end the $133 million presumably unlawful online payday lending scheme that targeted as much as 80,000 Pennsylvania customers.
вЂњThink Finance exploited tens of thousands of Pennsylvanians and utilized their vulnerability to show an income,вЂќ said Attorney General Shapiro. вЂњTodayвЂ™s agreement is yet another action towards making certain anybody active in the Think Finance scheme can’t ever once more benefit from Pennsylvanians through unlawful payday financing.вЂќ
All remaining balances on the illegal loans have been voided and, for any borrowers who repaid more than the loan principal and the lawful interest rate of 6 percent, they will share proportionately in a multi-million-dollar fund created by the settlement negotiated in Think FinanceвЂ™s bankruptcy as a result of prior settlements with Think Finance, Inc.