May 14, 2024

The CFPB will distribute more than $384 million to consumers deceived by Think Finance

At the Consumer Financial Protection Bureau (CFPB), we are compensating consumers who we allege were deceived by Think Finance, LLC into paying loans they were not legally obligated to repay. The company made false demands and illegally withdrew money from consumers' bank accounts, collecting debts that were no longer valid under the laws of 17 states, as stated in our lawsuit.

Many states have laws that render loans and other forms of credit invalid when the interest rates charged exceed legal limits, or if the lender lacks the proper licenses to operate in those states. We allege that Think Finance demanded payments from consumers even when they did not owe those payments because the interest rates charged were high enough to violate the laws in some of the states where they operated, or because they did not have the appropriate licenses to issue or collect loans in certain states. Additionally, we allege that the company made electronic withdrawals from consumers' bank accounts and sent letters demanding repayment of debts that were not legally enforceable.

If you are one of the 191,672 consumers who received a loan from Think Finance or one of its related entities and made payments you did not actually owe, you will receive payments that will be sent on May 14, 2024, through Epiq Systems. You can find more information about this distribution on the English page cfpb.gov/payments/thinkfinance. If you have any questions about how to receive your refund.

The total amount to be distributed is $384,009,580.74, and the money will come from the CFPB's victims relief fund.

Actions against Think Finance, LLC

In November 2017, the CFPB filed a lawsuit against Think Finance, LLC and six of its subsidiary companies for using unfair, deceptive, and abusive acts and practices that violated the Consumer Financial Protection Act. Think Finance, along with other companies, offered and managed online installment loans and lines of credit to consumers nationwide. Our lawsuit alleges that Think Finance, or one of its subsidiaries, illegally collected loans that were completely or partially null under the laws of the states of Arizona, Arkansas, Colorado, Connecticut, Illinois, Indiana, Kentucky, Massachusetts, Minnesota, Montana, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, and South Dakota.