Victims of Think Finance Deception to Receive $384 Million

Online lender tricked borrowers into repaying loans they did not owe

Nearly 200,000 victims of an online lending scam will receive payments from a $384 million fund.

The Consumer Financial Protection Bureau (CFPB) is distributing payments to former borrowers of Think Finance, an online lender that operated a deceptive scheme to secure loan repayments from borrowers.

“Too often, victims of financial crimes are left without recourse even when the companies that harm them are stopped by law enforcement,” said CFPB Director Rohit Chopra. “The victims relief fund allows the CFPB to help consumers even when bad actors have squandered their ill-gotten profits.”

Think Finance offered online loans to consumers even if the terms of those loans violated the lending laws in the state where the lender resided. The loans were often illegal at initiation. Think Finance also illegally withdrew funds from customer bank accounts.

191,000 customers of Think Finance will qualify for a portion of the $384 million in payments. The funds will be paid from the CFPB's Victims Relief Fund.

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