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Victims of Think Finance loan repayment scam to get $384 million

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Consumers who were allegedly tricked by Think Finance into repaying loans they did not owe are being repaid via distributions from the Consumer Financial Protection Bureau (CFPB).

The federal agency said Tuesday it awarded more than $384 million to about 191,000 consumers who were victimized by Think Finance, a Texas-based online lender. The money was distributed by the CFPB through its Victims Fund, also known as the Civil Penalties Fund.

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

Payments to consumers harmed by Think Finance’s practices will be sent starting May 14, the agency said. Those who think they may be eligible can find more details on the CFPB website. They can also contact the settlement administrator, Epiq Systems, with questions by email at info@cfpb-thinkfinance.org or by telephone at (888) 557-1865, a toll-free line.

Since its creation in 2010, the CFPB has distributed approximately $19 billion to more than 195 million defrauded consumers in the form of monetary compensation, principal reductions, debt forgiveness and other relief, according to the agency. Consumer complaints about financial products or services can be submitted on the CFPB’s website or by calling (855) 411-CFPB (2372).

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