Alleging that the company has been illegally collecting on loans that don’t comply with state laws, the Consumer Financial Protection Bureau (CFPB) filed suit against Think Finance in a Montana district court.
The bureau asserted in its complaint that many loans for which the Texas-based online service provider collects payments are void under state laws governing interest rate caps or lender licensing. The CFPB seeks to recoup relief for harmed consumers and impose a penalty.
Read on to find out more details about the lawsuit.