Pennsylvania Attorney General Kathleen G. Kane Thursday announced a consumer protection lawsuit against a Texas-based company for allegedly engineering an illegal payday loan scheme over the Internet. According to the lawsuit, the defendants allegedly targeted Pennsylvania consumers in violation of state law.
The civil lawsuit was filed in the Court of Common Pleas of Philadelphia County against Think Finance Inc. (formerly ThinkCash), TC Loan Services LLC, Elevate Credit Inc., Financial U LLC, and former Chief Executive Officer Kenneth E. Rees. Rees and the companies use an address of 4150 International Plaza, Suite 400, Fort Worth, Texas.
Payday loans are illegal in Pennsylvania. According to the lawsuit, Think Finance targets consumers in Pennsylvania using three Native American tribes, who function as the apparent lender, as a cover. In turn, Think Finance earns significant revenues from various services it charges to the tribes.
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