Eleven years ago, Think Finance was named one of Forbes’ most promising companies.
Now, the online lender is bankrupt, with the Consumer Finance Protection Bureau (CFPB) saying it defrauded hundreds of thousands of consumers.
The bureau on Tuesday (May 14) announced it had distributed more than $384 million from its victims relief fund to about 191,000 consumers who, according to the CFPB, were tricked by Think Finance into repaying loans they did not owe.
“Too often, victims of financial crimes are left without recourse even when the companies that harm them are stopped by law enforcement,” CFPB Director Rohit Chopra said in a news release. “The victims relief fund allows the CFPB to help consumers even when bad actors have squandered their ill-gotten profits.”
The CFPB sued Think Finance in 2017, alleging the company had tricked consumers into making payments on loans they didn’t owe. The suit said the company — which folded in 2019…