Think Finance, a former payday lending company, recently reached a settlement in a class-action lawsuit. As a result, eligible borrowers can expect to receive settlement checks in 2021. If you have been affected by Think Finance’s lending practices, it’s essential to understand how much you may receive and what this settlement entails. Here’s everything you need to know about the Think Finance settlement checks in 2021.
How much will I get?
The exact amount you will receive will depend on various factors, including the total number of eligible borrowers and the specific details of your loan(s). However, it is estimated that eligible borrowers may receive between $30 and $300, depending on their individual circumstances.
Why did Think Finance settle?
Think Finance settled to resolve a class-action lawsuit filed against them. The lawsuit alleged that the company violated state and federal laws by offering illegal payday loans with excessive interest rates to borrowers.
Who is eligible to receive a settlement check?
To be eligible for a settlement check, you must have borrowed money from Think Finance between 2010 and 2014. Additionally, you must have paid back more than the principal loan amount, including any interest or fees.
When will I receive my settlement check?
The distribution of settlement checks is expected to occur in 2021. However, the exact date has not been announced. Keep an eye on the official settlement website or contact the settlement administrator for updates on the distribution timeline.
How will my eligibility be determined?
Eligibility will be determined based on the loan records and information provided by Think Finance. If you received a notice about the settlement, it means that you have been identified as a potential class member based on Think Finance’s records.
Do I need to take any action to receive my settlement check?
If you received a notice about the settlement, you do not need to take any further action to receive your settlement check. However, it is crucial to ensure that your contact information is up to date with the settlement administrator to avoid any delay in receiving your payment.
What if I did not receive a notice about the settlement?
If you believe you are eligible for the settlement, but did not receive a notice, you may still be eligible to file a claim. You can visit the official settlement website or contact the settlement administrator for guidance on how to proceed.
In conclusion, if you were a borrower with Think Finance between 2010 and 2014 and paid back more than the principal loan amount, you may be eligible to receive a settlement check in 2021. The exact amount will vary depending on individual circumstances, but it is estimated to range between $30 and $300. Stay informed by regularly checking the official settlement website or contacting the settlement administrator for updates on the distribution process.