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

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Regulators say the online lender deceived consumers into thinking they owed money on loans and withdrew funds from their bank accounts.

Consumers allegedly scammed by Think Finance into repaying loans they did not owe are being refunded through distributions from the Consumer Financial Protection Bureau .The federal agency on Tuesday said it allocated more than $384 million to roughly 191,000 consumers who fell victim to Texas-based Think Finance, an online lender. The money was distributed by the CFPB through its victims relief fund, also known as the Civil Penalty Fund.

'The victims relief 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 out beginning on May 14, the agency said. Those who think they are eligible can find more details at the CFPB's website. They can also contact the settlement administrator, Epiq Systems, with questions by email at info@cfpb-thinkfinance.org or by phone at 557-1865, a toll-free line.

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