Think Finance Will Cancel Loans in Nationwide Settlement

Think Finance Inc. will cancel outstanding loans as part of a nationwide settlement of accusations it preyed on consumers, and hand over $40 million to fund efforts to return money to victims of an alleged payday lending scheme.

Months in the works, the settlement with consumer advocates was hatched in a chapter 11 proceeding that began in 2017 when Think Finance filed for bankruptcy protection in Dallas. Consumer watchdogs including Pennsylvania Attorney General Josh Shapiro, had accused Think Finance of peddling online loans…