Background
ThinkCash was an online lender providing fast access to short-term installment loans for customers needing between $250 and $2,500. The company positioned itself as a lower-cost alternative to traditional payday loans, offering flexible repayment options and encouraging responsible borrowing. ThinkCash was associated with First Bank of Delaware and also operated the Payday One brand.
History
ThinkCash gained traction in the U.S. as a convenient online lending solution, allowing borrowers to apply without paperwork or in-person visits. The company became known for its fast approval process and willingness to serve customers with various credit backgrounds. Over time, ThinkCash’s business practices drew regulatory scrutiny, and the company was involved in legal actions regarding high interest rates and licensing issues in certain states. ThinkCash and its parent company, Think Finance, ultimately ceased operations following lawsuits and settlements related to alleged illegal lending practices.
Types of Loans and Fees Charged
Loan Types: Short-term installment loans, marketed as a more affordable alternative to payday loans.
Loan Amounts: $250 to $2,500 (with a $1,500 limit for first-time borrowers).
Repayment Terms: Flexible installment options, with payments typically aligned to the borrower’s paycheck schedule. Loans could be paid off early without penalties.
Interest Rates (APR):
For loans under $1,000: $1 per day per $100 borrowed (365% APR).
For larger loans: $0.24 per day per $100 borrowed (87% APR).
Fees: No prepayment penalties. Interest was only charged for the days the loan was outstanding, encouraging early repayment.
Locations
ThinkCash operated exclusively online, serving customers nationwide where permitted by law.
States Where Loans Were Offered and Not Offered
Available States: ThinkCash accepted applications from most states, subject to local lending regulations.
Unavailable States: The company was not licensed to operate in some states, such as California, and was found to have made loans in states where it was not authorized, leading to regulatory action and settlements.
How to Contact ThinkCash
ThinkCash is no longer in business. The company’s website is inactive, and all lending activities have ceased. There is no current customer service or contact information available. Consumers with unresolved issues related to past loans should consult state regulators or legal resources for assistance.
