Think Finance

Think Finance, established in 2001, initially operated by developing online financial products for consumers with sub-par credit histories. The firm provided technology, analytics, and marketing services to businesses in the consumer lending sector. A significant shift occurred in 2014 when the company restructured, spinning off its consumer lending products into a separate entity called Elevate, and altering its own focus to a provider of technology and analytics services for third-party online lenders.

The company's core offering was the Cortex platform, a suite of technologies designed to help lenders manage online loan origination, servicing, and marketing. This platform provided clients with a user-friendly website, the tools to originate loans, manage existing accounts, and oversee their portfolios. The business model centered on licensing this loan management software to other lenders.

Think Finance's operations became mired in controversy, facing numerous lawsuits and regulatory actions. Allegations centered on the company engaging in what was described as a "rent-a-tribe" scheme, where it partnered with Native American tribes to offer loans with exceptionally high interest rates, thereby attempting to bypass state and federal lending laws. In November 2017, the Consumer Financial Protection Bureau (CFPB) sued Think Finance and its subsidiaries for deceptive practices and illegal collection of loans that were considered void in 17 states due to usurious interest rates or licensing violations. These legal challenges culminated in the company filing for Chapter 11 bankruptcy protection in October 2017.

In December 2019, the business emerged from bankruptcy proceedings and was reorganized under a new structure as subsidiaries of TF Holdings, Inc., with the Think Finance name being dissolved. The reorganized entity, TF Holdings, continues to provide credit tools to consumers and license loan origination and management software, including the Cortex platform, to lenders. Former Think Finance CEO Ken Rees, who led the company prior to the spin-off, became the CEO of Elevate. Martin J. Wong, who became CEO in 2014, guided the company through its bankruptcy and restructuring to become CEO of the reorganized TF Holdings.

Keywords: online lending platform, Cortex software, consumer lending technology, loan management system, fintech services, TF Holdings, loan origination software, high-interest loans, rent-a-tribe lawsuit, CFPB settlement, Chapter 11 bankruptcy, financial analytics, Martin Wong, Ken Rees, Elevate spinoff, consumer finance solutions, subprime lending technology, lending compliance, risk underwriting, financial technology services