Consumer Alert
$505 million in refunds sent to payday loan customers
If you took out an online payday loan from a company affiliated with AMG Services, you may be getting a check in the mail from the FTC. The $505 million the FTC is returning to consumers makes this the largest refund program the agency has ever administered.
The FTC sued AMG and Scott A. Tucker for deceptive payday lending. When consumers took out loans, AMG said they would charge a one-time finance fee. Instead, AMG made multiple illegal withdrawals from peoples’ bank accounts and charged hidden fees. As a result, people paid far more for the loans than they had agreed to.
In 2016 the FTC won a court case against AMG and Scott Tucker. Then in 2017, a jury convicted Tucker and his attorney of crimes related to the lending scheme. The FTC and Department of Justice are using money obtained in both court actions to give refunds to consumers.
Here are answers to questions about AMG refunds.
Who will get a refund? Checks are being sent to consumers who took out loans between January 2008 and January 2013 from these AMG-related companies: 500FastCash, Advantage Cash Services, Ameriloan, OneClickCash, Star Cash Processing, UnitedCashLoans, and USFastCash.
How many people will get refunds? More than 1.1 million people will get refunds.
How does the FTC know who to send the checks to? The FTC and a refund administrator have used AMG’s business records to identify eligible consumers and calculate their refunds.
I’m eligible for a refund. What do I need to do? If you borrowed from one of the lenders listed above between January 2008 and January 2013, you don’t need to do anything. The checks are being mailed to eligible consumers automatically. There is no application process. If you borrowed from one of those lenders before January 2008, please call 1-866-730-8147.
How can I get more information? Visit the FTC’s AMG refund page or call 1-866-730-8147.
Three tips from the FTC:
- If you get a check, deposit or cash it within 60 days.
- The FTC never asks people to pay money or give information to cash refund checks. If someone asks you to pay to get a refund from the FTC, it’s a scam.
- The FTC has advice if you’re thinking about a payday loan or an online payday loan.
Topics
In reply to When will we be getting these by Jackie196602
In reply to i received mine today by coreythedog
In reply to Is this really legit? by Mouse1958
In reply to Is this really legit? by Mouse1958
In reply to I received a check today. I by verysure7152
In reply to Me too! Glad I opened it!!! by Sweetadmin
In reply to Went to bank today! They know by Concerned
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In reply to Yes. It is real. I received by Ritchie
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In reply to Went to bank today! They know by Concerned
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In reply to Is this really legit? by Mouse1958
In reply to Is this really legit? by Mouse1958
In reply to Yes, I received my check by Stotheb23
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In reply to I received a check to on by Dj
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In reply to Our back cleared it chase by Got a check too
In reply to Is this really legit? by Mouse1958
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In reply to Is this really legit? by Mouse1958
In reply to Yes it is. I just cashed by Bellie
In reply to bellie...I received a check by deanie oct 3
If you have trouble cashing or depositing the check, please call the company the FTC hired to manage the refund process. That is Rust Consulting, at 1-866-730-8147. Rust Consulting will tell you how to verify that the check is legitimate.
In reply to If you have trouble cashing by FTC Staff
In reply to If you have trouble cashing by FTC Staff
In reply to The paperwork said it was a by Djdee90
The letter you got from the FTC said your check is a partial refund. It says that because the amount of your check is less than the total amount you paid to AMG Services, Inc. when it illegally charged you undisclosed and inflated fees. The FTC has sent out all the money that is available.
In reply to The letter you got from the by FTC Staff
In reply to The letter you got from the by FTC Staff