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.
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In reply to Hello Bridgette, I had mine by Lm225
I can't tell you exactly when you'll get a replacement check, but here's what's involved:
Rust doesn't mail checks one-by-one; they mail them in batches, and that could be every 2 or 3 weeks.
In reply to I can't tell you exactly when by FTC Staff
In reply to I received my check it was by mimi
In reply to If I moved since taking out by Sully
If you have a question about a refund, you can call the company that the FTC hired to manage the refund process at 1-866-730-8147.
In reply to I called and inquired about by ACMoe
In reply to I called and inquired about by ACMoe
In reply to I received my check and it by Racheljp
All the letters said partial refund. 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 It said partial payment does by Chief
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 Will there be a second payout by Sgonz
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 Did anyones say theirs was a by Mammawendy21
All the letters said the check is a partial refund. They say 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 check was issued in my by Wiscat
The refund company does not send checks one at a time. They review the information people send in, and prepare a batch of checks, then send them out. They send a batch of checks every two to three weeks. Please allow time for them to review your information, prepare a batch of checks and mail the check to you.
In reply to You can ask the company that by FTC Staff
In reply to The check was issued in my by Wiscat
In reply to I received a check but lost by Aaron Esparza
You can call the company that the FTC hired to manage the refund process at 1-866-730-8147.
In reply to When will you receive your by wea18
The letter you got from the FTC said your check is a partial refund, but that doesn't mean you are going to get another check.
The letter said your check is a partial refund, 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 They are vegue about it, by Dally@12227
The FTC has a clear statment about the refunds at www.FTC.gov/AMG. The FTC mailed 1,179,803 refund checks totaling more than $505 million to people who were deceived by AMG Services, Inc. and Scott A. Tucker, who operated a massive payday lending scheme.
The letter that came with 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.