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 I just got my check, over by Lally
In reply to I am wondering how much the by jamie
In reply to about how much are the by amber1964b
In reply to My was for over 1,200.00!! I by MsResaj
In reply to Mine was over $1600.00. What by Cj
In reply to Mine was over $1600.00. What by Cj
In reply to Mine was over $1600.00. What by Cj
In reply to Mine was over $1600.00. What by Cj
In reply to My was for over 1,200.00!! I by MsResaj
In reply to My was for over 1,200.00!! I by MsResaj
In reply to My was for over 1,200.00!! I by MsResaj
In reply to My was for over 1,200.00!! I by MsResaj
In reply to about how much are the by amber1964b
In reply to about how much are the by amber1964b
In reply to about how much are the by amber1964b
In reply to about how much are the by amber1964b
In reply to about how much are the by amber1964b
In reply to Will the payday losn company by Jack315
The FTC says you should cash or deposit the check within 60 days after you get it.
You decide if you want to cash it or deposit it.
If you want to deposit it, you choose which account to put it in.
In reply to I just wanna make sure this by Lola61
If you get a check from the Federal Trade Commission, it will come with an explanation of why you got the check and details about the case. You - and the bank - can look at www.FTC.gov/AMG for details about the refund. If you get a check, you should cash or deposit it within 60 days.
In reply to If you get a check from the by FTC Staff
In reply to If you get a check from the by FTC Staff
In reply to I'm told this is just the by Diva50
The letter you got from the FTC said your check is a partial refund. “Partial refund” in this case means that 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 Got my check today in the by tsksu143
In reply to Got my check today in the by tsksu143
In reply to Got my check today in the by tsksu143
In reply to I received a check today is by justasking
If you get a check from the Federal Trade Commission, it will come with an explanation of why you got the check and details about the case. You - and the bank - can look at www.FTC.gov/AMG for details about the refund. If you get a check, you should cash or deposit it within 60 days.
In reply to If you get a check from the by FTC Staff
In reply to Why can’t you say anything by Blainea520
I am trying to answer questions about whether checks are real by telling you how to check if your letter is legitimate. A legitimate letter and a check from the FTC, will:
Look at the letter you got. Does it explain why you are getting the letter? Does it say you're getting the letter because you were charged illegal finance fees for a payday loan? Does the letter have details about the case? Does it say the FTC and Department of Justice won civil and criminal lawsuits against AMG services?
Now go to www.FTC.gov/AMG. Does the information on the FTC website match what your letter says? Use this information to judge if the letter you got is a legitimate FTC letter.
In reply to I am trying to answer by FTC Staff
In reply to Good morning Bridget, by csolis
You can tell the FTC about a problem with a business at www.FTC.gov/Complaint. The information you give will go into a secure database that the FTC and other law enforcement agencies use for investigations.
In reply to I am trying to answer by FTC Staff
In reply to If you get a check from the by FTC Staff
In reply to I got one and it said a by Zaboo
The letter you got from the FTC said your check is a partial refund. “Partial refund” in this case means that 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 If you get a check from the by FTC Staff
In reply to If you get a check from the by FTC Staff
In reply to If you get a check from the by FTC Staff
In reply to If you get a check from the by FTC Staff
In reply to If you get a check from the by FTC Staff
In reply to Why do checks vary in amount by Luz
Each check was calculated based on the amount a person lost from illegally charged fees on loans they took before January 2013 with a company affiliated with AMG Services. Each person will get a refund for a percentage of the money they lost.
In reply to FWIW, I moved a year or so by Moved-in-Oregon