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 If you get a check from the by FTC Staff
In reply to Why only a partial amount. I by Casey
The FTC distributed all the money that is available. The FTC and Department of Justice sent 1,179,803 refund checks to people who were deceived by the payday lending schemes.
In reply to The FTC distributed all the by FTC Staff
In reply to What about these companies : by MaggieMae1967
If you find information on your credit report that is not correct, you can dispute it with the credit reporting agency. The article on this website called "Disputing Errors on Credit Reports" tells how to do that. You can type the name of the article into the search bar and get a link to the article.
In reply to How much are the checks for? by nlm08
In reply to WHATS THE AVERAGE CHECK AND by KUNTRE84
In reply to It say that "enclosed is a by Robert_1313
The letter you got from the FTC said your check is a partial refund. It says 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.
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In reply to If 505 million was returned by VFB
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In reply to I have been sent a couple by PNB
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 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
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In reply to That is a bit weird, I spoke by VFB
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In reply to did it not come with any by KUNTRE84
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 Hi Bridget, I received my by Tyga
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 The letter you got from the by FTC Staff
In reply to Good morning, I contacted FTC by Sherry
Please call the company that the FTC hired to manage the refund process at 1-866-730-8147.
In reply to did it not come with any by KUNTRE84
In reply to You can take it to your bank by Wisconsin84
In reply to I have been sent a couple by PNB