$505 million in refunds sent to payday loan customers

Share this page

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:

  1. If you get a check, deposit or cash it within 60 days.
  2. 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.
  3. The FTC has advice if you’re thinking about a payday loan or an online payday loan.
Tagged with: credit, payment
Blog Topics: 
Money & Credit

Comments

When will we be getting these checks?

i received mine today

Is this really legit?

I am wondering the same thing. I got a check in the mail today.

I received a check today. I almost threw it away because I thought it was junk mail!!

Me too! Glad I opened it!!!

Went to bank today! They know about checks they deposit and if you want they will put a five day hold. I opted for five day hold to make sure funds are available! So yes if it clears I will let you know!

I receive my check today, this is real?

I mobile deposit mine last oct. 2 and it cleared today. REAL

Yes. It is real. I received mine and went to my bank. I bank with chase. I told them that I wasn't sure if it was legitimate, so they cashed it instead of depositing it. They said it was absolutely legit.

I put a 10 day hold on mine and it cleared.

I deposited mine on Oct 4th . bank put 11 day hold. I live in small town so deposited it in my account. How can I check see if it clears?

me to, it do look like junk mail

I got one today as well 36.00

Yes, I received my check today..$395.77 a nice surprise!!! Good luck!!

How do you apply?

You do nothing, just wait for a check

I received one on October 1st too. I thought the same thing I kept reading the letter I got 1,193.33. Nice surprise, just like you. I had no idea.

same here for 1360.can in handy

Got mine a few days ago, $967.00 what a surprise!

I am wondering if its legit too, before I deposit it.

Our back cleared it chase

I'm glad to hear I hace chase and deposited mine today

I received a check to on October 1 deposit in chase bank still haven’t cleared how did it take for your to clear .

it two day for mines to clear

I deposited money on the 4th and was cleared the next day

Did they put a hold on it first

Concerned about "back clearing check"

I received a check today and am wondering if it is legit also.

I bought to my bank. They said never seen a check like this. Put on hold for 7 days.

I deposited it on tues with Chase bank,they now have put a 10 day hold on it.they claim they have seen 2 checks returned.super irritated,it's a good sum of money but this is ridiculous.total third degree over the check,,how did I get it,why did I get it ?

Chase put a 10 day hold on my check also

Chase put a 10 day hold on mine too, its supposed to be released this Thursday. So frustrating because I need that money. I should of just cashed it at US Bank.

At least your bank informed you of the hold. My put funds on hold then cleared in about four days only to put funds on hold again after I started paying bills now my account is in the negative and they’re now saying possibility to of bieng released on 10/18. In he meantime I’m stuck with several overdrafts. TD bank sucks!!!

I received a check on 10/2..deposited into chase they put a hold on it as well. But said in 10 days it should clear. Gosh i almost threw it out thinking it was junk mail....

I got mine on the 30th and instead of depositing it to my account i went to us bank and cash it there i didnt mind cashing it and paying the 7 fee

I recibe a c check on 10/3/2018, though for sure was a scam, w by en I asked my daughter who is familiar with legal matters, told me to go to US bank, I went and was able to cash the check, was so happy! $3531.00. It will help to pay for my tires. Thank God!

Did the check finally clear

My bank did the same thing

Yes it is. I just cashed mine.

bellie...I received a check and checking into it. did your bank give you a problem? is there something on the check that makes it legit eq watermark etc? thanks for your help

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.

Cashnet USA is another one I got a loan for less than $1000 in the beginning of 2017 and each ACH payment was charged 299% of the loan but out of each payment of more than $100 every 2 weeks they only applied like $20 of it. I am still paying the loan. Please check into this.

I got my check it was in my other married name. I had to show my marriage license & my bank cashed it. Then I deposited it.

Which bank did you go to ? and you had no problem cashing it

I received mine yesterday, I was shocked. I didnt even know there was a class action lawsuit in process. So happy.

is ths check rral

I got a check also BUT do not remmebr ever taking out a payday loan. I'm afraid to cash this check

Yes the checks are real. Cash it then deposit it.

Is this a scam. I just received a check and was wondering if I should tear it up or is it legit.

Pages

Leave a Comment