$505 million in refunds sent to payday loan customers

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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

We just got ours today. Late, it was sent to the wrong address. But finally made it to us. Were you able to cash your check?

I bank with Sun trust, I took mine to the teller had them look at it and they said it was legit and it cleared the next day without any issues. I caught mine on the 60 day mark Nov 26 apparently I received it back in Sept. So it was a nice surprise while cleaning to find a check, I was upset later once I read about this Scott guy.

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.

Did you get a check from the FTC? Checks from the FTC are legitimate. When you get a check from the Federal Trade Commission, it comes with a letter that explains why you got the check and gives details about the case. You and your bank can go to www.FTC.gov/AMG for details about the refund. You can call the company that the FTC hired to manage the refund process at 1-866-730-8147. If you get a check, you should cash or deposit it within 60 days.

Hi Bridgette How will I know if I will receive any additional funds I took out quite a few loans .

What happens if you deposit after 60 days. I had to move and my mail was forwarded and I received it late.

it's real please don't tear it up!

Yes....I received one and it's legit....

My bank accepted it. Got to show ID

yep its real. Cashed mine this morning!

Yes, it's legit...Has anyone out here who has received a check that says "Partial Refund?"

The letter you got from the FTC said your check is a partial refund. “Partial refund” 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.

Bridgette/ it seems unfair that some people were given several thousand while other received partial. I am one of those who overpaid times 10 so a full amount should’ve been distributed. Question for those who revived a couple of thousand : did your letter say “partial payment “ or did you just get the thousand +?

All the letters the FTC sent out say the check is a partial refund. The letters say "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.

Thanks for the explanation Bridget. I guess those receiving several thousand is because they initially took out huge loans! At any rate, I’m satisfied I got anything at all.

I have received a check amount $ 735.28 partial refund.

My bank returned it to me saying “reasonable cause to doubt collectibility.”

Mine said partial payment but received over $1000

Yeah mine was only 1446 and said partial refund

It says partial refund. It is sad because I know I paid much more than the amount I received on these loans. I also used other pay day loan names that are not mentioned. I hope they catch them all. But I had to do this in order to survive sometimes. I am happy though, because this money came at a good time for us. God Bless.

so that mean that another check is coming

No, that does not mean another check is coming.

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.

Can you tell me what color the check is? I got one but don't see watermark, etc. Also the article states people took out these loans from 2008 to 2013. The check I got was sent to the address I lived at from 1999 to 2004.

how given of sum of $505+ million to 1.1+ customers mean sound like given average of $12 million each customer????

What are you guys gonna do for the people that didnt get the full refund?

Received a check yesterday that said partial ,do you know when next one will be sent out , this check help pay for denture i badly needed

The letter you got from the FTC said your check is a partial refund. “Partial refund” 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.

Where can I cash it from where I’ll get the money I jus received mines today!

Are said that I was thinking there is gonna be more we got about 3 loans online a while back

Yes I'm did

Yes i did! Reading that i wont get full amount upsets me.

Yes thinking more is coming. Got first check Oct. 3

The letter you got from the FTC said your check is a partial refund. “Partial refund” 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.

Those people that received a partical refund when more money is available will we get the rest of are money back after reading the lawsuit the ftc was awarded 5billion in think

The Federal Trade Commission, working with the US Department of Justice, mailing 1,179,803 refund checks totaling more than $505 million to people.

The amount of a check was based on the amount a person lost from illegally charged fees on certain loans: the loans they took before January 2013 with a company affiliated with AMG Services. Each person will get a refund for a percentage of the amount they lost from the illegally charged fees.

Thank you Bridget for providing details and clarification from the FTC. And thank you for providing justice from these crooks!!

I remember getting a loan from at least two of them,how do i know if a check is coming,i have moved a couple of times.

You can call the company that the FTC hired to manage the refund process at 1-866-730-8147.

Okay Thanks!!!

My bank has a hold on mine and my wife's. They said the account does not exist. I cannot get in touch with anyone at Rust Consulting. They are supposed to be trying again on the 12th. What should we do. I bank with Wells Fargo.

The check is legit. Deposited $2,100+ and my bank honored the check.

deposited Mine too 2555.55. cashed right away...says you have 60 days. Its from the Federal Trade Commission. It's legit!!!

Mine said partial payment. Not sure what it means.

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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