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 got a check for partial by nancy
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 I got a check for partial by nancy
In reply to do you have to claim this by HENRY
The FTC doesn't give tax advice; you can talk with the IRS or a tax professional about that. I can tell you that the FTC will not send people an IRS Form 1099 related to the partial refund checks.
In reply to I called the US Bank and was by flowerchild
In reply to Does anyone know how they by tiffcarreno
The partial refund amounts were calculated based on the amount a person lost from illegally charged fees, not the amount they borrowed. It was based on the fees they were charged on loans they took before January 2013 with a company affiliated with AMG Services. Each person will get a refund for a percentage of their loss.
In reply to I was so shocked when that by Nar1978
The letter you got from the FTC 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 I had 11 loans in 2006 with by Jenn Irving
In reply to Bridget Small-FTC.. Why are by Grandma
The check from the FTC is not a scam.
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.
In reply to My bank didn’t take it due to by winowithwieners
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.
In reply to My husband’s check went to by Furious
Please work with Rust Consulting at 1-866-730-8147 to get the check issued to the correct name and address.
In reply to I had multiple loans over by Jojo
The amount of your partial refund is based on the amount you lost from illegally charged fees on the loans you took before January 2013 with a company affiliated with AMG Services, Inc. Each person will get a refund for a percentage of the money they lost in illegally charged fees.
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.
Checks were sent to people who took loans between January 2008 and January 2013 from: 500FastCash, Advantage Cash Services, Ameriloan, OneClickCash, Star Cash Processing, UnitedCashLoans, and USFastCash.