$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.
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Money & Credit

Comments

Mine was 2,600. The next folks that they should investigate are the people doing consumer loans

Got 2 checks. One for $566 and one for $1620.

Got mine today! It was for $1,705.62 OMG, this is so needed!

did you have an issue cashing the check?

Had anyone had success In cashing these? I'm a little doubtful.

Have you deposited it yet?

Hi. Just curious if your refund check cleared. I’m hesitant t about depositing mines. This was a surprise so I’m not sure if it’s too good to be true. Thanks.

I received mine yesterday, but was wondering have you cashed it and did it clear?

Mine was over $5000

Over $3000. Used several companies over the years, but thankfully none recently.

I got mine today for just under $1,000. I had moved several times since I took out the loans and the check came to me at the correct address.

I got mine yesterday and it was $235! Not as much as some of the others, but it helps right now!

I got one and mine was 36.00, I don’t know how everyone else got so much. I read in another article the FTC put ou my and it says the average check is 46.00

Will the payday losn company have any access to the account I deposit my check into?

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.

I just got my check and put it in the bank, it says on the letter it only a percentage of what they took from me. Is it possible they will be sending more?

If I received a refund and I borrowed before 2008 am I entitled to more or the check I received is what is owed to me?

I moved since the information I provided the loan company. I received a refund check today at my new address. I would assume they will find you, lol.

Thank you so much for advocating on behalf of the many people who were decieved by AMG/Tucker.

I just wanna make sure this this is legit and don't want to cash this and have to pay this back!!!!

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.

Hi I was wondering if I had a loan through two of the companies will I get two separate checks?I've already received one

I'm told this is just the first wave. Although I'm older now and have learned my lesson, I paid so many of these high interest loans back during that time. Is this the first wave of them and will there be more refunds forthcoming, just curious. I'm super happy for this unexpected blessing in the mail.

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.

Got my check today in the mail. Thank you. I had to close my bank account and even move to a new bank to get them to stop. I paid my 500.00 loan back at least 8 times with them. What I got back from you guys at least pays me back my bounced bank fees. Thank you

HOW MUCH WAS IT

I got a check today I’m so scared to use it for fear of it being a scam!!! Sooo reluctant to go near my back acct with it

I got mines today it was $600. What a great surprise. I needed that.

I received a check today is it real, from the amg settlement

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.

Why can’t you say anything else or just answer the questions I think you and these checks are scams

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:

  • explain why you are getting the letter
  • have details about the case

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.

Good morning Bridget,
Is there a way for the FTC to investigate 800 Loan Mart? Years ago I was a single mom struggling financially as many of us out there and had a loan with this company and I paid a very high price. Don't know if the amount of money I paid back is legal. How can I find out? If you can respond to my question. I'll appreciate.

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.

Since the phone number given has been jam packed when and how do you recommend we have the bank or check cashing place call to verify I was turned down three places today because they could not get through to the number listed on the check thank you

I got one and it said a partial refund. But on the bottom it says it is my portion so is it part or all of the refund?

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.

I got one and it said a partial refund. But on the bottom it says it is my portion so is it part or all of the refund?

I got the check and i dep into my bank account my bank put a 7 day hold to verify the check is good we’re can i verify the check is good?

My letter states this is a partial refund so will another check be coming?

Received one in mail today. Why does it state this is a "partial refund"?

Why do checks vary in amount refunded?

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.

FWIW, I moved a year or so ago and got one of these checks in the mail just today at my new address. (I should mention that I did file a COA with the Postal Service promptly after the move.) So the FTC may find you even if you did relocate.

So glad to hear this, I moved as well and thought they wouldn't get to me but I also did a COA with the post office. Fingers crossed I hear something soon. Thanks

Also, now that I think of it, I still have the same bank account I used to receive the loan, with my current address attached.

are these checks for real or another scam???

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.

Is it possible to get 2 checks?

I know I used several different payday loan companies, but I have gotten married, divorced, and moved several times. If I am eligible for a refund, how will they know where to send a check?

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