ATLANTA, Ga. - The FTC is returning the largest refund it has ever administered to some payday loan customers. More than a million people can expect a check.
We're talking about more than $500 million available to 1.1 million people. Here's the back story, according to the Federal Trade Commission.
The FTC sued a payday loan company called AMG Services and its owner Scott Tucker. Does that name ring a bell? Yep, it's the former race car driver. Well, he was also the engine behind an online company called AMG. He made a lot of money in the high interest loan business. But, according to the government, unfairly.
The FTC sued him for deceptive payday lending. Here's what they said, AMG said it charged a one-time finance fee, but instead they found the company made "multiple illegal withdrawals from peoples’ bank accounts and charged hidden fees."
Here's what you need to know: 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.
A jury convicted Scott tucker and his attorney in 2017 of multiple crimes related to what it calls a "lending scheme." Mr. Tucker was sentenced to 16 years in prison.
If you think you are owed money, call 1-866-730-8147.