Payday loans is a term used to describe short term, high cost loans that generally are due at the borrower’s next payday. Often the lender requires a repayment by a post dated check for the full amount owed including all fees at the time the loan is made or authorization to electronically debit the funds from the borrower’s bank account when the borrower is paid his or her next wage payment. Some states do not permit payday loans and others highly regulate them. The Federal Trade Commission (FTC) recently won a judgment against AMG Services and Scott Tucker, its principal for making multiple illegal withdrawals from their customers’ bank accounts and charging hidden fees that dramatically inflated the amount their customers paid AMG. As a result of the judgment, the FTC collected from AMG and Tucker 505 million dollars which they are now refunding to scammed customers. More than a million people will be receiving refunds.
If you were a victim of this scam, you may be eligible for a refund. For more information about this refund program, click on the FTC Scam Refunds tab at the top of the first page of There are no fees involved with receiving a refund through this program. Anyone contacting you about this refund program who demands a fee or payment of any kind is a scammer.
Customers of AMG affiliated companies 500FastCash, Advantage Cash Services, Ameriloan, OneClickCash, Star Cash Processing, UnitedCashLoans and USFastCash who took out loans between January 2008 and January 2013 are eligible for the refunds. Checks are being mailed by the FTC. You do not need to apply for a refund. If you have questions about the refund program you can call 866-730-8147.
A common version of a payday loan requires you to pay an upfront fee before you receive your loan. Never pay in advance for a loan. Legitimate lenders only charge fees after you have been approved for and received your loan.
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