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Category: Payday Loans No Employment Verification

FTC and DOJ get back an archive $505 Million to customers Harmed by significant Payday Lending Scheme

FTC and DOJ get back an archive $505 Million to customers Harmed by significant Payday Lending Scheme

Reimbursement may be the biggest redress that is FTC-administered in agency history

The Federal Trade Commission, working jointly with all the U.S. Department of Justice, is mailing 1,179,803 reimbursement checks totaling significantly more than $505 million to those who had been deceived by a massive payday scheme that is lending by AMG Services, Inc. and Scott A. Tucker.

The customer refunds stem from the record-setting $1.3 billion court that is civil and order the FTC obtained against Tucker along with his businesses for breaking the FTC Act as well as the Truth in Lending Act once they deceived customers around the world and illegally charged them undisclosed and inflated costs. Your order represents the biggest litigated judgment ever acquired by the FTC.

The FTC alleged that the operators of AMG Services, Inc. falsely claimed they would charge borrowers the loan amount plus a one-time finance fee in its 2012 complaint.