Tag: AMG Payday Loan Law Suit Update


Scott Tucker, AMG Payday Loan Law Suit Update

From the FTC:

AMG and MNE were defendants in an action against more than a dozen companies and corporate officers, alleging they violated the FTC Act, the Truth in Lending Act, and the Electronic Fund Transfer Act. MNE lent to consumers under the trade names Ameriloan, United Cash Loans, US Fast Cash, Advantage Cash Services, and Star Cash Processing. AMG serviced the loans.

According to the complaint, the defendants misrepresented how much loans would cost consumers and charged them undisclosed and inflated fees. Here just one example: The defendants’ contract said a $300 loan would cost consumers $390.  But what did people really have to shell out to repay the loan?  $975.

To settle the case, AMG and MNE will pay $21 million and will waive another $285 million in… Read More Here.