Consumers Cheated out of Money in Elaborate Payday Loan Scheme to Receive Refunds
CWB Services and related defendants used consumer information to create fake payday loan agreements
Consumers who were victimized by a massive payday loan scheme and collectively cheated out of millions of dollars can soon expect a refund check in the mail.
Created fake payday loan agreements
According to the FTC, CWB Services, LLC and related defendants used consumer information from online lead generators and data brokers to create fake payday loan agreements.
After depositing money into people's accounts without their permission, they withdrew recurring "finance" charges every two weeks without applying any of the payments to the supposed loan. In some instances, consumers applied for payday loans, but the defendants charged them more than they said they would.
Banned from the Business
Under settlements with the FTC, the defendants are now banned from the consumer lending business in the United States.
The average consumer refund amount in this case is $40.61. Recipients should deposit or cash their checks within 60 days.
Watch out for Scams
Remember, the FTC and other government agencies NEVER require consumers to pay money or provide sensitive personal information to cash refund checks. If anyone says otherwise or requests such information, it is more than likely a scam and should be reported to the FTC immediately.
Get More Info
Consumers with questions about this case or the refund process should contact the FTC's refund administrator, Epiq Systems, Inc., at (888) 521-5208.