FTC Mailing $1.5 Million in Refunds to Victims of Payday Loan Scam

FTC Mailing $1.5 Million in Refunds to Victims of Payday Loan Scam
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September 18, 2015

Victims of illegal payday loan practices can expect to see a refund check hitting their mailboxes soon.

The Federal Trade Commission (FTC) is mailing more than 64,600 checks totaling $1.5 million to consumers who lost money to an online operation that illegally debited their bank accounts when they sought payday loans.

The websites failed to disclose that they would use consumers' bank account information to charge them for enrollment in unwanted programs and services. A federal court also put a stop to the companies' operations.

Consumers who receive checks from the FTC's refund administrator, Gilardi & Co., LLC, should deposit or cash them within 60 days of the mailing date. The FTC never requires consumers to pay money or to provide information before refund checks can be cashed.

Consumers who receive checks and have questions can contact Gilardi & Co., LLC at 1-877-255-2804.

More information about the original complaint can be found on the FTC website.