FTC Mailing Refund Checks to Victims of Payday Loan Scam

FTC Mailing Refund Checks to Victims of Payday Loan Scam
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February 18, 2016

Victims of a payday loan scam will be receiving refund checks as part of a settlement between the scam operators and the Federal Trade Commission (FTC).

The scam promised to help consumers get payday loans, but instead debited their bank accounts in increments of $30 without their authorization.

In July 2014 at the FTC's request, a federal court halted the operation run by Sean C. Mulrooney, Odafe Stephen Ogaga, Vantage Funding, Ideal Advance, Loan Assistance Company, Palm Loan Advances, Loan Tree Advances, Pacific Advances and Your Loan Funding.

Affected consumers will receive checks, each in the amount of $30, and 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 the FTC's refund administrator, Rust Consulting, Inc., at 866-680-5565.