FTC Returns $1 Million Plus to Pay Day Loan Applicants
The Federal Trade Commission returning $1.5 million to over 60,000 consumers whose bank accounts were illegally debited after they applied for a payday loan.
The FTC won a judgment in federal court in its case against Direct Benefits Group LLC, Voice Net Global LLC, Solid Core Solutions Inc., WKMS Inc., Kyle Wood, and Mark Berry.
The FTC’s complaint, the defendants’ websites failed to disclose that they would use consumer’s bank account information to charge them for unauthorized programs and services. Basically, the consumer had no idea that these undisclosed charges would occur when they applied for the loan.
Checks will be sent by FTC’s refund administrator, Gilardi & Co., LLC directly to those impacted.