Federal Trade Commission

Payday Loans Concept.

FTC Refunds Consumers $596,000 for Phantom Payday Loan Scheme

The Federal Trade Commission is sending out over 1,700 checks totaling $596,000 to consumers who were victims of a phantom payday loan scheme last year. Under the scam, consumers were asked to pay on payday loans on which they did not actually owe money. Several groups were involved in the phantom loan scheme, including Broadway