Refunds of $2.6M for FloatMe's Deceived Customers

Nearly 500,000 customers deceived in cash advance lending scheme

An online cash advance company deceived 449,344 customers with promises of low-dollar cash advances at no cost.

Federal Trade Commission (FTC) action against online cash advance lender FloatMe will result in $2.6 million in refunds being paid directly to the consumers who were harmed in FloatMe's lending scheme.

The FTC's allegations against FloatMe include promises of quick cash advances offered at no cost if consumers met certain terms. FloatMe then failed to deliver the promised advance amounts and charged fees in order to receive payments sooner than in 1-3 business days.

FloatMe also promised to increase cash advance limits, but failed to deliver on this promise. Additionally, FloatMe made it difficult for consumers to cancel their subscriptions.

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