FTC refunds | June 2023

In June, the Federal Trade Commission (FTC) sent refunds to consumers from three settlements resolving claims of predatory lending, student loan relief scams and bogus business coaching.

LendingClub FTC refunds

The FTC is sending $510,000 in refunds to consumers who paid hidden fees on their LendingClub loans and who previously received a refund from the settlement.

According to the FTC, LendingClub explicitly promised to charge “no hidden fees” on personal loans for consumers. In reality, the lender allegedly deducted hundreds or thousands of dollars in up-front fees through deceptive lending terms. 

The FTC previously sent over $17 million in refunds to affected consumers. Now, with the money remaining in the settlement, the FTC is sending $510,000 in additional refunds to 16,710 consumers. 

Payments are available to those who previously submitted a claim, accepted initial refunds in the case and paid more than $844 in hidden fees. 

Consumers who receive a PayPal payment should accept it within 30 days. Refund checks should be cashed within 90 days. 

Questions about the LendingClub FTC refunds can be directed to Rust Consulting Inc. at 1-833-630-1417.

Arete Financial FTC refunds

The FTC is sending $3.3 million in refunds to Americans affected by Arete Financial Group’s illegal student loan debt relief scheme.

Arete Financial’s student loan debt-relief program allegedly charged illegal upfront fees to consumers while failing to deliver the promised debt relief. In addition, the FTC claims, Arete Financial falsely masqueraded as an affiliate of the U.S. Department of Education in order to take advantage of consumers.

The FTC reached a settlement to resolve these claims and is sending $3.3 million in refunds to affected consumers. The settlement also bans Arete Financial from the student loan debt-relief industry to prevent future fraud. 

Those who receive refund checks should cash them within 90 days. 

Questions about the Arete Financial FTC refunds can be directed to JND Legal Administration at 855-678-0558.

Digital Income System FTC refunds 

The FTC is sending a second round of $66,000 in refunds to consumers who fell victim to Digital Income System’s business and investment scheme. 

According to the FTC, Digital Income System promised they could earn between $500 and $12,500 per sale. In reality, consumers allegedly made little to nothing from the program and may have even lost money.

In June 2022, the FTC sent $490,000 in refunds from a settlement with Digital Income System. Now, the agency is sending an additional 968 checks worth over $66,000. Consumers who previously cashed a refund check from the FTC settlement are eligible for this second round of payments.

Consumers should cash their refund checks within 90 days. 

Questions about the Digital Income System FTC refunds can be directed to Rust Consulting Inc. at 833-539-2840.

Read About More Class Action Lawsuits & Class Action Settlements:

• FTC refunds | May 2023
• FTC refunds | March 2023
• FTC refunds | February 2023
• FTC issues refund checks to victims of fraud, other scams