If you’ve ever used a cash advance app to cover expenses between paychecks, you may want to check your email this month. The Federal Trade Commission (FTC) is distributing more than $15.8 million in refunds to consumers who paid for certain services through Cleo AI, a financial technology company accused of misleading customers about cash advances and subscription fees. More than 2.1 million people are expected to receive payments, and the first notifications are already going out.
According to an October 8 announcement from the FTC, the agency plans to send payments to 2,124,796 eligible Cleo AI customers.
