More than 2.1 million Americans who paid for instant cash advances through the Cleo AI app will get a share of a multimillion-dollar settlement after federal regulators accused the company of misleading customers about how much money they could borrow and how quickly they could get it.
The Federal Trade Commission is distributing more than $15.8 million to 2,124,796 consumers as part of a settlement with the cash advance company.
Cleo AI advertised cash advances of hundreds of dollars, often promising same-day delivery. But the FTC alleged in a March 2025 complaint that few customers received the advertised amounts, consumers were charged undisclosed fees for expedited advances that sometimes arrived late, and canceling subscriptions was unnecessarily difficult.
Cleo agreed to pay $17 million to settle the allegations, but the agency is initially distributing just over $15.8 million to consumers. The FTC generally uses settlement funds to cover the cost of administering refunds and may distribute additional payments if money remains. The agency has not specified how the balance of the Cleo settlement will be used.
The FTC has not disclosed individual payment amounts or whether everyone will receive the same refund. If the money were divided equally, each consumer would receive approximately $7.44.
The FTC also has not specified the dates during which consumers must have used Cleo AI to qualify for refunds. Eligible consumers should receive an email notification by Oct. 26, and payments will begin arriving through PayPal on Oct. 27. No application is required. Notifications will come from no-reply@consumersentinel.gov.
Consumers must accept their PayPal payments within 30 days. The FTC has not announced a claims process for people who believe they qualify but have not received a notification.
Consumers with questions can contact the refund administrator, Rust Consulting Inc., at 877-788-4958, or visit the FTC's Cleo AI refund page.
The FTC warns consumers not to pay anyone to obtain a refund or provide personal financial information to someone claiming to arrange a payment. The agency never charges fees to distribute refunds.
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