Washington, D.C. (CNN Business) So many people are seeking cash payments from Equifax following its disastrous 2017 data breach, there may not be enough claims money for everyone to receive a $125 check, the Federal Trade Commission warned on Wednesday.

Now, the FTC is trying to persuade Americans to pick a different option: take Equifax's offer of free credit monitoring instead.

"Millions of people" have logged onto a claims website set up by the federal government , the FTC said, following a multi-million-dollar settlement with Equifax announced last Monday. The site has been live for a week.

Equifax's EFX Under the deal, consumers can file forfree credit monitoring or to receive a check for up to $125, which is meant to reimburse the cost of getting credit monitoring from elsewhere.

But the fund dedicated to the cash payouts is only $31 million, the FTC said. That means the more people who file claims for a check, the less likely it is that they'll receive the full $125 payment. The response has been so overwhelming that the agency warned recipients will get "nowhere near $125."

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