Yes, this is very true. Their "guarantee" is that they offer you your money back if they do not get you a job. Read the small print on their "guarantee." They have some sort of a six-month program wherein they supposedly teach you how to look for a job, work on resumes, etc. You MUST take this program to be eligible for their "guaranteed job." In real small print, you will read that if you are offered ANY type of job, not necessarily coding, you must take it.
I do not believe there is any payback if you don't take the job, but only that THEY will have fulfilled their "money back guarantee" to get you a job. If you do not take what job they are offering you, you would not be eligible to get your money back.