A reader sent in a mailer from Fast Track Financial through my I Buy Junk Mail program.
At first glance it looked just like your typical personal loan mailer. But when I dug a little deeper the mailer raised a number of questions. The mailer reminded me of a similar mailer sent by Rescue One Financial that led to people being referred for debt settlement help.
Just by looking at the mailer two things struck me. The first was how the outside of the enveloped appeared to try to look like an official government mailer. Is that clever or deceptive?
The second item that caught my attention was there was no mention of any sort of debt relief or debt settlement program in the sales pitch of the mailer. The loan offer appeared to be similar to more I’ve been seeing as lead sources for debt relief products. Maybe my spidey senses were off.
But when I went to the website for Fast Track Financial and looked at their About page it said their address was 16735 Von Karman Avenue, Suite 250, Irvine, CA 92606. – Source
That address led me to a BBB listing for Fast Track Financial in Irvine and one complaint against the company that 170 found helpful said “When Jack called back with additional information as promised we found out the situation would be handled by Freedom Financial with a savings type account to pay creditors.”
I asked Andrew Houser of Freedom for a comment on this claim but as of the publication of this article I have not heard anything back. I will update this article if I get a public response back.
Interestingly the back of the fake check says the address of the company is 4695 MacArthur Court, 11th Floor, Newport Beach, CA 92660. That appears to be a Regus virtual office address. – Source
According to the State of California, Fast Track Financial is a Wyoming company Giant Marketing, LLC and the address listed there of 1712 Pioneer Avenue, Suite 201, Cheyenne, WY was the subject of this past article by Reuters. The California address listed on the registration form of 2372 Morse Avenue, Suite 318, Irvine, CA appears to be another virtual office. – Source
So none of that really seems to make a strong connection that Fast Track Financial is into debt settlement but then there is this.
On the American Fair Credit Council website Fast Track Financial is a member and is listed as “Debt Settlement.” – Source
As of December 16, 2016 Fast Track Financial is registered as a lender in California under license 60DBO-59427. – Source
However, in the state the consumer received the mailer, the company is not registered as a lender.
I have no issue if Fast Track Financial is an affiliate or lead generator for Freedom Financial or any other company and is into debt relief or debt settlement. However I do think they should be more upfront about it and not obfuscate a primary business relationship which may be material to consumers.
I don’t know what percentage of their business is assisting people to get loans but I find it odd that while the company is registered as a lender in California they also say, “Fast Track Financial does not broker loans and does not make and/or fund any product offerings, loans, or credit decisions.” So which is it?
I Could Use Your Help
If you have any additional information on Fast Track Financial or you received a loan from them as a result of receiving a mailer from them I’d love to hear from you. You can either comment below or email me here.
In Texas the company is registered as FTF Services, LLC with Eric Chung listed as the managing member. By the way, I wonder if this might be the same Eric Chung who allegedly was an individual a consumer dealt with after receiving a direct mail piece on behalf of Armored Financial Services. This came to light in the Legal Helpers Debt Resolution situation. – Source
But maybe we can find a clue in the resume of Wendy Culver who is “looking for a new challenge with your company.”
Wendy says in 2016 she worked for Fast Track Financial in Irvine and described her position by saying, “Online financial services that provides consumers with successful solutions for debt settlement, commercial and personal loans. Helping consumers get back on track financially.”
Prior to that she says she worked at the Student Loan Education Center in Irvine. – Source
Or how about Robert Evans who worked at Fast Track Financial in Irvine until 2017 and said he was a “debt settlement salesman.” – Source
Or maybe James Todd who said he was with Fast Track Financial and his job as a Debt Negotiator is described as “Enrolled unsecured debt into a program to help pay them off. Also did student loan consolidations.” – Source
That might make sense if the information posted by NerdWallet in their student loan watch list is correct. They say, an Eric Chung is a partner in Student Loan Servicing Center (AKA LPSC, LLC). – Source, Source, Source
How about Todd Silver who says he currently works for Fast Track Financial in Irvine in “Debt Settlement” and his job description reads, “Debt Consolidation Agent/ New customer enrollment into settlement programs for all unsecured debts. Informing and advising customers on the different options available to them with confidence. Daily responsibilities involves handling 6 to 8 calls per day with closing ratios of 20 to 25 percent per month. I strive to overachieve my sales goals month in and month out since I began my employment.” – Source
Todd says he previously worked for Student Loan Consolidation Services in Santa Ana.
Interestingly, the four resumes I did find all mention or focused on debt settlement but the mailer and Fast Track Financial website seem to be very quiet on that part of what they potentially do.
By the way, it turns out not that long ago I also received another submission from a reader but I never wrote about that mailer. Here it is now.